The AMPEAK attendees have voted, and the winner of the people’s choice award for best paper was bestowed upon Sandy Dunn of Assetivity for his paper entitled, “Selling the Value of Asset Management to Senior Management”. Below is a brief summary extracted from his work.
Summary: When attempting to persuade Senior Managers to make decisions regarding Asset Management, it is important to be able to articulate the value that your proposal will bring in business terms, not in technical terms. And while there is often a temptation to go into lots of detail and outline exactly what you plan to do, you first need to tackle the big questions – why are you proposing to do this, what are the benefits of your proposal, what are the potential risks? In addition, your proposal needs to resonate at an emotional level, as well as being logical and rational. And most important of all, you need to talk in a language that senior management understands.
Introduction: The release of the ISO 55000 suite of standards in early 2014 was a watershed moment in the history of Asset Management. 12 months on, however, and the rate of uptake and interest in these standards appears to be lower than many expected. Only a few early adopters have taken the plunge to formally seek certification against ISO 55001. Many more appear to be waiting in the wings. Why are they waiting?
We, as Asset Management professionals and practitioners, are convinced of the benefits that good Asset Management practices can bring to an organisation. Often, we are passionate about our cause. But Senior Managers at many organisations are yet to share our passion and our faith in the value of good Asset Management. Why are they waiting? Why do they not share our enthusiasm for implementing Asset Management improvements, such as alignment with ISO 55001?
This paper sets out to tackle these questions, as well as addressing:
What Asset Managers can do to turn this situation around?
How do we shape our message in order to obtain senior management buy-in?
What else can we do to increase our chances of persuading senior management of the merits of our case?
In doing so, it will discuss both the rational and emotional aspects to decision making, and shows how we need to successfully address both of these if we want to persuade others of the merits of our case...
If you attended AMPEAK, please find the full paper on your USB from the conference. If you did not attend AMPEAK, this paper will be made available to AM Council members within the upcoming months.