The Asset Journal

The Asset Journal, Volume 18, Issue 2

Digital and Artificial Intelligence are at the forefront of todays Business systems and Management. There is no doubt that with all the possibilities more opportunities to streamline and improve our Asset Information base will be generated. After all, that is what we would want to build our Strategic Asset Management Plans (SAMP) and subsequently the Asset Management Plans on and require validated data to create the required information. Data is the life blood of all these efforts. In my practice and experience I see that many attempts to “digitise” a Business or parts of it are not providing the benefits that are expected. It is quite a task to align various sources of data about Assets.

Can we satisfy strategic intent through data? Many a dashboard brings to life the data providing information that is intended for decision-making. But the question always remains – how good and trustworthy is the data? Can technical Asset information be seamlessly transformed into Financial and Strategic domains? If we can agree that a unique Asset Identifier, say it’s Tag number’ contains all the attributes that are relevant for all aspects of decision making in a Business, success may be possible.

There have been many Standards developed over the years in many Industries to achieve just that. The approach of the Building Information Management systems that have been used over many years is a good start and can often be used successfully to create and establish Assets. When the data and information requirements inherent in the BIM concept are followed and implemented, Asset Management benefits greatly from this approach. But so many Businesses and Organisations have legacy systems and data with data retrieval and information generation systems that struggle with data quality.

To answer my own question here it is not often successful. It also requires a culture change in many such Organisations as well to actually simplify the multitude of systems in use and reduce the use of “pet databases” and spreadsheets. Is the digital Asset Management system, perhaps also underpinned by use of artificial Intelligence an illusion? Most certainly not, but in my experience, it is such a fundamental change in a Business that it not only requires careful planning but also involvement of all parts of a Business. Can a SAMP assist in the task?  If data and Information are rightfully identified as Assets, perhaps we can achieve a better transition into the century of digital Asset Management. Through the SAMP, all areas of the Business could be induced to cooperate and provide the requirements for their part of managing Assets. The data and information Standards that already exist can be used to advantage there to provide a common understanding across the Organisation to support the many and often complex decisions to be made about Assets.

In this issue of “The Asset” there may be some experiences that are inspiring for your digitisation journey. We value your feedback and trust that you enjoy the offerings in this edition of the Journal. 

theasset@amcouncil.com.au