The Asset Journal

The Asset Journal, Volume 17, Issue 4

In every organisation and in every system that enables an organisation to function, we build up a vast amount of documentation, information and data. What is often found when reviewing an organisation’s knowledge management that it is unrestricted and many of these intangible Assets are kept without sufficient understanding of the “why”.  The archives of the organisation fill up and it becomes difficult to retrieve valuable information. Does that sound familiar?

If knowledge about the ways the organisation operates, the clients and customers, technical, financial and other operational data is as critical as we all know it is, perhaps we can then treat the knowledge and information as a true asset and apply some principles of Asset Management. I observed that knowledge retention is often limited to a particular period or to individuals in a Company.  The evolution of Computers and capacity to manage data and information is growing very fast. A recent survey of a statement that evolved in the late 1990’s about knowledge and information management effectiveness found that nothing much has changed. The earlier assertion was that Engineers spend approximately 40% of their time searching for information. The recent survey found we still spend a serious amount of time searching and researching information, only the method of accessing information (and knowledge) has changed through the use of Computers.

Perhaps we expect that the advent of ChatBot and similar Artificial Intelligence systems might change how we manage knowledge. That may well be true, but who can vouch for the integrity of answers we receive? From my own observations, I conclude that many an organisation is very focussed on knowledge management. Many of these organisations invest in software and personnel to manage the Industry and Company specific knowledge. Many dealing with ‘old’ information to create the knowledge required to make times relevant decisions. But the outcomes are always disappointing, causing more and more effort to be focussed on Knowledge Management and retention.

Asset Management depends on a vast amount of data to be collected to enable the development of the knowledge required to make effective and relevant decisions, be it in the Strategic or the Tactical areas. If we cannot build up and manage relevant information and knowledge, it will always be difficult to make appropriate decisions. I believe that the principles of Asset Management and the Asset Management framework is equally applicable to physical as well as knowledge related Assets. But implementing a Knowledge Management System along the lines of an Asset Management framework is made more difficult because of the dealing with legacy data that can be classified as ‘data oceans’. 

Contemporary data management methodologies and principles may assist in better build up of new knowledge, but the problem persists with existing data and knowledge management. Many would argue that software can fix the problem, but that has not proven successful. Perhaps you have experience in retention of knowledge in an Asset Management System you can share with our Readers?

The editorial team wishes all our Readers a safe Christmas period with family and friends, and wish you a safe, heathy and successful New Year. As always, enjoy the Journal!

Editor in Chief

theasset@amcouncil.com.au