The 7 habits of highly effective asset management

 

Asset management is one of the key components of effective infrastructure management. We are often asked why some asset managers and owners are more adept at staying within budget and meeting operational targets than others. To tackle this question, we've identified some of the factors that contribute to intelligent asset management and operational excellence.

In our new ebook "The 7 habits of highly effective asset management" we share these findings for your operational benefit.  

The ebook came to fruition through a combination of analyzing the market and interviewing and observing our clients as well as the work we do for them. Having considered the results of this analysis we came to the conclusion that while there are many factors that impact operational excellence, there are seven key habits that are continuously practiced by successful asset managers.

The habits outlined in our new ebook will help you get on the path to better margins with a more predictable outcome.

The seven habits of intelligent asset management are:

  1. Embracing the digital transition - transforming to intelligent workflows
  2. Automating - unlocking human expertise
  3. Constantly checking reality against the norm or plan
  4. Taking immediate action
  5. Enhancing business resilience through cost effectiveness
  6. Fostering asset integrity monitoring
  7. Leveraging predictive maintenance

Let’s take a look in more detail at the first habit of embracing the digital transition with intelligent workflows.

Intelligent workflows

Asset management traditionally required a huge amount of human resources, systems and planning. When an asset reaches a state that deviates from the norm as a result of natural degradation or damage the resolution is usually to plan repairs or replacements in an existing workflow system.

Innovative real estate and asset management companies have already started to automate these processes.

AI intelligently automates repetitive tasks within asset management settings, delivering value through higher performance at lower cost. Examples of intelligently automated tasks include quality inspection of road or rail infrastructure.

Intelligent automation

Anything that can be perceived and interpreted is applicable for intelligent automation, which includes assessing the state of assets in indoor or outdoor environments or planning infrastructure jobs. Managing these assets through manual or even semi-automated inspection is a tedious process.

Using intelligent automation, assets can be inspected in hours rather than weeks, generating actionable work orders at the same time. The process can be applied to any asset where the surface is visible. Even underground infrastructure is visible if radar images are generated, while infrared imaging can be used to look through structures.

Operational excellence

A position paper published by the European Construction, built environment and energy efficient building Technology Platform (ECTP)1 on resilient buildings in 2018 noted that buildings would have to be able to smoothly integrate more intelligent components and deal with more IT-based systems and services.

One of the priorities identified in the paper was performance optimization through monitoring and intelligent management platforms to effectively measure the impact achieved and to trigger the replication potential of innovations. The paper states that by facilitating the collection and analysis of data in real time, intelligent infrastructure will deliver increased operational efficiency.

Want to learn more about the other habits? Download our free ebook now!

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