This opinion article by IPWEA highlights the need for the discipline of Asset Management to be understood and embraced by the leadership of asset intensive businesses.
SPM Assets Director and Co-Founder, Chris Jenkins, comments:
Asset managers have struggled to get a clear and accurate understanding of the assets under their care. Early attempts to pass the message to the decision-makers were based on inaccurate, or dare we say it guessed, information. The unfortunate result was pessimistic and intuitively uncertain reports on the costs of asset ownership. Decision-makers when faced with uncertain advise tend to have low confidence and reject the message.
The article highlights advances in asset management and responsibilities of the asset managers to take advantage of new knowledge and technologies that better describe the status of the assets and better forecast future needs. They will then be able to provide clear, accurate and cogent advice and elevate the confidence of the decision-makers . They will have confidence that planned investment in the assets will sustain the business.