Data driven leadership
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Finding balance in a fast-paced world
Being asked to achieve more with less is a constant balancing act that is fast becoming the ‘norm’ for many asset intensive organisations.
Shareholders and boards are looking to the leaders of organisations to collectively enable, achieve and exceed strategic goals. For leaders in asset intensive industries, this typically means equipping their organisation to make informed and timely decisions that guarantee service levels and mitigate risks, whilst maximising the useful life of assets and shareholders’ return on investment.
"Achieving more with less is fast becoming the 'norm for many asset intensive organisations."
Achieving this in a world that is rapidly being reshaped by technology, in what the World Economic Forum describes as the fourth industrial revolution, is not a straightforward task. The relentless pace of change means that even the most mature organisations are finding it increasingly harder to keep pace and anticipate what is required to effectively deliver services.
Today’s tech-savvy consumers also have high expectations of what they’ll receive - which is nothing less than guaranteed access to essential services. When peoples lives or work are interrupted by assets that are badly designed or fail, they become frustrated and increasingly vocal through social and other media outlets. High profile dissatisfaction puts organisations under pressure from the media, regulatory bodies and governments, leading to greater scrutiny or red tape, which can hamper business agility and performance.
Take, for example, the ongoing power outages in Australian cities due to extreme weather conditions. Consumers want answers, a ;fast resolution and increasingly, financial compensation. Blackouts that affected Victorians on just one day in January this year resulted in a $5 million compensation package being put together by power utilities to compensate about 50,000 people. This is separate to other independent claims for financial loss.
As volatility increases, so will potential claims for compensation, unless your organisation has the mechanisms in place to meet service level expectations. Your ability to predict and influence the performance of assets, operate and maintain assets, deliver services and make informed decisions, all while engaging and informing your consumers, will become even more important.
"CEOs want their organisation focused on "basics' like asset utilisation and investing in ERP and automation capabilities."
Alignment with these guiding principles necessitates a coordinated, whole-of-organisation approach to asset management, underpinned by a connected set of integrated processes and technology that helps you to understand all parts of your organisation in a uniform way.
This approach should connect enabling business functions - such as Finance, HR, Procurement, Logistics and Operations - with asset management functions to work as a homogenous unit, with a common goal of optimising performance, while minimising the cost of ownership across the asset lifecycle.
Many asset intensive organisations are held back from achieving ISO 55000 alignment because they lack the ‘glue’ that binds all their asset management systems and processes together. While your processes may work well in isolation, a technology-enabled integrated approach completes the picture, allowing organisations to reach asset management maturity, realise best-practice alignment and maximise asset performance.
ISO in action
to better manage our assets and drive operational efficiency.
Gladstone Area Water BoardGladstone Area Water Board (GAWB) uses TechnologyOne’s integrated enterprise software solution to gain ISO 55001 certification
"Asset decisions are mulit-faceted in nature and often need to be considered in conjunction with other enabling pieces of information."
On the flip side, standalone asset management software may be advanced in terms of features and functions, but if it is not integrated with your other enterprise software systems, you’re potentially missing pieces of the puzzle when it comes to making better strategic asset decisions.
Asset decisions are multi-faceted in nature and often need to be considered in conjunction with other enabling pieces of information: if asset information can’t be contextualised and integrated with the likes of finance, procurement, logistics and operations data, your picture is incomplete and potentially only conveying part of a broader story.
The lack of a unified, integrated approach will, in most instances, not enable consistent, informed decision-making. Fragmented, uncontrolled information is less reliable and accurate, and is often incomplete. This, in turn, does not lay a good foundation for organisational effectiveness, rapid iterative change and attainment of prescribed service levels.
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To take advantage of the opportunities a whole-of-organisation approach to asset management can provide, complete the form to speak to a solutions expert.