Asset management pitfalls and how to avoid them

There are common mistakes and pitfalls experienced, at some point, by nearly all asset managers and planners. This short primer may just help you to avoid some of them. Most important is remembering to take a holistic view, while not being distracted by irrelevant detail. Understanding an asset's performance involves lifecycle costs and risks but they aren't the only important factors. Here are some other aspects you may wish to consider.

Overestimating data requirements

Are you intimidated by the idea of the volume and quality of data needed to start off an asset management plan? You're not alone, because sorting through mountains of data in search of a thread is a nightmare scenario best avoided. It's almost guaranteed to lead to delays and the possible failure of your plan. What you need is help from data analysis and subject matter experts. Asseti is one such expert company with the ability to both mine, analyze and sort data into a coherent order.

Make it a cross-company operation

Your project needs to tie in with the needs of the rest of the company, so don't silo your plan. The assets you are managing are the company's assets, and you probably have no idea what they mean, or how they are used by other departments within your company. Corporate planners, as well as representatives from finance and the operational areas, need to be included, so setting up a well-managed steering group is a good idea. Teamwork really does work.

Include options – build in flexibility

All too often the focus of an asset management plan is on only the technical data, while forgetting to include information about service levels. Using a straight technical approach to asset management planning will lead to a lack of flexibility and adaptability. There may be other challenges that your organization is building toward that require more open-ended planning. An asset management plan should be more than a technical budget bid.

Establishing a long-term improvement strategy

Is your plan aligned with the company's long-term financial plan, or even with a strategic asset management plan? There is no point in creating a plan that is at odds with the long-term goals of the company. That is a waste of time. Consider the key goals of the company and integrate the plan in a way that services those aims.

Make sure your senior management is included

Seeing as they are the ones who will be communicating your plan to the board, or council, it is important they have a comprehensive understanding of it as it proceeds. Keep them in the loop. They are also the ones who will be allocating resources for it, so make sure they are committed to the plan.

Asseti can help

Asseti is a company that specializes in helping gather, sort, and analyze data to specifically help in the creation of asset management plans. Asseti has worked with a diverse range of companies to manage their assets more efficiently and in a cost-effective manner.

Asseti's digital twin solution

What areas of your organization can benefit from digital twins?

Digital twins can be used to benchmark and assess asset valuations. Having a comprehensive record of each asset's condition and associated life cycle modelling simplifies asset valuation and benchmarking. It also helps with determining capital expenditure requirements. Digital twins are an ideal visual reporting tool, and can be used to help negotiate additional investment or more favourable terms from financiers and investors.

Use our simple calculator to find out how long your Asseti digital twin will take to deploy -

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