Poor asset management will often lead to “wrong decisions regarding replacements and improvements” or “uncertainty in decision-making”, according to recent research.
The result – 28% – is from a poll of 400 members of the UK-based global Institute of Asset Management (AIM) commissioned by technology company Yotta.
A further 26% highlighted “improper financial decision-making criteria for investment decisions and maintenance” as a major consequence of poor asset management.
The research also indicated that usability and accessibility of data are likely to become more important qualities of asset management in the future. More than a third (36%) of the survey sample highlighted “more modern capable, easier-to-use asset information systems” as the single most exciting recent development to asset management. This was followed by “innovative data collection methods” (27%).
“Organisations are increasingly understanding the importance of high-quality asset management in connecting people, systems and infrastructure across their estates in gathering and visualising data and using it to make informed decisions,” said Chris Dyer, head of consultancy, infrastructure asset management at Yotta. “If they don’t do it well, however, as this survey indicates, they run the risk of making poor inaccurate decisions which waste money, consume resources and lead to reduced competitiveness.”
Less than a fifth (19%) of respondents believed that the so-called Internet of Things (IoT) was the single most exciting recent development. Meanwhile, 5G was referenced by just 2% of the sample overall.
When asked to name the top three benefits of improved physical asset management, more 83% of the survey sample referenced “higher efficiency and effectiveness of operations”. Nearly half (48%) noted “higher return on physical assets”.
The Institute of Asset Management is an international professional body for asset management professionals that develops asset management knowledge and best practice.
Yotta is a global connected asset management software and services provider. The company says that its cloud-based asset management platform, Alloy, equips clients with data visualisation, powerful workflow management tools, enterprise-strength and user-specific capabilities.
