June 7, 2023

Demonstrating Competence in Asset Management

Demonstrating Competence in Asset Management

Demonstrating Competence in Asset Management

When looking for a specialist to provide asset management expertise and services, it is vital to know what demonstrates competence to achieve high value and a return on investment. Here are 5 areas to consider before starting or procuring your next asset management project:

1.        Understanding client requirements

Regardless of the work required, the asset strategy team must invest time in understanding their client’s requirements. Given that an “asset” can be different for every organisation, every job role, and every person, what constitutes value and achieving that from asset management activity can vary greatly. A competent asset management consultant will be sure to assess their customer’s priorities, challenges, and desired outcomes and manage this through proper governance.

2.       Technical Expertise

Using an asset management specialist should provide access to engineering and niche expertise unavailable elsewhere. Indicators of professionally qualified and competent engineers can include Chartered (CEng) or Incorporated (IEng) registered engineers, while asset management expertise may include members of the Institute of Asset Management (MIAM). Professional registration is not the only means of indicating competence, though it does show a peer-assessed commitment to professional standards and ethics.

3.       Driving value and reducing risk

An asset management specialist should always be focused on achieving value for their client, in whatever form that may take. Competent individuals will be more than just specialists in building plant and data practices. They will know how to get the best returns from their consultancy, surveys or general support. This may form commercial risk mitigation for service providers in contract comprehensive costs, or by generating additional works. For estate teams, it may mean securing capital funding in the long term or reducing risk to the organisation’s operational objectives.

4.       Implementing Industry Standards

Like many fields of industry, asset management in FM has a vast array of terms and standards which may feel like jargon if it is not something required to be used on a regular basis. A competent asset management team will be fluent in all terminology, standards, and best-practice approaches. This will make them the best place to ensure the deployed – or not, as the scenario may dictate – most efficiently and to maximise value.

5.       Focus on collaboration

Whatever stage an organisation is at in implementing an asset management strategy, all parties should be focused on collaboration. There is no level of expertise which will cover all aspects of lived experience for those who actively maintain and operate a given estate, and as such, only by closely working together to achieve the value outcomes can the best results be achieved. Asset management experts should always seek to implement the solutions using existing technology and software where possible, to minimise cost for the customer.

Would your organisation benefit from asset management support? IWS Asset Performance can provide direct support through:

  • MEP asset condition surveys
  • Fabric condition surveys
  • Energy audits
  • Labour loading and estimating
  • Capital & budget planning
  • CAFM optimisation
  • Compliance audits
  • Drone surveying and photography
  • General consultancy and more

Finds out more at https://www.weareiws.com/asset-performance or contact assets@weareiws.com. 


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