Asset Management

Asset Management


Client: Large multi national Engineering Consultancy (non UK)

What the Advisor was asked to do

Our Principal Advisor was asked to support the creation of an International ‘Community of Practice’ in Infrastructure Asset Management for a large non UK multi national Engineering Consultancy.

The company wanted to create a basic common framework and language of Asset Management which would be applicable across geographies and sectors, act as a reference point for the development of their understanding, and also help the company develop a potential ‘unique selling point’ in Asset Management, complementary to their core service offer.

What the Advisor Did

Asset Management is a huge concept, and different clients, consultants and contractors tend to talk about it in different ways, because it means different things to them. This problem is exacerbated across different geographies where the spoken language is different, and the technical language could also be different.

The UK is relatively advanced in its Asset Management understanding, and the client wanted a way to cut through much of the jargon and make the concept, and what it meant for the delivery of their services, easily understandable and accessible for all across its operating regions.

Asset management can be confusing and turn people off unless they are committed to understanding it, so one of the first things we did was to create a Charter for the Community and assign roles and responsibilities, with deputies, for different regions. This ensured we had buy in from a wide base of people who would spread the word and provide momentum for the global inititative.

We then broke down the concept into easily understood parts which mapped against the different services the company offered, in different regions. A basic visual framework was created against which everyone could see where their services ‘fitted’, and where their clients asset management understanding was.

We assessed the company’s experience and ambition in the discipline and, working with the IAM guidance “An Anatomy of Asset Management”, devised a bespoke framework which met the brief for the Community. We mapped the IT platforms and tools used by the company against the new framework as well.

Benefits

Adopting a common approach to asset management enabled the company to achieve a competitive advantage in some regions against their traditional competitors.

The company now is able to have conversations with clients about their own asset management maturity, and in the UK it became an accreditation organisation in its own right.

The work allowed the company to have its own internal reference library and vocabulary around asset management, and it is able to deploy asset management related professional services consistently and reliably across geographies.

The work enabled a greater understanding across disciplines and teams in the company, and it expanded learning and potential for different career options for many engineers.