A new survey, commissioned Yotta and carried out by the Institute of Asset Management (IAM), revealed more than a quarter of decision-makers working in asset management roles in the UK said that making a ‘wrong decision’, or ‘uncertainty in decision-making’ is the greatest risk of poor asset management
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%).
Chris Dyer, head of consultancy, infrastructure asset management, Yotta said: “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. 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.”
Surprisingly, less than a fifth (19%) of respondents believed that the Internet of Things (IoT) was the single most exciting recent development, while 5G was referenced by just 2% of the sample overall.
When asked to name the top three benefits of improved physical management, more than eight in ten (83%) of the survey sample referenced ‘higher efficiency and effectiveness of operations’, while nearly half (48%) said: ‘higher return on physical assets’.
Dyer concluded: “The latest innovative connected management technology available to asset managers takes advantage of the latest development in IoT and machine-to-machine technology, which can play a major role in achieving enhanced operational efficiency and a higher return on their infrastructure while driving down costs.”