Moving Toward Next Generation Asset Management
April 4, 2022
AMPEAK22 was held on Sunday 3 April to Wednesday 6 April, at the National Convention Centre in Canberra, focusing on the theme of ‘Asset Management for a Resilient Future’.
The abstract is included below and the full paper “Moving Toward Next Generation Asset Management” can be accessed here.
Abstract
Asset owners and operators face many pressures that challenge the status quo and their traditional operating models, including:
- Increasing pressure to defer capital expenditure.
- Reducing operational expenditure in response to budget reductions.
- Maintaining a social contract with customers to deliver sustainable, efficient services.
- An increasing shift from physical to digital assets to make better informed decisions regarding sustain- ability, compliance, cyber security and customer satisfaction.
An organisation that has a clear vision for its future is well positioned to manage these challenges and pursue opportunities as they arise, especially when considering investment decisions on the adoption of new technologies and practices. Next Generation Asset Management has the potential to address these challenges and generate savings by increasing operational intelligence to supplement existing asset man- agement and service delivery methodologies. However, the risk to many asset owners and operators is that they fail to realise the potential of Next Generation Asset Management as they are unclear where to start, lack clear commercial and technical leadership, are unable to secure the right resources or are unsure of its impact on existing arrangements for asset management, O&M and ICT. This presentation discusses strate- gies asset owners and operators can use to establish and operationalise Next Generation Asset Management and includes significant insight from Ventia’s experience in supporting critical public and private assets and infrastructure across Australia and New Zealand.