3 ways asset managers can thrive in the data revolution
Data is a big word these days. Entire industries are forming up around the collection and interpretation of data, and there is no doubt this is generating new insight that immensely valuable to both business and society. And it is no different for people responsible for physical assets.
The data revolution is here, and like so many other industries, Asset Management is a prime candidate to benefit from new ways of solving old problems. With that in mind, here are 3 tips to ensure you are ready to maximise the opportunities that are arising:
1) Make your data digestible
One problem with data is that often, unless you are data scientist, it is not straightforward to comprehend. Data is rows and columns of numbers, and data interpretation is an algorithm that produces more rows and columns of numbers. This is abstract and does not engage human beings who are used to things that are tangible. Things they can touch, see and feel.
Much of the data you might come across as an asset manager can be abstract like this, but it doesn’t have to be. Look at how much easier it is to comprehend these high resolution inspection images when they are represented as a 3D model.
2) Choose your data platforms carefully to ensure long term value
Much of the value asset managers can derive from new channels of data relies on the collection of this data over time. This will only be feasible if the organisation commits to the new system and embeds it as part of the “way we do things”. So many undertakings end up being shelved after a few years because they were not embedded into the culture. When this occurs, much of the potential insight to be gained from the system is lost.
One way you can mitigate against this is to choose your data collection and analysis platforms wisely. Choose platforms that are user friendly, and integrate well with your existing workflows, or at least are provided by a team that is willing to develop the integration and ensure the system provides maximum value over time.
3) Start preparing now for the new wave of insights
Something that is abundantly clear when we deliver an ultra high resolution 3D model to an engineer, asset manager or executive, is that new methods of capturing data on ageing infrastructure means new understandings about how these assets age.
Managers can now be more proactive in dealing with issues before they become problems. And with this new insight comes change to the ways things are done. By anticipating this you can ensure your organisation benefits from this new technology, and stays ahead of the curve.
In my role I am lucky enough to spend time with the people responsible for assets that form a vital part of our society and economy. I get to see how those folk interact with new technologies every day, and the benefits they are deriving from it. Hopefully this article has provided some thought stimulus as to how you can ensure you are gaining the same benefits for your portfolio.
Kent Boehm is the Executive General Manager of Trendspek.
A drone data provider specialising in solutions for the asset management industry.