Start With What You Already Have

Hello, and welcome to Transforming AM, our regular video series where we discuss key asset management topics and share tips from our collective experience in industry. My name is Rory Gibbons, and today I'm sitting down again with David Horstman. And Dave, today we wanted to discuss those organizations who might be early on in their asset management journey, but are looking at enhancing their AM processes and maturity. I think most organizations probably have the appetite for improvement, but knowing how to get started and the right time to get started can be a challenge point. What advice would you have? Oh, thanks, mate. And can I say it's a pleasure to be invited back too? Great series. Right? And I'm pleased to be here. So look. Yeah. One of the things that can be a big challenge for an organization is falling into the trap of thinking that you have to have absolutely gold standard data and all of your questions answered before you head down that maturity journey. Yeah? And what we're really here today to say is that that's not the best way to approach it. And in fact, what we would say simply is start with what you already have. It's the actual process itself that is the most important part of accelerating your asset management journey. And having worked with a very broad range of clients on this in the past, one of the things that we've learned is that the process itself actually teaches you a lot about where to focus your time and your energy and your resources to your asset management journey. It really takes away that issue of thinking that, oh, and and look, simple way of thinking about it, data elements. How many data elements do I need to get the job done? Maybe we think we need twenty, in reality, starting the process, focusing in on it, maybe you only need six. Maybe it's only six data elements that really shift the dial for you. So it's a really, really effective way of making sure you do it in an effective and efficient way. Yeah. Yeah. Sounds good, mate. So how can organizations get started on the process? Yep. Sure. Sure. There are a lot of different ways to come at this depending upon your organization, but three key areas that I'd suggest to focus on. Firstly, doing something as simple as a maturity diagnostic can be really powerful. Right? Understanding where you are right here, right now, and actually what do you have? What do you have available? The second key thing is you can actually look at doing a similar thing, but specifically with your data. Basically, a data health diagnostic that looks at for those key elements that we know would be important, What do you already have? And where you don't have them, what are the kind of assumptions that we can make to help you get started on the journey until you actually have that objective data collected? And just as a final thing, what I would suggest is because it's so important to understand that assets exist to provide a service, starting with your service level frameworks and typically picking maybe just part of your portfolio to start with. Start with an asset cohort that's really important to you. You can get some quick wins. It builds capability in the organization, and you get buy in. So to be honest, those three simple things are a great way for organizations to get started. Yeah. Great steps, David. So thanks for sharing your thoughts again. And thanks everyone for watching. Hope you've enjoyed. Please drop us a like, share, and follow, and look out for the next episode coming soon.