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Improving asset performance ranked top challenge for managers

Improving asset performance ranked top challenge for managers
Improving asset performance ranked top challenge for managers

As new trends emerge in the infrastructure asset management industry, one organization conducted a survey to identify the most pressing issues infrastructure asset management professionals are facing.

IQPC Exchange’s survey heard from chief operating officers, managing directors, directors of asset management and maintenance/operations professionals, all of whom detailed the top three priorities for efficient operations. The survey focused on the ideas of leaders from a broad range of sectors. The findings of the survey will be discussed in depth at the upcoming Infrastructure Asset Management Exchange. The key topics to be discussed at the event will be defining asset management in a constantly changing environment, PAS and ISO 55000 case studies and lessons that have been learned, process safety, risk management and customer experience.

According to the Survey, improving asset performance was found to be the largest challenge for managers, with 76 percent of asset management professionals saying it is the most pressing issue in their current projects.

"It is a particularly acute challenge when maintaining older assets and infrastructure. Delivering a reliable and stable service that keeps customers happy is of paramount concern, and  finding ways to link improved asset management to drive better customer service is a key priority, but implementing and measuring the right performance indicators to help achieve this can be very difficult," read an accompanying release to the survey.

The report noted that other major challenges identified by industry leaders were demonstrating regulatory compliance and industry accreditation, including PAS 55. In total, 63 percent of respondents said such regulatory compliance was a major concern. Another 60 percent said improving people, performance and process risk management was the hardest challenge, while 30 percent said creating a sustainable asset management strategy that improves business productivity and profits was the most difficult aspect.

"For such highly regulated companies, it's understandable that demonstrating regulatory compliance is the top priority for so many asset management professionals," said Julia Mansell, head of production for the Infrastructure Asset Management Exchange.

Keeping up with asset maintenance for both facilities and equipment can greatly improve operating efficiency.

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