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Does Your Business Need an Asset Management Consultant?

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Asset management is an important business function that can reduce costs, extend the life cycle of your assets, and help your business use assets optimally. When it comes to getting specific advice and training for your organisation, an asset management consultant can help you like no other professional. So what do they do and when should you use one?

What is an asset management consultant?

At a fundamental level, an asset manager helps businesses understand asset management best practise in order to achieve business goals. An asset management platform by itself could allow an organisation to go a long way in managing and maintaining assets. In practice, however, without sound business practices as well as a strategic approach to asset management, an organisation could end up investing in a system that fails to achieve its goals and frustrates the users.

So an asset management consultant assists you with implementing asset management best practice given the unique circumstances of your project, team, and business. He or she could work with you on different and specific projects, address specific business practices, and/or offer training for your leaders and staff members.

The consultant can help you identify your current business state and define your best practice future state as prescribed by your company vision and asset management strategy. He or she can assist with essential interim steps like clearly defined business use cases and user workflows. In turn, these can be used to design an asset management system closely fitting your business's needs. The consultant could provide guidance as you implement a new asset management system.

When do you need an asset management consultant?

An asset management consultant could provide value for any business, but what are the specific circumstances when your business can significantly benefit from hiring one?

1. Aligning business practices with vision

Asset management consultants have expertise in ensuring your business practices are aligned with your vision. The bigger long-term picture can get lost in the day-to-day grind of running and managing an enterprise. This is even though enhancing and improving your business practices as they relate to asset management is critical for achieving both long-term and immediate goals.

2. Going deeper with a strategic asset management plan

If you lack a truly strategic asset management plan, your asset management consultant could help you go deeper with a plan for the future. This could mean your business ends up with a more sustainable, cost-effective, and future-proof asset management approach. A more strategically focused plan could ensure your business achieves compliance, enjoys growth, and maintains competitiveness without excessive risk.

An asset management information system could assist with developing your strategic asset management plan.
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3. Enhancing your risk management strategy

Risk management is a basic principle of best practice asset management. In other words, your asset management plan shouldn't only manage your assets; it should address the risks associated with the ownership and use of assets. If your risk management is lacking when it comes to these areas, you might not even be aware of it.

Common risks can arise from things like not knowing what assets you have and improper operation of assets, among other factors.

  • Not knowing - Businesses not knowing what they have could be more common than expected. As critical as a complete, verified asset list is, an organisation might not have one. Or a business might have one but rarely update it, much less use their asset tracking list to inform an asset management program and a strategic plan.
  • Over or under maintenance - If over or under maintenance is occurring in your business, you're probably unaware of it even though it's detrimental to your asset management outcomes. No-value maintenance poses unnecessary costs to your business. Intrusive maintenance tasks can raise exposure risks, including failures, and further costs.

An experienced asset management consultant assesses and identifies the key risks in your business. He or she will offer ways to manage and control these risks, along with a program for monitoring, review, and follow-up.

4. Optimising your asset management system implementation

If your organisation has invested in an asset management information system (AMIS) but remains unsure about whether you're fully leveraging it, an asset management consultant can give you guidance. Your consultant could assist you with fully utilising features for efficiency and added value. You could overcome the risks associated with poor implementation of your system.

This process of optimising your AMIS could include reviewing business processes and making sure your human resources are using it correctly. For example, the consultant could recommend business process improvements as well as train your team on how to utilise the AMIS in the right way.

Asset management tools like software platforms can significantly enhance your asset management plan, but an asset management consultant could help your business go deeper and explore strategic considerations, risks, and best practice approaches. By using an asset management consultant, you could more effectively address specific issues unique to your business.

Are you ready to find out more about what asset management software can do for your business? Contact us to schedule a free, private demo or discuss how our consulting services can be tailored to your specific business needs.

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