Accessibility of data collection and analysis could trump connectivity in the future of asset management, according to a new survey of professionals.
Commissioned by technology company, Yotta, the new survey of 400 Institute of Asset Management (IAM) members found usability and accessibility of data are likely to become ever more vital in the future.
More than a third (36%) highlighted ‘more capable, easier-to-use asset information systems’ as the single most exciting recent development to asset management, followed by ‘innovative data collection methods’ (27%).
While less than a fifth (19%) of respondents believed that The Internet of Things (IoT) was the single most exciting recent development, and 5G was referenced by just 2%.
The survey also sounded out professionals about the biggest risks around poor asset management.
Around a quarter (28%) said either making a ‘wrong decision regarding replacements and improvements’, or ‘uncertainty in decision-making’ more generally is the greatest risk.
A further 26% highlighted ‘improper financial decision-making criteria for investment decisions and maintenance’.
Chris Dyer, head of consultancy, infrastructure asset management, Yotta said: 'Organisations are increasingly understanding the importance of high-quality asset management in connecting people, systems and infrastructure across their estates in gathering and visualising data and using it to make informed decisions.
'If they don’t do it well, however, as this survey indicates, they run the risk of making poor inaccurate decisions which waste money, consume resources and lead to reduced competitiveness.”
When asked to name the top three benefits of improved physical asset management, 83% referenced ‘higher efficiency and effectiveness of operations’, while nearly half (48%) said ‘higher return on physical assets’.