Infrastructure Asset Management Report

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1 Infrastructure Asset Management Report From Inspiration to Practical Application Achieving Holistic Asset Management 16th- 18th March 2015, London Supported by

2 Table of contents Introduction Executive Summary What are the top priorities in asset management? Improving data management and data quality Which investments will asset owners be making in the next 12 months to help improve data management and data quality? Prioritising and planning asset investment Which investments will asset owners be making in the next 12 months to help prioritise and plan asset investments? Building a coordinated asset management strategy at corporate level Which investments will asset owners be making in the next 12 months to help building a coordinated asset management strategy at corporate level? Improving risk assessment and management Which investments will asset owners be making in the next 12 months to help improve risk assessment and management? Implementing new regulations and standards Which investments will asset owners be making in the next 12 months to help implement new regulations and standards? What is preventing the investment? Closing Summary

3 Introduction Infrastructure asset management is fast becoming a strategic topic discussed more and more at board level. Given the OFWAT pricing review and embedding ISO 55000, a time sensitive window will exist in Q when Directors of Asset Management will be determining where the next efficiencies are going to come from to deliver growth that will impact how they do business for the next 5 years. Some companies spend four to five months of the year on regulatory disclosures, unveiling what they did last year and what their plans are for the forthcoming year, leaving them with just seven or eight months to get everything else on their agenda done! To better understand the key trends impacting the infrastructure asset management industry, we surveyed our global network of infrastructure asset management leaders from organisations to find out their key priorities for the next 12 months, and more specifically, what strategies they are implementing and where they will be investing to overcome their challenges. Themes that crop up throughout this report include: The need to secure senior executive buy in for new investment Lack of knowledge of detailed asset planning techniques The necessity of gathering and analysing more data Regulatory pressures across sectors Over 500 professionals from asset owning and supporting organisations completed the survey, providing insight into the current challenges being faced by the evolving professional discipline. It is the breadth of organisations in both operations and scale that allow us to draw meaningful conclusions from the results. It can be the case that asset management is viewed as capital spending, but is that really true? At the very least, if capital expenditure is deferred or changed by operational expenditure and techniques that directly affects investment decisions. This survey explores the approaches organisations are taking to investment where capital funding is not necessarily available, or even the most efficient or effective route to delivering value. 3

4 Executive Summary This report reviews the current state of infrastructure asset management with special focus on some of the perceived challenges and top priorities for the year ahead. It also touches upon various critical elements in asset management and provides insights on the benefits, drivers, ROI and challenges to the deployment of a robust asset management strategy at corporate level. Who took part in this survey? Role A Director/ Head of Asset Management/ Operations/ Engineering 18.0% A Manager, Engineer, Project Manager 37.6% An Industry Consultant and / or Analyst 27.8% A Solution Provider 16.6% Job function Asset Management 43.8% Asset Strategy & Performance 18.7% Operations 7.0% Maintenance 9.5% Engineering 6.0% Technology 2.0% Investment Projects 3.0% Risk Management 2.0% Data Management 2.0% Other 6.0% Sector* Water Utilities 24.7% Gas Utilities 7.0% Electricity 21.7% Oil and Gas 13.7% Roads 14.4% Rail 9.4% Airports 4.3% Ports 2.7% Manufacturing 2.0% Automotive 0.7% Nuclear 2.7% Wind Power 3.3% Hydro Power 2.0% Public Sector (Councils) 14.7% Other 16.7% Region Western/Northern Europe 54.8% Eastern Europe 2.4% Middle East 2.7% North America 13.6% South America 1.7% Australasia and Asia Pacific 16.3% Africa 4.8% Other 3.7% Employees % 100 1, % 1,000 5, % 5,000 10, % 10, % *Respondents could select more than one answer option. 4

5 What are the top priorities in asset management? Building a coordinated asset management strategy at corporate level is imperative and one of the priorities that received the highest responses from both asset owners and solution providers. Although from the result shown, data management and data quality improvement appear to be the number one priority for organisations in In contrast solution providers surveyed believe that their customers top priorities are (a) to build a coordinated asset management strategy at corporate level and (b) prioritising and planning asset investment. What do Asset Owners Identify as their Top priority? What do Solution Providers Think their Clients Top priorities Are? 28.6% Improving data management and data 29.6% quality Building a coordinated asset management strategy at corporate level 26.6% Prioritising and planning asset investment 28.2% Prioritising and planning asset investment 24.9% Building a coordinated asset management strategy at corporate level 21.1% Improving data management and data quality 15.0% Improving risk assessment and management 14.6% Improving risk assessment and management 5.0% Implementing new regulations and standards 6.6% Implementing new regulations and standards 5

6 Improving data management and data quality End Users 28.6% Why is this a priority? Vendors 21.1% This is one area where there seems to be a divergence of views most likely due to the lack of maturity of the topic. It is important to highlight that the majority (47.4%) of asset owners and the minority (25.6%) of vendors that picked data management and data quality as the top priority believe that current data management tools are not able to support business decisions. On the contrary the majority of the vendors believe that current systems are not producing the type and quality of data required. 48.7% 47.4% 38.5% 25.6% 25.6% 14.1% Current systems are not producing the type and quality of data required Not enough money has been allocated to data management historically Current data management tools are not able to support business decisions 6

7 Which investments will they be making in the next 12 months to help improve data management and data quality?* Data Gathering / Acquisition Data Quality Data Cleansing Asset Integrity/ Conditions Assessment Tools Computerised Maintenance Management Systems Condition Monitoring/ Condition Assessment Information Management Solutions and Services Data Analytics Solutions Mobile Asset Management Performance Measurement and Metrics Risk Management/ Assessment GIS Business Process Management Data Modelling Lifecycle Modelling / Costing Advisory/ Consulting Asset Investment Planning Business Intelligence & BI Reporting Change Management 50.7% 44.0% 38.7% 36.0% 29.3% 26.7% 26.7% 26.7% 26.7% 26.7% 26.7% 25.3% 24.0% 24.0% 24.0% 22.7% 22.7% 22.7% 21.3% Although most of the organisations surveyed have already implemented or are currently implementing a new data strategy, company culture and resources are still common inhibitors to implementation. A key challenge faced is to identify the primary need and then select the right provider to partner with. In addition to this, solution providers stated that there is still lack of understanding of the importance of quality data in developing long-term asset management strategies and consequently not enough resources are allocated for investment. *Respondents could select more than one answer option. 7

8 Prioritising and planning asset investment End Users 26.6% Why is this a priority? Prioritising and planning asset investment has been selected by 26.6% of asset owners and 28.2% of solution providers. Both agree that this is the second biggest priority in asset management. Vendors 28.2% In response to this it is interesting that asset investment planning comes second to risk in the investment priorities on the next page. Implication is that this view is often being driven by a risk mitigation strategy. 58.2% 50.9% 26.9% 22.6% 26.4% 14.9% To secure future engagement and project approval from C level We require a long term investment plan We need an investment tool that can be applied to different asset models 8

9 Which investments will they be making in the next 12 months to help prioritise and plan asset investment?* Risk Management/ Assessment Asset Investment Planning Condition Monitoring/ Condition Assessment Asset Integrity/ Conditions Assessment Tools Capital Investment / Financial Planning Data Gathering / Acquisition Lifecycle Modelling / Costing Data Cleansing Data Quality Data Modelling Performance Measurement and Metrics Decision Support Tools and Technology 45.3% 43.8% 42.2% 39.1% 39.1% 32.8% 28.1% 21.9% 21.9% 20.3% 18.8% 18.8% Time, funds and intense regulatory burden are some of the factors stopping the asset directors surveyed from prioritising and planning asset investment. Asset investment planning is a challenging task for asset owners as it requires the pulling together of information from multiple sources, creating the linkage between all assets and considering this in the context of risk and organisational funding strategies. A complex task! From the vendors point of view, there is a lack of knowledge of detailed asset planning techniques. Organisations need an investment project template for all capital and operating investments, a system that has the capability to create an investment project for an asset or a family of assets. *Respondents could select more than one answer option. 9

10 Building a coordinated asset management strategy at corporate level End Users 24.9% Why is this a priority? Vendors 29.6% Remarkably there is no agreement within the asset management community as to why it is a priority to build a coordinated asset management strategy at corporate level. The majority (46.2%) stated that silos between departments still exist and this is the main hurdle preventing them from achieving the implementation of asset management at corporate level. Instead 43.1% of asset owners agreed with the majority of solution providers surveyed that the benefits of implementing a robust asset management strategy at corporate level are still not well understood across the organisation. On the contrary only a few of the experts surveyed require more engagement and project approval from C level. 43.1% 46.8% 46.2% 37.1% 16.1% 10.8% I require engagement and project approval from C level I need to influence our corporate culture too early to understand the benefits Silos exist between departments in organisation 10

11 Which investments will asset owners be making in the next 12 months to help building a coordinated asset management strategy at corporate level?* PAS55 / ISO Certification Computerised Maintenance Management Systems Lifecycle Modelling / Costing Risk Management/ Assessment Advisory/ Consulting Asset Integrity/ Conditions Assessment Tools Change Management (Systems, People, Culture) Performance Measurement and Metrics Business Process Management Condition Monitoring/ Condition Assessment Data / Information Management Solutions and Services Data Gathering / Acquisition Data Modelling (structuring etc ) 40.9% 39.4% 36.4% 34.8% 34.8% 34.8% 31.8% 30.3% 30.3% 28.8% 25.8% 24.2% 22.7% At the top of the surveyed directors reasons preventing them from investing in these solutions are cost, time constrains and lack of top management engagement. Not surprisingly vendors believe that organisations are still facing a cultural barrier. The C suite is still distracted by competition, changing regulatory drivers and conflicting political pressures. Asset Managers requires business cases to be demonstrating the value and the optimum totex investment decisions. *Respondents could select more than one answer option. 1

12 Improving risk assessment and management End Users 15.0% Why is this a priority? Interestingly both asset owners and solution providers ranked this as the forth priority when considering investments for the coming year. Uniformly they believe that improving risk assessment and management is a requirement due to the lack of a comprehensive and coherent view of risks across the whole portfolio. Vendors 14.6% 76.9% 55.6% 27.8% 16.7% 15.4% 7.7% We need to find a solution that can be applied to different asset models We feel we do not have a comprehensive/ coherent view of risks across the portfolio Organisations and stakeholders have different risk appetites 12

13 Which investments will they be making in the next 12 months to help improve risk assessment and management?* Risk Management/ Assessment Advisory/ Consulting Lifecycle Modelling / Costing Asset Integrity/ Conditions Assessment Tools Change Management Condition Monitoring/ Condition Assessment Business Process Management Data Gathering / Acquisition Data Analytics solutions Data/ Information Management Solutions and Services Data Quality Decision Support Tools and Technology 44.4% 33.3% 30.6% 30.6% 27.8% 25.0% 22.2% 22.2% 19.4% 19.4% 19.4% 63.9% Asset management being a long term strategy and approach, it is extremely hard to quantify the benefits accrued through avoidance of incidents so systems need to evolve to incorporate Low Probability High Impact events. Therefore the main reason preventing them from investing is the uncertainty about the pay-off. There are challenges surrounding the commitment of management and stakeholders to making investments to improve risk management. Internal manpower can be an issue as there are either not enough people or there is lack of people with the correct skills to focus on the issues and find the correct solutions. Of course funds constrains and management engagement also feature as part of the challenges that prevent the investment in improving risk assessment. *Respondents could select more than one answer option. 13

14 Implementing new regulations and standards End Users 5.0% Why is this a priority? This graph again shows that there is contrast between the responses of asset owners and vendors. The results suggest asset owners feel constrained by internal resource allocation, whereas consultants believe that if end users had a better understanding they would be able to deliver more efficiently, rather than requiring additional resources. Vendors 6.6% 50.0% 45.5% 42.9% 36.4% 18.2% 7.1% Additional resources to support the projects Better understanding of the regulations and standards Broader recognition of the business benefits across the organisational culture 14

15 Which investments will they be making in the next 12 months to help implement new regulations and standards?* PAS55 / ISO Certification Change Management Data Gathering / Acquisition Risk Management/ Assessment Performance Measurement and Metrics Lifecycle Modelling / Costing Data Quality Data Cleansing Business Intelligence & BI Reporting Advisory/ Consulting Asset Documentation Services Asset Integrity/ Conditions Assessment Tools Business Process Management Data Modelling Data Analytics solutions 33.3% 33.3% 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% 16.7% 16.7% 16.7% 16.7% 16.7% 41.7% There is mixed feeling when it comes to the reasons asset owners are struggling to implement new standards. Some of the companies surveyed stated that they have received the resources to tackle these problems with the expectation that it will optimise asset renewal in the long run by prioritising work where it is most needed at the correct interval, thereby saving money and limiting the requirements for municipal tax increases. Others experience difficulty in finding the right partners who are able to understand the business requirements and support them through the entire campaign. Not surprisingly time and prioritising investment are also common issues that prevent some organisations from the transition to new standards. However this will be first in the agenda for2015 for many companies. *Respondents could select more than one answer option. 15

16 Closing Summary The results highlight Asset Management as a maturing discipline, with priorities spread across a number of areas. While there may be individual organisations pioneering practice within the constraints of their sector or geography there is clearly significant work being undertaken across the whole of the AM world. There is no doubt that experienced asset managers are beginning to realise the need to be more savvy about what they spend on and gain from the data and information they own. This is a very costly asset and whether or not they get value depends on understanding clearly what they want to achieve and what decisions they need information to support and guide. It is interesting that responses show a thirst to gather more data rather than discriminate about what data becomes information. Perhaps the same approach needs to be taken to investment in information (and data) that is taken to investment decisions about the operational assets? Interestingly, although sometimes dismissed a soft and intangible, the same causes choke off decision making about investment as about information systems and decision making. Whose interests are being served? So we return to the hazards of silo mentality, rather than cross organisational consensus and communications, with the tendency to hoard information and data and use it against other functions and departments. So culture and leadership ought, perhaps, to be recognised as a root cause that is still preventing asset owners make decisions that are good holistically. To be fair, regulatory pressures are a potential distraction from long-term thinking and management and, perhaps, the achievement of and recognition of good asset management by regulators ought to be the target of both regulator and regulated? Want to Learn More? March 2015, London 100 of Directors of Asset Management, Operations and Engineering choose the Infrastructure Asset Management Exchange as the platform to educate themselves on the themes of this report. Given that all of the major players will be in attendance, the Exchange represents the one platform to discuss innovation, ISO standards, implementing a comprehensive data strategy to drive growth and improve customer retention and new ways to build a robust asset management strategy at corporate level. How Can You Get Involved? For more details about the Infrastructure Asset Management Exchange or to request your invitation as a delegate, speaker or solution provider: Request your invitation to attend online Call us on +44 (0)

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