BY DOMENIC FONTE - CEO, ASSETFUTURE
Returning from AMPEAK21 this week, it was great to reconnect with customers and industry leaders who we haven’t seen in person for so long. Although there has been a marked acceleration in digital transformation over the last 12 months, and we have largely adapted to a different way of working and living, it was clear everyone was excited to share ideas and conversations in person.
Some clear themes emerged from the presentations I attended and the conversations on the direction of the industry were really insightful.
Leadership is critical in transforming organisational values into cultural change
We’ve often talked about how Strategic Asset Management should be a true reflection of organisational or corporate strategy. This was echoed in many of the presentations about cultural change and the relevance of Asset Management within organisations. We are seeing an increased focus on the importance of strong leadership to drive the unity of organisational goals with asset management strategy. This encompasses not only investment in people to drive the right organisational processes for change but investment in technology to facilitate desired outcomes.
We are open to new ways of working
2020 has certainly been a year of rapid change and adaptation in our industry. We’ve all had to find new ways to manage assets, in some cases finding entirely new purposes for them. Obviously, this adaptability is critical when under fiscal pressure, where greater attention to driving value is necessary. What has become clear is that we are all really open to new ways of working and sharing what works, through technological or organisational processes.
Data is not negotiable, but how do we make the most of it?
The power of data to drive evidence-based decisions has been a theme for Asset Management professionals for a number of years now, and this year it was clear that data is now not negotiable – we all need it. The next challenge is to drive the unification of multiple business units to collaborate on a united vision. Only then can we get data out of silos and enable a holistic view to drive better decision making at a macro level, as well as optimising asset lifecycle.
Embracing and deploying technology to drive maturity in Asset Management was an overarching theme discussed by many people. Over the next 12 months we should aim to consolidate data and technology to drive decision making that is flexible and adaptable. With the changing nature of how we interact with built infrastructure, adaptability in Asset Management will be a critical element for success.
In case you missed it at AMPEAK21, AssetFuture’s Darren Chuang presented on fast-tracking data maturity. If you’d like to read more about his presentation, please follow the link below: