By Domenic Fonte - CEO, AssetFuture
The past 12 months have brought on challenges as well as new opportunities. What has been undoubtedly a period of big change, has led us and our customers to demonstrate resilience, and emerge optimistic about the next 12 months.
Reflecting on 2021
Another year of COVID saw much greater reliance on digital technologies and data to enable remote decision making and minimise site exposure. Contrary to 2020, our customers have been getting on with business, with a major focus on Asset Management enabling businesses to rationalise portfolio use and adapt spaces to changing user needs.
In the midst of a pandemic, we set ourselves some audacious objectives, however the confidence to deliver is relative to the quality and tenacity of our team. Whilst we spent the entire second half of the year working from home, we felt a strong sense of connectedness, collaboration and comradery.
Looking forward to 2022
The Asset Management industry is evolving and adapting at a speed faster than we could have imagined a couple of years ago. While it’s difficult to make predictions in these current, uncertain times, we believe that 2022 will be the true beginning of the “next normal” and a period where we’ll gain more clarity, from a personal and organisational standpoint, about what the future will look like.
5 predictions for 2022
1. Digital transformation continues: the importance of data and the acceleration of digital transformation will continue, with Data Analysts the new rock stars and among the most sought-after professionals worldwide. The biggest challenge for the Asset Management industry will be securing these skills. People will increasingly expect a “consumer-grade experience” with plug-and-play, personalised technology.
2. Capability evolution: Asset Management organisations (and business functions) will grow their capability from within, maintaining a strong future focus. This involves prioritising training and team engagement, ensuring that everyone can upskill, evolve and adapt to new roles and requirements.
3. More flexible work-life: many people will continue working from home. Flexibility will be a key approach for the Asset Management industry, with higher reliance on data solutions to inform decision making as physical site presence will be limited. Hybrid workplaces will become the norm which will have a huge impact on CBD/office space.
4. Repurposing & Rationalising assets: Buildings will be used in different ways: repurposed and adapted to changing needs. Asset management will be about agility and maximising lifecycle value through evidence-based rationalisation of poor or under-performing assets. This focus will be driven by Executive impetus to minimise portfolio footprint and will be reflected in asset management plans that accommodate immediate and future changes.
5. Compliance as a strategic advantage – In 2022, the traditional understanding of compliance will evolve as the industry further realises the connection between best practice in asset management and facilities being optimised for cost, risk and performance. Previously, compliance has been considered a “box ticking” exercise, now it’s driving clear organisational benefits. Compliance in AMP and SAMP production will become the norm.
Redefining Asset Management culture
Asset Management will continue to accelerate into 2022 and beyond. The need for good-practice Asset Management is becoming greater, as regulations tighten, and stakeholders seek more transparency and a better ROI. We look forward to the opportunities that lie ahead, and to transforming and advancing the Asset Management industry as we emerge from these challenging years.
Domenic Fonte - CEO, AssetFuture