4 Lessons from Asset Management for Your Projects

young man performing asset management at a computer in office

Outstanding asset management is not all about the analytics and physics models. It is a school of thought, which involves all the parts of your business or project. Here are the most important lessons to take from that.

4 Lessons from Asset Management for Your Projects

1. It doesn’t matter what your asset is, as long as it does what it’s supposed to do

Think about it this way. A truck or bus driver doesn’t care what they’re driving nor do they want a plane or a helicopter. Their purpose is to take people from A to B. Asset management capability means ensuring that whatever it is you are selling will be delivered to your customers in an efficient manner and constantly for as long as they need it, pay for it, or ask for it.

In this way, you will be creating a long-lasting and stable business agreement that you will have to fulfill and embrace completely before your competition or any other third parties do.

The result of any type of analysis you do has to be action. Learn more about this… Click to Tweet

2. If you don’t have senior management support, your project will go nowhere

Here’s another lesson that we can learn from the world of asset management. Make sure you have the full support of your senior management. The reason is, in general, asset management requires very significant changes, which cannot undertake without your upper management.

In fact, not only will your project not succeed but it will, probably, not even make it off the ground.

3. Make sure you know all your assets

When it comes to asset management, it is far more important to know your assets, the environment in which they operate and their business context. Databases, IT, and analytical methods can come second.

One of the great responsibilities that I have is to manage my assets wisely, so that they create value.  –Alice Walton

4. Always keep it as simple as possible

If you start reading asset management literature, you will soon notice that it’s full analysis methods with poor documentation and that it’s knee-deep in obscure mathematics. It’s also void of clarity or even engineering relevance. What you must understand is that the result of any type of analysis you do has to be ‘action.’

The wisest and best-constructed analysis in the world will be utterly useless if no other people are able to understand and trust it in such a fashion that they can also act on it.

When it comes to building and managing a personal project, there are many sources from which you can draw your inspiration. However, none of them is quite exhaustive as asset management.

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Author: Amanda Knowles