Demonstrating Competence in Asset Management

Choosing an asset management specialist isn’t simply a question of finding someone who can collect data or assess the condition of physical assets.

The quality of the decisions that follow depends heavily on the quality of the information, methodology and technical judgement behind them.

For organisations procuring asset verification, condition assessment, lifecycle planning or wider asset management support, establishing competence should therefore form an important part of the selection process.

Qualifications and professional memberships can provide useful indicators, but genuine competence extends further. It combines technical expertise with consistent methodology, appropriate governance and an understanding of how asset information will ultimately be used.

Here are five areas to consider when evaluating an asset management specialist.

1. Understanding the client’s objectives

There is no universal definition of what constitutes a valuable asset management outcome.

For one organisation, the priority may be establishing an accurate asset register. For another, it may be understanding condition and operational risk, forecasting future CAPEX requirements or developing a long-term maintenance strategy.

The starting point should therefore be understanding why the work is being undertaken.

A competent asset management specialist should establish the client’s objectives, existing challenges, data requirements and intended outcomes before determining the methodology.

This also influences the information that needs to be collected.

Capturing data simply because it can be collected can increase survey time, cost and complexity without necessarily improving the decisions that follow.

A well-defined scope should instead ensure that the information gathered has a clear purpose and supports the organisation’s wider asset management objectives.

2. Demonstrating appropriate technical expertise

Asset management projects often require knowledge across several disciplines.

Depending on the estate and scope, this can include mechanical and electrical engineering, building fabric, compliance, energy, maintenance, lifecycle assessment and asset data management.

The people undertaking the work should therefore have experience appropriate to the assets and environments being assessed.

Professional qualifications and memberships can provide useful evidence.

Engineering competence may be demonstrated through professional registration such as Chartered Engineer (CEng) or Incorporated Engineer (IEng), while membership of organisations such as the Institute of Asset Management (IAM) can demonstrate engagement with wider asset management principles and professional development.

Professional registration alone does not guarantee the success of a project.

However, appropriate qualifications, relevant experience and demonstrable technical knowledge together provide greater confidence that assessments and recommendations are being made by competent individuals.

3. Applying consistent methodologies and standards

Technical knowledge needs to be supported by a consistent approach.

This becomes particularly important when surveying large estates where multiple surveyors may be collecting and assessing information across different buildings, locations or countries.

Without clearly defined methodologies, two surveyors could potentially assess similar assets differently.

A competent asset management provider should therefore be able to explain how information will be collected, how condition will be assessed, how assets will be classified and how quality will be controlled.

Relevant industry standards, recognised asset hierarchies and client-specific requirements should be incorporated where appropriate.

The objective isn’t to apply standards simply because they exist.

It is to use appropriate standards and methodologies to create consistent, repeatable and defensible information.

4. Turning asset information into value

Completing the survey is not necessarily the measure of a successful asset management project.

The more important question is:

What decisions can the organisation make as a result?

A competent asset management specialist should understand how the information being collected connects with maintenance, operational risk, lifecycle planning and capital investment.

For example, condition information can help identify assets requiring intervention. Combined with criticality, remaining life and cost information, that same data can begin informing risk and investment priorities.

For estates teams, this may support business cases for future capital expenditure or help identify where maintenance resources should be concentrated.

For facilities management providers, better asset information can establish a clearer understanding of maintenance obligations, labour requirements and commercial exposure.

The objective should therefore extend beyond producing a technically accurate dataset.

It should be to produce information that helps the organisation understand more and decide better.

For a practical example of how this information creates financial and operational value, read our guide to How To Make An Asset Condition Survey Pay For Itself.

5. Working collaboratively with operational teams

No external specialist understands an estate better in every respect than the people who operate and maintain it every day.

Surveyors may identify the physical condition of an asset, but operational teams can provide important context around recurring failures, maintenance challenges, accessibility, historic interventions and the consequences of equipment becoming unavailable.

Effective asset management therefore requires collaboration.

A competent provider should work alongside facilities teams, engineers, service partners and other stakeholders rather than treating the project as an isolated data-collection exercise.

The same principle applies to technology.

Where practical, asset information should integrate with the client’s existing systems and processes rather than introducing unnecessary platforms or duplicating data.

The objective is to leave the organisation with information it can continue to use, maintain and act upon after the initial project is complete.

What should you look for in an asset management partner?

Competence in asset management isn’t demonstrated by any single qualification, methodology or piece of software.

It is demonstrated through the combination of:

• appropriate technical expertise;
• relevant sector and asset experience;
• clearly defined methodologies;
• consistent data standards;
• effective quality assurance;
• understanding of operational and commercial objectives; and
• the ability to translate asset information into meaningful recommendations.

The best asset management projects connect these elements from the outset.

Before surveying begins, there should be a clear understanding of what information is required, how it will be collected and — most importantly — what decisions it needs to support.

Building confidence in asset decisions

Asset Performance supports organisations across the asset lifecycle, from establishing an accurate physical asset baseline through to understanding condition, risk and future investment requirements.

Our services include asset verification, asset condition surveying, maintenance strategy, compliance solutions, CAPEX planning, labour loading, lifecycle planning and asset data analytics.

The objective isn’t simply to provide more asset data.

It is to provide reliable information, supported by appropriate technical expertise, that gives organisations greater confidence in the decisions they make about their estate.