Winning requires a full team effort, all seats filled with skilled players, everyone pulling in the same direction, and focused on the same outcome: winning. Winning teams are fun to be a part of and can be deeply meaningful to our business and career success. Today’s challenge is what constitutes a win is changing rapidly and not everyone knows what these changes mean to their ability to succeed as a team or individually. This is particularly true for asset management.
The Game Has Changed and that Means What Matters has Changed
In today’s hyper-competitive marketplace what constitutes a win has changed and not everyone is on board yet. This blog post is about how the game has changed in asset management and what matters most for winning.
Team Constitution Matters
How you constitute your asset management team makes all the difference in how it performs and exactly how much it helps the company win. First and foremost the team has to know what constitutes a win, for their team and the company. They then need to know what is required to produce a win and how it will be produced. Like any successful team, skilled players are required at each position and they need tools that enable and amplify individual and team performance.
Knowing What Constitutes a Win Matters
Competitive requirements are changing rapidly as the age of incremental process improvement as a primary advantage gives way to the need for step-change improvements to speed, capability, and cost. Companies are transforming to compete more effectively in Industry 4.0, so must asset management teams. This is what winning has meant for us.
2X to 3X improvements to speed
3X to 4X improvements to asset utilization
50% improvements to the availability
25% to 50% reduction in operating capital requirements
Knowing When a Win is not a Win Matters
When teams are hitting goals that aren’t aggressive enough to enable their company to win. When the goals aren’t ultimate outcomes, but task outcomes disconnected from larger and more strategic objectives. It’s not that these outcomes aren’t helpful, just nowhere near helpful enough.
Database Accuracy and Property Compliance
Calibration and Maintenance Compliance
Reduce Equipment Downtime
Every asset management team is focused on results like this so these results won’t help your company win.
Team Organization Matter
The leader of a high-performance team knows what roles are important to deliver the outcomes they’ve promised, how to recruit the specific players they need, and then how to get the team’s actions aligned behind their mission. In the case of asset management, the team can’t be an isolated group of asset specialist, but a cross-functional team with actions aligned and outcomes measured.
On our company Linked In Page we posted an article, Is Your Team Ready, Willing, and Able to Win, and solicited comments on essential roles outside the typical asset management roles. We’ve listed them here, but you can always go to the post to read more.
Asset Users and their Managers
Suppliers and OEMs
Internal Support Groups
Project, Program and Product Management
Engineering, Operations and Finance Executive Governance
The last bullet was offered by a Sr. Executive who has worked closely with us in the past. He included the importance of metrics and a governance process ensuring everyone on the team is contributing as well as benefiting from their contributions and that the asset management capability stays aimed at important enterprise outcomes.
High-Performance Tools Matter
For an asset management tool to be able to facilitate the team above it must contribute to their success. All too often asset management tools have been designed to support asset management teams buried in their functional silos and largely disconnected from meaningful cooperation and collaboration with other departments. Sente’s solution is Accelerated Enterprise Asset Management or aEAM. It is not the primary focus of this article so that is all we’ll say about tools here. If you are interested in more information click the link aEAM link or request a demo on this page.
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See how Scireo aEAM Software drops asset and support costs by 50% while accelerating time-to-market 2X.
aEAM (Accelerated Enterprise Asset Management) achieves 2X to 4X improvements to asset utilization, throughput, and speed compared with typical asset management solutions. You can now launch twice as fast getting results in 30 to 60 days! Great projects have great potential and get key constituents on board to drive the change with the knowledge and…
We are in a new age of competition that the World Economic Forum calls the 4th Industrial Revolution. New tools and technologies are enabling people to fulfill new and more competitive intentions ramping competitive pressures on everyone to move with speed and efficiency or risk failure. Incremental changes won’t work. They simply won’t be enough…
The company was growing double digits but needed to free up investment from operations for growth projects. See how they tripled utilization, freed up capital and resources to enable that investment.
Like many aerospace companies, this one had many sites and different legacy cultures on each. See how they installed common resource management tools, increased utilization 3X and funded new programs.
“Sente’s Scireo® solution sets a new benchmark in customer experience by increasing collaboration and communications among all participants of a test program. They drive cycle time and cost efficiencies, optimizing asset utilization and technical labor productivity, and applying best practices in knowledge management to increase speed and drive standardization of test resources.”
Frost & Sullivan Analyst