Events

UK Chapter Webinar - Asset Management - Are we nearly there yet? Parts 4 & 5 - Cost, Risk & Performance and Acknowledging the future is real time

Address:
Online
12.30 - 1.15 PM GMT
UK

Date & Time:
18 March 2021
12:30 - 13:15 GMT

Category
Webinar


This is the final webinar in a three part series entitled: Asset Management – Are we nearly there yet? A short series of webinars describing how organisations might practically head towards asset management utopia using interesting stories from numerous sectors.

This third webinar will cover the fourth and fifth stepping stones in the asset management sophistication curve: Good decision making is C,R a P – it might sound provocative, but Cost, Risk and Performance and more importantly the consistent approach to balancing between these factors underpins robust asset management decision making. Although balancing these factors may sound simple on paper, each of these three factors is often conflicting– a high performance car is rarely cheap AND  low risk, and conversely a cheap car is rarely high performance AND low risk. The optimal and idyllic solution in any given situation is obviously a solution with a sustainable cost, maximum performance and an acceptable risk, but how do you calculate this consistently to enable meaningful solutions to be designed and compared, particularly when the currency/units for each is different? Can you monetize everything?  We will be discussing this consistent approach and our recommendation of starting small by developing understanding of C, R and P at an asset class level before building to the asset managers ‘Utopian Unicorn’ of balancing C, R and P across portfolios.

The Future is Real Time – Asset management has often been a clunky activity in many organisations - For those in regulated sectors, historically activities have predominantly been implemented annually, bi-annually or to regulatory price control cycles in silos and in isolation away from operations teams. As such, the asset management strategies and plans developed were not typically affected by real time or even near real time events and performance. Furthermore, technology has not been in a place where it could provide us with this near real-time functionality even if we did desire it - enterprise asset management systems, decision support tools and models used in investment planning were large, cumbersome and could take days to produce a single iteration of the plan. However, never has there been a more pressing need to evolve to a real-time view of our assets and their service; the current climate of Brexit and COVID-19 has shown us just how resilient our plans need to be and how responsive and agile they must be to emerging events and emergencies. Moreover, our desire for real time or nearer real time can now be supported by technology and the critical activity of linking systems (necessary to drive maximum value) can be implemented - companies can now embrace connected sensors, virtual reality and digital twins to link the operational business back into asset management, automating critical data capture and analysis, but as ever implementation of technologies should be approached with caution as we all know. We will be discussing this buzz around real time and more digital asset management, what place it has in asset management system and importantly whether if we implement real time asset management we can finally answer ‘Are we nearly there yet?’ with a resounding YES!

 

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Jennifer De Vries

PA Consulting

Allan Boardman

PA Consulting

Stephen Plumb

PA Consulting 

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