Asset management is one of the fastest growing engineering disciplines. Engineering is about using logic to solve problems. Asset management is about applying engineering logic specifically to the ownership of physical assets. By agreeing how to apply this logic and codifying this agreement, we can go about experimenting and iterating with our approach to asset management. And so, in this codified way of doing things and continuous improvement, we make asset management a profession.

And make no mistake – asset management is big business. Physical assets are the foundation of every economy on the planet. Even modest asset owning companies are worth more than small countries. And large organisations can be worth hundreds of billions. Take 3 examples: ExxonMobil holds over $250 billion of physical assets, EDF $170 billion and Highways England $185 billion.

Subject Specific Guidelines

At the cutting edge of professionalisation of asset management are “Subject Specific Guidelines”. These are a series of publications designed to expand and enrich asset management knowledge building on the 39 Subjects in “Asset Management - an anatomy” .

In 2016, the Institute of Asset Management launched the first 4 Subject Specific Guidelines covering 9 of the 39 subjects. Since then a further 5 subjects have been covered, leaving 25 subjects remaining.

So, when and how are the subject specific guidelines being completed?

When? As soon as possible. Many of them are in progress and it is hoped that they will all be completed within the next few years.

How? Through working groups comprised of volunteers like me. I’m currently leading the development of Subject Specific Guideline 34: Management of Change. We have a fantastic team with experts in the planning and delivery of changes in organisations, operations, projects and of course, the physical assets themselves. Between us we have over 80 years professional experience. All the authors of all the subject specific guidelines are volunteers from the asset management community. We aren’t paid for this work.

Why Volunteer?

Which raises an obvious follow up question, why volunteer? There are lots of reasons why people volunteer to write subject specific guidelines, but here are the 3 main reasons for me:

Let’s be honest – a huge motivator is for recognition and publicity. As a freelance consultant, it’s a pretty helpful way to get noticed by potential clients.
Let’s be even more honest – I’m a massive geek and I genuinely love asset management. Not only does this work help professionalise our industry, it helps my knowledge stay current. To write one SGG, you need to have a handle of all the other SSG’s plus other documents like the anatomy.
Lastly, but not leastly, being part of the team has been a lovely way to network and meet like minded individuals.

If you’re interested in volunteering, or want to know more about the SSG’s, why not get in touch with The Institute of Asset Management today?

P.S.

For help improving your asset management tools and processes, please do get in touch, or find out about how I can help you!