The latest in asset management

How data, technology and global standards are making our community infrastructure safer, more efficient and reliable

Australia’s largest meeting place of asset management professionals, the annual AMPEAK Conference, was held in April in Western Australia, attracting a spectrum of asset owners, managers and specialists from a variety of sectors including Government, Defence, Maritime, Transport, Water, Property, Power, Energy, Resources, Justice, Ports and Manufacturing. 

The three-day conference is a significant event on the international asset management calendar and is hosted by one of Australia’s pre-eminent peak bodies, the Asset Management Council (AMCouncil). The AMCouncil is a member-based, not-for-profit organisation, a Technical Society of Engineers Australia, and is a founding member of the Global Forum on Maintenance and Asset Management (GFMAM) and the World Partners in Asset Management (WPiAM).

Delegates at the sold-out event heard from dozens of experts on how data, technology and global standards are making our community infrastructure safer, more efficient and reliable. Compliance and certification, holistic planning, predictive maintenance tools and costs being hot topics across greenfield and brownfield asset portfolios. Critical assessments, condition monitoring of ageing assets and new ways of managing attribute information formed the basis of technical discussions that were of significant interest to attendees.

What is the place of asset management in a smart city?
Director of Ferrovial Services’ Centre of Excellence for Cities, Mark Saunders, delivered the opening keynote, exploring the theme of how robust and carefully applied asset management principles fit in the dynamic environment of the modern city.

Concluding it is about smart assets in a managed city, Mark talked about the shared objective of both fields – asset management and smart cities – to enhance the lives of citizens. “They both contribute to the experience of the user, creating safety, efficiency and liveability outcomes – transport that runs on time, safer roads, uninterrupted water and power supply, and reliable operations that deliver stable local employment and economies.”

Delegates also participated in collaboration hubs, where they explored leading asset management principles that deliver value for businesses and customers. A critical discussion on the agenda was the global International Standards Organisation (ISO) 55001 and its importance in providing assurance to stakeholders (investors, asset owners and communities).

Asset management professionals also discussed the ease of collecting data for facilities of all sizes, enabling predictive and robust asset management planning to occur. Data integrity is not without its challenges, however, with speakers recognising cost, asset base creep and funding as areas to improve and where collaborating with service providers and asset managers can be beneficial.

Connecting asset management advancements to business strategies and plans was recognised as fundamental to adopting technology, such as drones, to create a deeper view of assets in real-time, and 3D laser scanning and reality imagery to meet demand for mobility in the field. However, the consensus was that before we go further down the path of technology and innovation, we need to get serious about data accuracy.

The conference is an exceptional platform to progress asset management as a strategic commercial endeavour that has the potential to drastically improve business performance when considered from a strategic point of view and early in project planning.

Broadspectrum is trusted to manage, improve and maximise the performance of a vast range of assets vital to the efficiency and sustainability of communities of all sizes. We are a founding member of the AMCouncil and look forward to participating each year in the AMPEAK Conference to work with industry on advancing asset management’s contribution to safer, more efficient and reliable communities.

Ian Maxted

Non-executive Board Member, Asset Management Council

Chief Executive, Development, Broadspectrum