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Industrial Asset Management

23 Important Lessons Learned the Hard Way in Asset management

Great Asset Management is not just about physics models and analytics. It is a way of thinking involving all parts of the organisation and businesses. Here is a brief summary of some of the key lessons I have learned in my career with leading companies in Asset Management such as Rolls-Royce […]
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Are ‘Solutions’ the right way to compete

The concept of competing through “solutions” has been around for at least 30 years. Numerous “tier 1” manufacturers / OEMs (power, plant and process machinery, aircraft and engines, earth moving equipment) created solutions businesses to better target vertical markets, particular customer segments and/or large strategic accounts. For example industrial automation […]
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Competing successfully in “solutions” businesses (a strategic perspective)

A successful solutions business is hard to implement. Whether or not it is the right competitive approach depends on a company’s strength in the market, how well it knows its customers and to what extent it is willing to invest in the necessary capabilities and see through the required operational […]
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Outcome & Performance based services and contracting

Outcome based services and performance contracting are increasingly gaining traction, though the practice in some industries goes back a really long time. The concept can have significant benefits for customers, even an entire industry or the economy by aligning incentives and creating “win / wins”, however things are less clear […]
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Customer and competitive pressures are leading many industrial companies to include asset management offerings among their servitization initiatives. This often involves outcome based contracts and assumption of risks by vendors. While such “value added services” are considered important for competitive differentiation and defense of market positions, most companies don’t possess the specialized knowledge and expertise to tackle the related operational, organisational and commercial challenges nor sufficient user industry understanding to adapt offerings to customer needs. Consequently many find themselves trapped in low margin or even loss making situations, adversarial customer relationships and under considerable price pressure.

Asset Management competences have traditionally included reliability engineering, maintenance strategies, methodologies and systems, contracting and incentives, management of customer relationships and cooperation as well as people related processes and technical and supervisory skills. Even as these remain important, new capabilities are nonetheless now required. With particular emphasis on data analytics and machine connectivity companies are better positioned to manage the risks and considerable opportunities offered by these contracts. Turning real time data into intelligent actions enables cost reductions while impacting key performance metrics beyond what was previously possible. This includes cost of service delivery, reduction in unscheduled downtimes, better failure forecasting, faster implementation of engineering design changes, reduced risks and overall improved resource allocation. It is these variables that drive the crucial performance to cost ratio that determines contract success and leads to contract extensions, scope expansion and higher profitability.

We help our clients design and commercialize strong asset management offerings. We work with them to build the necessary competences and knowhow, convince customers, develop projects and contracts, train site managers and staff, understand user industry and specific customer requirements. We then help them to implement advanced methodologies, integrate systems and deploy technology to boost performance and meet or exceed service level agreements and contract objectives.

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