In the realm of asset management, one question always looms large as was the case in our Ask Bill Anything webinar: What’s the one thing organizations can do to have the biggest impact on their current asset management system? 

This is a question that triggers several considerations, each vying for attention. But amidst the complexity, in my mind, one answer emerges as paramount: securing the most senior level champion for your asset management program, whether that’s capital renewal, operations, maintenance, or all of it integrated together.

As someone immersed in the world of asset management, I’ve witnessed firsthand the ebbs and flows of organizational initiatives. There are countless tactical maneuvers one can employ – from data upkeep to operational efficiency enhancements. Yet, time and again, the linchpin of success rests not in the minutiae of daily operations, but in the caliber of leadership driving the vision forward.

Picture this: a departmental head, fueled by passion and determination, spearheads an asset management program. It flourishes under their stewardship, with investments made and strategies crafted. But then, as fate would have it, that champion departs. And like a house of cards, the program collapses, leaving behind a void. 

This scenario is all too common in organizations where initiatives hinge on the individual rather than the institution. But therein lies the heart of the matter: sustainability. True success in asset management isn’t measured by short-term gains, but by enduring impact – a legacy that goes beyond the tenure of any single leader.

Enter the senior level champion. This person, situated at the head of organizational hierarchy, has influence that permeates through silos and transcends departmental boundaries. Their endorsement serves to rallying different factions under a unified cause. With their endorsement, resistance dwindles, collaboration thrives, and initiatives gain traction.

But the significance of senior level support extends beyond mere endorsement. It’s about ingraining asset management into the very fabric of organizational culture. It’s about fostering a mindset where asset management isn’t a pet project of the few, but a fundamental pillar of how business is conducted.

Imagine a scenario where asset management isn’t subject to the whims of transient leadership, but rather ingrained in the organizational DNA. This, my friends, is the promise of senior level champions – architects of enduring change and the custodians of organizational resilience.

So, to those pondering the question of impactful asset management, here is my advice: don’t just look for  champions, but champions at the highest level. Embrace the power of senior leadership, for they have the key to unlock the full potential of your asset management endeavors.

We have one more post next week to wrap up the summary of our recent Ask Bill Anything webinar.  See you back here next week!