In 2020, the world was surprised and ill-prepared by the coronavirus pandemic. Asset management, which at its core involves mitigating risk, stood poised with key guidelines that proved helpful in many countries’ recovery phase. From there, we can see some upcoming trends in asset management for 2021 as researched by Department of Infrastructure and Regional Development.
- Internet of Things (IoT)
This year, it will be critical for businesses to better leverage the use of IoT. With many employees predicted to continue working from home into at least the first half of 2021, the IoT will help keep staff connected and engaged, productive and accountable. Also, intelligent systems, once implemented will help reduce overall costs to the business and, importantly, will transform your maintenance practices from reactive to proactive.
- Maintenance of assets
The maintenance and reliability of assets is always a critical component of any Strategic Asset Management Plan. In 2021, with so many organisations forced to tighten the belt financially, the maintenance of existing assets is predicted to be a preferred option over the building of new assets, particularly within public infrastructure.
- Long-term vision and planning
Asset management involves planning, but primarily in 2021, a predicted trend is for a deeper understanding of the life of the asset, and more in-depth planning and long-term vision surrounding its disposal at end of life.
- Climate and Natural Disaster Preparedness
If 2020 taught us anything, it is to be prepared for anything. Trends in asset management throughout 2021 is to have a greater level of preparedness for reliability of assets in the face of a warming climate and natural disasters1
If you’re working in the asset management sector in maintenance and reliability, contact us via communications@amcouncil.com.au to share your success story. Also make sure you’re tuned into our Maintenance and Reliability in Asset Management Special Interest Group. You’ll have many opportunities to meet with others, share knowledge and tips, as well as great events geared specifically to areas of interest in the realm of maintenance of assets.
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1 Info in this post sourced: https://www.infrastructure.gov.au/infrastructure/publications/files/Trends_to_2040.pdf