Asset management professionals are specialists in their field of work. Just like businesses need accountants for their operations to run smoothly and effectively; asset management specialists offer expert solutions across the life cycle of equipment with the objective to improve efficiency and reliability, and reduce costs.
1. Specialist asset management support
The support of a team of specialists doesn’t need to be a permanent arrangement. In the same way an accounting firm works with its clients as needed; asset management expertise can also be accessed in this way.
As a business, you will know when you need extra support – it’s the times when you would turn to a specialist if you had one sitting full-time in your office.
There will be times when you encounter a reliability problem or need to produce a new maintenance plan for a particular piece of plant machinery, or when you’re investigating options for the right time to replace a machine. Perhaps you are looking to buy new machinery and need advice about the best options. These are all the types of jobs that often require the input of a specialist.
Some of the decision-making that arises, such as to do with reliability or equipment evaluation, could benefit from the advice of more than 1 person, which is where outsourcing to a team of specialists can be invaluable. It is difficult to find all the required knowledge in 1 person.
2. Experts in their field
One of the risks of relying on in-house expertise in certain areas of asset management, is an employee will spend possibly a couple of years getting to know your equipment before moving on to their next promotion or career challenge. Much of their knowledge goes with them and, as a result, the role fails to work effectively within the organisation.
However, by outsourcing to a team of proven experts, a business can receive the best advice and a superior quality of service from a team that has honed its knowledge over many years. A team of specialists can draw from their combined experience of many years in the industry and often aim to foster a ‘brains trust’ approach of accumulated experience rather than relying on the knowledge of a single person.
An outsourced team can also provide the results in a shorter turnaround. Specialists providing support will know the machinery well and have real experience maintaining those assets.
Asset Management companies focus entirely on becoming specialists in their field and build on a vast knowledge base to maximise the value they add to clients.
3. Continuity and cost benefits
The continuity of staff is paramount to companies who are experts in their field because they have more knowledge of a client’s equipment than the actual employees on site who have gone through staff turnovers every few years.
The cost benefits of such expertise are clear – clients receive better service and better-quality outcomes in shorter timeframes. While the hourly rate of outsourcing might be more than the hourly rate of an employee, the total cost is not necessarily any more expensive.
Just like with a good accountant, the client receives added value for money. If an accountant was to charge $10,000 for submitting a tax return – but they do only exactly as you could have done – there would be no benefit or value delivered. However, if the accountant was able to help make savings in excess of $10,000, you would be happy to pay for the service.
Specialists are committed to bringing value that’s well above the investment made during a project.
4. The value of teamwork
Members of a team of experts continually communicate with each other via online team systems and, at weekly meetings, staff are encouraged to share insights and experiences relating to the value they have added for their clients and their projects.
For example, at a recent meeting, specialists at Bluefield Asset Management discussed how a project involving a Komatsu fleet of trucks created 120 additional operating hours for the business –this is a quantifiable value which the client can relate to. It also allows us to look at how services translate into added value which effectively targets the cost benefits for an operation.