Good asset information management (AIM) is fundamental to good asset lifecycle management (ALM). Yet, many organizations suffer incredible losses from poor management of this vital resource. Recognizing this, ARC published a series of reports on AIM opportunities, challenges and solution strategies. Organizations are now asking for more specific, actionable information to justify and guide their improvement efforts. This is the goal of our new AIM benchmarking survey.
Inaccurate asset information wastes time and productivity. It also leads to damaged equipment and is the root cause of many EH&S incidents. Inaccessible or unusable information is just as bad, as workers make assumptions that lead to costly and dangerous outcomes. Recent ARC research indicates that the typical asset-intensive organization loses 1.5% of their sales revenues each year due to poor AIM. While experienced workers have enabled some organizations to avoid these problems, their costs and risks will increase dramatically as the aging workforce retires unless they do something to address the latent issues.
To avoid AIM problems, every organization needs to have a clear strategy in place to ensure the long-term quality and usability of their asset information. Leading organizations understand this and are launching programs to improve their AIM processes and technology. Their goals include short term savings and long term competitive advantage. Some companies recognize the opportunities but struggle to build C-level support for needed investments. Many other companies are interested in AIM, but are not sure that they have a serious problem or that they need to do more.
We are encouraged by the increased activity around AIM, but more research is clearly needed. To make investments in AIM improvements, organizations need to be convinced that they have an AIM problem, and to make this assessment they need guidance on what is reasonable. Many also need to know that their situation is unfavorable relative to peers before they commit limited resources.
ARC has developed an AIM benchmarking survey to answer these questions. The survey assesses the current and future state of AIM across all asset-intensive organizations. And the survey is a comprehensive analysis of all of the important aspects of an effective AIM program. We encourage you to take this survey (http://survey.constantcontact.com/survey/a07e3xh7iijgo1fhazq/start). It will provide you a useful tool for assessing your internal AIM situation and aggregating your results with others will enable us to develop good industry and regional data for your benchmarking needs. You will also receive a report with actionable information that can help you address your own AIM challenges.