What is an asset management consultant?

You may more easily comprehend who they are and what they accomplish by focusing on the demands that they satisfy.

Your maintenance department is an expert at keeping vital assets operational, and because of their first-hand knowledge of maintenance management, they are well-equipped to recognize the advantages of an enterprise asset management (EAM) platform that has been correctly installed. When they have the appropriate one configured properly, they may begin to leverage your investment to get better uptime for a lower cost.

However, that does not necessarily imply that they always possess the necessary abilities to create the maintenance software systems and manage their deployment without outside assistance. The situation is analogous to a group of highly trained medical professionals: despite their extensive knowledge of the field, they are not in charge of creating the drugs they employ to treat their patients.

Asset and facility management experts known as asset management consultants provide a wide range of services, such as needs assessment, vendor vetting, implementation, and on boarding, to assist enterprises at every stage. When a system is already in place for a company, consultants can assist in finding ways to improve everything from SOPs to reporting.

What categories of asset consulting services are there?

Some asset management consultants have areas of expertise. There are consultancies that just work with ISO 55000, for instance. Others offer a wider range of services, attempting to support businesses at every turn.

Create a vision and communicate it to key players.

A consultant can assist you in creating a clear understanding of your objectives and the activities you must take to achieve them. Importantly, they may assist with stakeholder communication, which, in some situations, is a critical area of weakness for the maintenance team. Departments may experience information silos depending on all SOPs, not simply the ones for maintenance. A competent consultant can be hired to ensure that everyone in the organization is aware of the duties and obligations of the maintenance department. They make sure that everyone is aware of the benefits that maintenance offers.

Identify and arrange for operations and maintenance

In what stage of the procedure are you? If you already have a software platform in place, the consultant can assist you in selecting the best asset maintenance strategies and in creating the ideal timetable for preventative maintenance tasks and inspections in the EAM.

They can assist you in locating the appropriate platform and provider if you are closer to the beginning of the digital transformation process. In certain circumstances, you may already have a system in place. Still, you need assistance determining whether it makes more sense to continue using it or to abandon it in favor of another.

Plan and allocate funds for initiatives

These are essential components of asset management, however, some maintenance departments could lack experience in these areas. You can build a program to decide when to replace assets rather than just repair them by tracking the proper metrics with the aid of a consultant. They can then assist you in creating budgets for major capital projects.

But preparation alone is insufficient. In the end, you'll also need to market it to company stakeholders. You may ensure that your initiatives are funded by creating business cases with the assistance of your asset management professional. In essence, they assist the maintenance division in demonstrating its importance to the rest of the company.

What are the best practices for asset management consultants?

An asset management consultant should ideally be as involved or absent from the process as you require. Therefore, that might involve doing everything from giving sound counsel to managing every step of the procedure.

Additionally, you require someone who can easily establish a productive working connection with your EAM provider. Keep in mind that a solid provider has a crew of devoted experts with plenty of expertise in putting software into place and instructing workers. You require a consultant who can guarantee that everyone is working toward the same goal and that you are maximizing your provider's capabilities.

Never allow yourself to believe that you are receiving generic guidance. You need a consultant who can carefully assess your situation and provide specialized advice because every firm is somewhat unique with its own unique aims and obstacles.

Next actions

Register for our most recent webinar, Easy Fixes for Finish Line Fails, IBM Maximo asset management consultant, to find out more about how asset management consultants may benefit your business.