Asset management as a ‘professional discipline’ has evolved significantly over the past few decades. Traditionally, it has been seen as another name for managing investments and financial assets to maximize returns for clients. However, it has grown into a multifaceted field encompassing various types of assets and strategies. We caught up with John Woodhouse, Managing Director of The Woodhouse Partnership Ltd, and a few of our clients to discuss Asset Management as a professional discipline.
How did it all start?
“We’re learning all the time. One of my proudest engagements was leading the development of the first British standard. What is known as the PAS55. That was the first attempt of writing down the must-do list for the life cycle management of physical assets, and it became a worldwide bestseller. It overtook the quality standard. It has become the basis for what is now the International Standard, ISO 55000 with 31 countries backing it and its second iteration has just been published. It’s very gratifying to see that we’ve got some of it right.”
So who is an Asset Manager?
“I think almost all organizations that reach a certain size have to specialize. They must create people who are good at designing things or good at buying things or go to building them, operating them, or maintaining them. So we, create departments responsible for that. We cluster the skillsets, but that does have downsides. It creates a tribalism. Each group develops their own jargon. Their language of everybody else is the enemy; they don’t understand my job. We also tend to reinforce the problem by creating a performance criterion, and success criteria that are localized to what it is that is being done, which sometimes actually works to the expense of somebody else. They’ll get trade-offs. And it’s quite difficult to negotiate those trade-offs because people are bringing different lenses to it.
An Asset Manager raises the discussion and talks about net benefit and net value over the whole life cycle. So, designers and builders must think in terms of operability and maintainability, and sustainability maintainers must think in terms of the usefulness of the asset, not just caring for it and so on. Asset management is a discipline for breaking down those silos.”
How do you become an Asset Manager?
“Undoubtedly, if you look at the learning journey from an organizational perspective, there are three main observable stages. And within that, there are some transitions. There is a stage of innocence that needs to be addressed, to understand what the opportunities are in the first place. What is this fancy language called asset management and which bits of it apply to our organisation?
There is a stage roughly in the middle that I might describe as competent asset management. That’s a level of maturity that is aligned with the requirements of the ISO 55000 standard. For example, a recognition of joined-up rigor, auditability that you’re in control, and coordination, including the learning behaviors and habits. And then there’s the upper reaches of pushing the boundaries of excellence in asset management, a moving feat because we’re constantly pushing additional capabilities and innovations and personalizations.
I think over the last 10, or 15 years in particular, the need for defining the curriculum to make sure that those cross-disciplinary understandings are built into a professional development path, the concept of a specialist generalist, is becoming evident. The Institute of Asset Management has several grades. There is a foundation award, a certificate level, and a diploma level, and most recently, they developed the register of asset management professionals. One has to demonstrate both subject matter familiarity and the field experience being able to apply it. This is the beginning of what will probably become a proper chartered status that will become a professional grade for those that will be responsible for conflicts infrastructure, trying to square the circle of limited funds, infants, infinite expectations, and a changing landscape that requires multi-skilled people. The recognition of those capabilities is crucial.
And now we have apprenticeships. Having been part of the trailblazer group that developed the Level 4 Asset Manager and the Level 7 Infrastructure Asset Management standards, we are delighted to provide the training for both apprenticeships. These apprenticeships are suitable for a range of industries and roles that contribute to the asset management function within an organization. Apprenticeships are an innovative way to attract new talent into your organization and to retain and upskill current employees by increasing workforce confidence, and capability and allowing an organization to develop a motivated, skilled and qualified workforce”.
The Woodhouse Academy recently hosted a series of Asset Management training courses for Network Rail, generating this feedback from their Programme Manager “Everyone has had great things to say about the course and my team has started implementing a couple of the ideas already, which will have a big impact on our business.”
So how does the Academy do it?
“You start with simple traditional classroom teaching. There are some concepts which that still is the right vehicle for explaining, illustrating, and practicing, but the magic comes when you blend it. You blend it into the way human beings actually learn things, which is mostly experiential. It’s mostly on the job. We adopt a blended learning approach, but there are self-taught elements that are also useful. We are very expert at developing e-learning, and indeed customizing it for the industry or the individual client. We have a very wide portfolio of off-the-shelf, face-to-face learning and anecdote sharing to help confidence building. Interactive teamwork is probably the most important role. Application within artificial exercises, such as our role-play Asset Management Challenge program, or via on-the-job, coaching and mentoring. With over 45 international consultants, each with over 20 years of industry experience, we do both coaching and mentoring, with assignments and feedback and review. We build long-term relationships, to develop the committed understanding, as opposed to just teaching the intellectual understanding”.
Ole Adler, former Asset Management Director at Hofor, a 1200-strong organization with responsibility for supplying power, water, wastewater, town gas, district cooling, and district heating utilities, to the city of Copenhagen, Demark, said “When we started [our asset management] journey, we were looking at the merits of different consultant companies; the technical ones were going to act on the technical side, but not on the asset management side. Then the economic companies would know of asset management, but not on the technical side. We chose the Woodhouse Partnership because they were one of the companies that had experience of implementing asset management from the start to the end. It was very important for us that we didn’t end up in a place where we had a lot of papers, but we couldn’t act in our daily work. If you just take the standard and implement it, then it would be at the standard that will drive everything. And I would like to have our [Hofor] DNA built into the DNA of asset management. We should tune it a little bit or do it a little bit different, but we will still base our decision on the asset management rule. And there you need a very experienced consulting company that can guide you through that.”
John added, “We carried out a program of significant education, training, and cultural change across all of Hofor’s business units and staff engagement in such a formal ‘design phase’ ensured that there was a strong sense of ownership and commitment to the resulting processes and solutions. In all, over 100 persons (approximately 10 % of the total workforce) were directly involved in the asset management training program and some continue. Asset management has grown into a complex and dynamic field, driven by technological advancements, changing investor expectations, and a more globalized financial landscape. It’s an exciting area with continuous evolution and emerging opportunities, and the learning journey for professionals involves staying abreast of regulatory changes, mastering new investment strategies, leveraging cutting-edge technologies like AI and continually developing skills to meet the demands of increasingly sophisticated clients. Our Woodhouse Alumni Communities serve as a hub for continuous learning, fostering mutual engagement through workshops and webinars. We welcome active participation from those seeking opportunities for growth and knowledge exchange.”
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The Woodhouse Alumni Communities have been created to help you stay connected with your peers, Woodhouse tutors & experts, and others embarking on the learning journey
We all work in the area of probabilities and actuarial risk so while all consultancy analysis, training services and information provided within our published material are provided in good faith, no responsibility either express or implied can be taken by The Woodhouse Partnership Ltd for conclusion or actions made by the Client or any other party as a result of our advice or opinion.
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Joe MacEnri is a chartered engineer and ACCA qualified accountant who has worked in the electricity industry and asset management fields for over 35 years. He has many years of experience in the areas of techno-economic and investment analysis in areas such as capital plans and as well as reliability-based investment analysis using Monte Carlo simulations. He has worked with the multinational plastic manufacturer Sabic in their annual capital planning, training staff in the SALVO process and tools, facilitating workshops on individual investment studies, and working with sites to develop their annual constraints optimized capital plans using the AI powered DST Strategic AM Planning module as well as aggregated optimized multi-site regional plans.
With over 32 years of Asset Management, Reliability and, Mechanical Engineering experience in leadership, technical, and operational roles in Oil & Gas, and the Petrochemical industry. Pedro brings a proven track record of success in developing and implementing asset management processes and tools, to facilitate communication between engineers and managers, while establishing a direct connection between business objectives and frontline engineering and operational actions, with strong considerations of Fit for Purpose and Life Cycle cost factors.
Pedro is a strong advocate and Change Agent for cross-functional collaboration between departments orientated to achieve alignment of objectives for the development of efficient and effective asset management solutions. Pedro heads up our Australiasia business unit.
Victoria is a Principal Consultant & our Product Manager for the SALVO Decision-Making Framework.
She has over 20 years’ asset management experience, across transport, energy and defence sectors and is a specialist in asset management decision-making and risk management.
With plenty of hands-on experience developing optimized, risk-based asset maintenance and renewal strategies, and deploying these to develop multi-year investment plans, her industry positions include the Head of Asset Management (Electrical Utility), Manager Network Risk & Performance (Electrical Utility), Associated Director, Safety and Engineering Systems (Government Transport Agency), Team Leader, Asset & Risk Management Systems (Electrical Utility), Team Leader, Structural Safety, Risk & Reliability (Government Highways Agency)
Patrick is a specialist in data-enabled business transformation design and executive-level delivery governance to enable asset- and workforce-intensive organizations to deliver better customer and operational outcomes. He has 30 years of experience in the industry, working at the executive and board levels with critical national infrastructure organizations to shape and lead major value-realization programs with data and digital enablers at their core.
His core skills include Data strategy, Transformation design, Strategic roadmap development, Transformation governance and assurance, Transformation leadership, Business data services operating model design, Data skills and leadership development, and Leadership coaching, and mentoring.
Patrick is also a graduate of the Australian Institute of Company Directors (GAICD).
Susan Steyn is a seasoned expert with over 30 years of experience in Management, Operations, Business Development, and Supply Chain across diverse industries. Her core focus lies in spare parts management and inventory optimization. Throughout her career, Susan has held key leadership roles in multinational companies such as GE, Dow, Roche, Bayer, Lloyds Register, and Woodhouse Partnership.
With a strong background in strategic leadership, P&L management, and lean manufacturing, Susan has consistently driven business turnarounds and growth. She excels in international global business management and has a proven track record of expanding market presence and building strong client relationships.
As a Six Sigma Black Belt and PMP certified professional, Susan is adept at implementing process improvements and managing complex projects. Her expertise in data analysis, project management, and ERP systems ensures effective spare part management and optimal inventory levels.
Susan’s contributions to various companies include revenue growth, cost reduction, successful software launches, and the establishment of strategic alliances. Her commitment to diversity and inclusion, coupled with her leadership in team building and mentorship, have created a culture of excellence in every organization she has worked with.
Overall, Susan Steyn is a results-oriented leader with a passion for leveraging data-driven decision-making and innovative strategies to optimize spare parts management, reduce downtime risks, and enhance profitability in any business environment.
José Luis cuenta con una experiencia exitosa en multi-industrias públicas y privadas, donde desempeñó cargos gerenciales, líder de aplicación técnica especializada, puestos operativos y en mantenimiento, así como en áreas de consultoría sustentando nivel operativo, táctico y estratégico.
Ha formado parte de proyectos de mejoramiento de gestión de activos, confiabilidad operacional, integridad y mantenimiento en Latinoamérica en diferentes empresas creando valor al negocio con resultados técnicos y económicos importantes.
Facilitador e instructor acreditado en temas relacionados con la gestión de activos, mejores prácticas, metodologías de administración gerencial y técnicas especializadas.
Mechanical Engineer with 31 years of experience. Specialist in implementation processes of activities
associated with Asset Management under the ISO 55001 approach, Implementation of diagnostic
programs and audits of management systems, Specialist in applying reliability methodologies such as
Reliability-Centered Maintenance, risk-based inspection, Cause Analysis Root, Life Cycle Cost Analysis,
Condition Based Maintenance, Failure Modes and Effects Analysis, Mechanical Integrity among others.
He has been an Equipment Mechanical Integrity Engineer, an experienced user of traditional NonDestructive Testing such as Ultrasound, Infrared Thermography, Superficial Techniques, Industrial
Radiography.
He has led and participated in countless applications in the field of reliability and condition monitoring,
with special emphasis on the generation and execution of policies and maintenance plans aimed at
achieving the “minimum total business impact” guaranteeing Safety, Hygiene and Environment
standards.
Over his 28 plus year span in the industrial sectors with working technical backgrounds in Project & Construction Management, Asset Operations and Maintenance Reliability Management, and being certified in various courses of study; Damien has gained the knowledge and experience and has had proven successes throughout his tenure in the Oil, Gas, Petro-Chemical and Construction sectors. Establishing his-self in the various sectors, Damien’s first experience and success started in the Construction Sector in estimating engineering. This was the stepping stone for Damien and has paved the way for his passion and continued success in supporting People, Process, and Systems in an organization.
Damien has held positions in local, international and multi-national corporations and comes from a working background in the fields of environmental, operations, project and construction management, operations maintenance and reliability management, planning, supervisory management, and has proven his abilities to succeed in each field.
Rich was an Engineer and Project Manager professional at the New York Power Authority for over 30-years. In addition to being the first Project Manager for the Niagara Project Upgrade, Rich rose to be the Vice President of Engineering having started in Operations Engineering decades earlier. Rich went on to be Vice President, Transmission and Substation at AECOM responsible for hundreds of millions of dollars in design and construction. Rich joined Woodhouse Partnership, North America and participates in aligning organization towards ISO 55000 and many reliability studies supporting DST.
Executive in Operational Excellence, Asset Management and Best Practices in Projects, Operations and Maintenance in the Energy and Industrial Sector.
Consultant, Instructor and International Lecturer on issues related to project management (risk management), operational reliability, strategic management of operations, maintenance, Asset Management in the energy sector (ISO 55001) and Applied Data Analytics.
PMP, CMRP, IAM and CAMA certifications, being recognized by the SMRP in 2019 as CMRP of the Year https://smrp.org/2019-CMRP-Winners.
George has over twenty-five years of experience as a consulting engineer providing design, planning, program and project management, and strategic asset management services for asset-intensive organizations in the Americas, Africa, and the Middle East. His primary focus has been in the public infrastructure sector; as a result, he has intimate knowledge of the assets, processes, and resources necessary to deliver and sustain safe, reliable services to the customers of public asset-owning organizations.
George has assisted organizations with the development of PAS 55, ISO 55000, and GFMAM AM Landscape aligned asset management systems (AMS), has performed gap analyses of their AMS against industry standards and best practices, and has guided them through the creation of strategic asset management plans (SAMPs), asset management plans (AMPs), AM policy and supporting documents. He has undertaken asset risk modelling to ascertain organizations’ capability to sustain their desired levels of service. George has performed asset health-informed lifecycle cost modelling and forecasting capital and operational expenditures over near and long-term planning horizons.
With 30 years’ experience in utilities, oil & gas, transport and other sectors, John is one of the most widely known experts in integrated asset management projects for some of the largest companies in the world.
John is a Founder and Life Fellow of the IAM; he has written 4 books, chaired the development of BSI PAS55 and represents the UK on the ISO55000 committee.
He also led the international MACRO and SALVO collaboration projects in optimised asset management decision-making.