Data: A Means, Not an End

The narrative surrounding data, particularly in asset management, often portrays it as the be-all and end-all—the new currency of business success. However, the practical experiences of many organizations paint a different picture. Despite significant investments in data management and analytics, the return on these investments is frequently underwhelming. The reason? A focus on data collection and analysis without adequate emphasis on the decision-making processes it should support.

Data is undoubtedly powerful, but its utility is realized only when it’s used to make informed decisions. This perspective aligns closely with the principles outlined in ISO 55013, which treats data as an enabler rather than the main focus of asset management.

Shifting Focus: From Data to Decisions

The current landscape of asset management, influenced heavily by standards like ISO 55001 and the emerging ISO 55013, encourages a shift in focus. Organizations are encouraged to view data through the lens of decision-making. What decisions need to be made? Why are these decisions critical to the organization’s goals? And crucially, how can data serve these decisions?

This approach is not just theoretical. It calls for a practical reorientation of asset management practices where decision-making takes precedence. For example, rather than striving for complete and perfect data, which is often an impractical goal, organizations should concentrate on acquiring and utilizing data that directly supports critical decisions. This means identifying key decision points and understanding the specific data needs of these points.

Practical Application: Making Decisions with Imperfect Data

A common misconception in asset management is the necessity for complete or perfect data. This notion is not only impractical but can lead to significant wastage of resources. The wisdom shared in the ISO 55013 standard and echoed by experienced asset managers, such as Woodhouse North America, is to focus on relevance and adequacy of data rather than its perfection.

For instance, asset management decisions often require timely, reliable, but necessarily complete data. The key is to have enough data to understand the risks and potential outcomes of decisions. This approach is supported by asset management training that emphasizes the importance of decision quality over data quantity.

Conclusion: Data as a Strategic Enabler

As we move forward, the integration of ISO 55013 with established standards like ISO 55001 promises to enhance the effectiveness of asset management practices by reinforcing the role of data as a strategic enabler. This alignment not only helps in making more informed decisions but also in managing assets more effectively and sustainably.

In essence, while data continues to play a crucial role in asset management, it is the decisions that ultimately drive value. Therefore, organizations should focus on developing robust decision-making processes, supported but not overshadowed by data management.

Let’s not forget, in the world of asset management, it’s not just about having data—it’s about making decisions that count.

Learn more

• Book a demo to find out how Woodhouse’s Decision Support Tools (DST) can help you find the right decision even if you don’t have good data
• Contact us at susan.steyn@twpl.com if you have questions, comments or need help.

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