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2 Companies That are Proving Good Asset Management Impacts Financial Results

growth-1152553_640In many asset intensive companies around the world, corporate executives are more focused on achieving financial results than the technical aspects of running a company.

They know they have highly talented, technical people who will worry about the ‘nuts and bolts’ of the asset management world.

What they often don’t understand is the impact that asset management practices have on the financial performance of the company, and the potential that improvement in these areas can have on the bottom line.

 

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Filed under: People & Leadership

Creativity for Asset Management Professionals: How to Break out of the Box of Fixed Thinking Patterns

Creativity for asset managersWhen was the last time you were ‘creative’? You may have to think all the way back to finger painting in pre-school or perhaps it was a more recent flourish of inspiration to make that cubby house your kid has been nagging you about.

Many engineers and asset management professionals think they’re not creative because they’ve be labelled as ‘practical’, ‘left-brained’, or ‘good with their hands’. They operate best in an environment where they know how things work.

But consider this…

The word ‘engineer’ comes from the Latin words ‘ingeniare’ and ‘ingenium’. Simply put, an engineer is someone who uses his or her ingenuity to change the world. Engineers have an inherent curiosity to understand the world and they endeavour to solve some of the world’s toughest problems. How much more creative can you get than that?

This hidden creativity will serve the engineering and asset management community well as the industry rapidly transforms itself. Maintenance and Reliability professionals have moved beyond their operational role and are fast transforming into a core, focused, and disciplined strategic business function.

This means that you require a very different toolkit to survive and thrive.Continue reading

Filed under: People & Leadership

4 Impending Disruptions Asset Management Professionals Can’t Afford to Ignore

Disruption Mainstream ConferenceWe are living in an age of unprecedented disruption. Once-lucrative revenue models are under siege. Market structures and distribution channels that have been stable for decades are crumbling before our eyes. The demise of brands such as Kodak, Borders and Blockbuster leaves us with little doubt – shift is happening and no business is immune. The frightening fact is that most businesses don’t realise they are becoming obsolete until it’s almost too late.

So is the asset management industry at risk? Here are 4 major shifts that are happening right now that may be threatening Asset Management as we know it:

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Filed under: People & Leadership

Engineering is Logical, People are Not

Logical EngineeringI’m not saying engineers can’t lead people, but the bottom line is engineering is logical, people are not. Management is also more about logic, i.e. budgets, resources, ROI, where leadership is more about emotions, trust and respect – you don’t think trust, you feel trust.

So what do YOU need to do to be more successful as a leader not just a manager?

Consider the following:

You might be your team’s manager, but would your team vote for you as their leader? Titles mean nothing when it comes to leadership.

When was the last time you looked in your leadership mirror? Do you really know the impact you are having on your team?Continue reading

Filed under: People & Leadership

How to Conquer Work In Progress (WIP) Overload

WIP Overload Mainstream ConferenceWhile you and your co-workers can see widgets on an assembly line, asset registers, maintenance plans or work orders, knowledge work is mostly invisible. Your work-in-process (WIP) grows. Before you know it, you’re overloaded. You can’t think deeply about what you’re doing, let alone find enough time for continuous improvement. Productivity slows. Mistakes and defects grow. Morale and job satisfaction decline. Planning is nearly impossible. Sound familiar?

As a former engineer, Jim Benson knows this scenario all too well. But he insists it doesn’t have to be this way. He’s a big believer in the Kanban methodology, a clever way of digging out of work — and staying dug out — to achieve higher quality, better productivity, greater job satisfaction, and peace of mind.

Mainstream Conference Program Director, Simon Yeowart, recently chatted with Jim to get a preview into his upcoming session at Mainstream Conference. Watch the video below to find out how exactly what Kanban is and how it can be applied to the work we do in asset management.Continue reading

Filed under: People & Leadership

Why Asset Management Practices are a Moral Imperative for Corporate Executives

asset management corporate executives mainstream conferenceIn many asset intensive companies around the world, corporate executives are more focused on achieving financial results than the technical aspects of running a company. They know they have highly talented, technical people who will worry about that. What they often don’t understand is the impact that asset management practises have on the financial performance of the company at the enterprise level, as well as all of the other benefits that executives tout as a high priority and important to the company such as safety and quality.

In my 40 plus years in the asset management world, I’ve worked hard to elevate the importance of asset management and help corporate executives understand why they should be concerned and interested in these traditionally very technical aspects of running an industrial company. It’s something I am very passionate about and I’m looking forward to sharing this knowledge at Mainstream Conference 2017.Continue reading

Filed under: People & Leadership

The 5 Characteristics of High Performing Organisations

peak-299011_1920No organisation is immune to things going wrong. Machines fail, parts malfunction and human error is something that simply can’t be avoided. But for NASA, failures can have very large scale implications.

So how do you manage these inherent risks?  It requires high performing, high reliability teams and the backbone of it all is good leadership. During Mainstream Conference 2016, Ed Van Cise, Flight Director for the International Space Station, pulled back the curtain on NASA’s culture and revealed the secrets of its high performing, high reliability team.

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Filed under: Maintenance & Reliability, People & Leadership

Why Buying Technology Won’t Fix Your Broken Business Processes

Broken_Process_Chain

One of the realities of living in a microwave society is the expectation that there’s a quick fix to almost anything. People often treat technology as this magical black box that’s going to solve all their business problems. When things are going wrong for businesses, our default position seems to be “If we can grab a piece of technology off the shelf and pay $X amount for it, it’s going to take us to the next level and we don’t have to do all the hard work to actually get into business and fully understand the problems.”

The reality is that a piece of technology is not going to solve your broken business processes. There is no quick fix. The only way forward is to roll up your sleeves, lift up the covers and try to understand exactly where the inefficiencies are and what processes you need to fix.Continue reading

Filed under: People & Leadership

Tackling Conflict in Cross-Functional Teams

Conflict_Goats

It’s true that conflict is an inevitable part of any organisation. But conflict seems to be amplified by the increasingly challenging business environment we find ourselves operating in today: tighter budgets and higher efficiency expectations are paradoxically driving up barriers and unhealthy competitiveness, especially between Maintenance and Operations. Often Maintenance is feeling derailed because operations have come in with other emergencies that they want addressed, or there is frustration from both sides in relation to machinery breakdowns. When these kind of scenarios happen, there is often more finger-pointing happening than problem solving.Continue reading

Filed under: People & Leadership

Jessica Barber: Five Vital Steps to Enable Business Transformation

Jessica Barber

Jessica Barber was appointed BHP Billiton Iron Ore’s first female Mining Manager at its Mt Whaleback Mine in the Pilbara. She was the recipient of the AFR BOSS Young Executive of the Year Award in 2012 and WA winner of the Telstra Business Women’s Awards Business Woman of the Year. Ahead of her upcoming presentation at Mainstream Conference in Melbourne and Perth, she explains why your people are the key to changing the organisational culture and transform business performance.Continue reading

Filed under: People & Leadership
 
 

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