How to plan for the Asset Performance Analytics PoV trials

author by Umesh Bhutoriadate 31 Oct, 2023read time 5 mins readviews 2468 Views
How to plan for the Asset Performance Analytics PoV trials

Are you ready to embark on the journey of optimizing your asset performance through analytics?Starting an Asset performance management PoV trial is considered as the first dedicated step towards digital transformation. Hence, doing it right is very critical for the steps that follow. Primarily there are three aspects one needs to consider before starting the implementation. Here is a quick checklist to know whether you are on the right track.

A. Set your Hypothesis:

  • Yes, it would be a ‘hypothesis’, and getting it right is necessary. You should have a basic idea of what you are expecting as an outcome, but since it is a Proof of values, you are more likely having the bandwidth to experiment with it to find what works for the particular site and what does not just make sure you are somewhat aligned to the overall long term business goals. 

Although this would be a trial and you may not invest much in terms of money but your time, resources, and efforts would eventually be needed to make it successful and hence you should be very careful about having the right strategy in place.

B. Someone has to OWN it

  • Strong leadership is one of the key attributes of a successful PoV trial. Find the right person who can Own the entire POV implementation. S/he should take the responsibility to track the success metrics and see whether the objectives are being met or not.

According to the Gerhard Pilcher, CEO of elder research, data analytics project is likely to fail if you conduct it without involving the stakeholders, and then upon completion tell them, “Here’s what the data shows. Now make use of it.” 

C. Finding an Ideal site:

  • Evaluate potential sites based on various aspects such as data quantity & quality, number of assets and maturity of the IT infrastructure, contractual obligations, contract renewal status. It is important to consider the best and worst site in your portfolio.

According to KPMG’s 2019 Global PropTech Survey, while 58 percent of firms have a digital strategy (a number that is increasing), only 25 percent have a data strategy.

  • Having a diverse selection of sites would allow you to test the reliability, scalability, and adaptation of the platform/application according to the different conditions. But make sure you can provide the necessary data to get the insights out of it.

D. Choose multiple vendors

  • We highly encourage that you choose at least 2 vendors or partners for your trials or PoV projects. They could work on the same site or different sites. As you intend to scale your efforts, it makes sense to have options available.
  • The success of any PoV depends on how it delivers the expected performance outcomes. Since you are not just testing the effectiveness of the application but also verifying how your teams are engaging with it and extracting maximum value out of it, hence it is important to examine every aspect of POV implementation carefully.

Again, do remember that you will never get 100% of what you are looking for. PoVs or trials aim to achieve some sense of confidence and pave way for future investments and strategy.

Once you have all these points well in a place you can start the execution part but how to track or evaluate the progress? Well, we will cover that part in the next blog of this series. 

If you like this article and found it insightful enough to share it with your peers then don’t hesitate a bit!

Look out for more blogs of this series and learn how leading Facility Management companies are scaling Asset Performance Management Analytics.

If you have any suggestions or want us to talk to our facility management team on what's inevitable in digital transformation, then feel free to write to us at [email protected]

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