About the session
The session is a podcast episode from the Asset Champion series, where industry leaders discuss trends, challenges, and technologies impacting facility maintenance and asset management. This episode features a conversation between the host, Mike P, and guest, Susan Clark, about the current trends and future predictions in the asset management sector. The podcast is recorded live from the Eptura London office.
Key speakers
– Mike P, Host of the Asset Champion Podcast
– Susan Clark, Senior Manager for Building Operations Strategy at Autodesk
Agenda
The agenda of the session is to discuss the current trends in the asset management industry, the future predictions for 2023, and the role of technology in enhancing asset management. The conversation also includes personal anecdotes and light-hearted banter between the host and the guest.
Takeaways
Takeaway 1: IoT technology is reaching a new stage of maturity for asset management
Improvements in technology and customer interest in granular data are paving the way for the Internet of Things (IoT) technology to have a significant impact on asset management. Speaker A stated, “I’m anticipating we will continue to see a big uptick in the volume of renovations within buildings… there are technical advancements helping reduce some of the obstacles that have traditionally held firms back with implementing and retrofitting these into old facilities.” These advancements, including lower costs and better quality sensors, are making IoT more accessible and useful in improving facilities management.
Takeaway 2: Renovations are becoming more prevalent within the built environment
The trend towards renovating existing buildings is set to continue, driven by the demand for more space, interest in repurposing, and sustainability considerations. Speaker A observed, “I’ve actually seen some data showing that nearly 70% of building projects in the US and Western Europe are renovations of existing buildings as opposed to new construction.” This focus on renovation over new construction is a significant shift in the built environment, emphasizing the importance of efficiently managing existing assets.
Takeaway 3: Energy management is returning to corporate focus
Changes in the market, including rising energy prices and increased investor focus on ESG, are bringing corporate energy management back on the agenda. Speaker A predicted, “In 2023, there’s going to be a big confluence of trends coming together to bring energy management back on the agenda… I think firms will be looking at really targeted energy efficiency improvements they can make to their buildings and their facilities.” This renewed focus on energy management underscores the growing importance of sustainability and efficiency within asset management.
Takeaway 4: Data quality and accessibility are essential for effective asset management
Before implementing sophisticated technologies, asset managers need to focus on improving data quality and accessibility. Speaker A advised, “Before you can get value out of some of the more sophisticated technologies, you really want to be thinking about improving data quality and accessibility… you want to be thinking about tackling some of the massive data fragmentation that we see across maintenance and asset data.” This highlights the foundational role of high-quality, accessible data in successful asset management.
Insights surfaced
– One of the significant challenges in the sector is around stranded and fragmented data. Improving data quality and accessibility is crucial before implementing more sophisticated technologies.
– Three major trends predicted for 2023 include the rise of IoT for asset management, an uptick in renovations, and the return of corporate energy management.
– IoT for asset management is reaching a new stage of maturity, which will facilitate greater market adoption.
– The demand for more space, interest in repurposing space, and the trend towards sustainability are driving an increase in building renovations.
– Rising energy prices, net-zero pressure, changing workplace requirements, and more investor focus on ESG are bringing energy management back to the forefront.
Key quotes
– “We’re investing in digital twins, and as you know very well, Mike, we have a strategic alliance in place with Eptura.”
– “So all of this, these megatrends really do mean that we need to be smarter about the way that we manage our buildings and we simply need to optimize our existing built environment for better efficiency…”
– “We see an opportunity to start bringing together data that was traditionally siloed, data from design, data from operations, and really start bringing this together into a single platform.”
– “There are signs that IoT for asset management is reaching a new stage of maturity. And I think this is going to facilitate greater market adoption.”
– “I’m anticipating we will continue to see a big uptick in the volume of renovations within buildings.”
– “It’s these trends which are really going to push energy management back to the fore.”
– “Before we can get value out of really innovative technology, there is a lot of work to be done to making sure that our data is in proper order.”
By Jonathan Davis
Jonathan writes about asset management, maintenance software, and SaaS solutions in his role as a digital content creator at Eptura. He covers trends across industries, including fleet, manufacturing, healthcare, and hospitality, with a focus on delivering thought leadership with actionable insights. Earlier in his career, he wrote textbooks, edited NPC dialogue for video games, and taught English as a foreign language. He hold a master's degree in journalism.
