IT asset management is often the elephant in the room that IT, security and senior executives try to ignore, until a security incident or other event sheds light on how critical it is. Asset tracking – and the inevitable data cleanup – of everything from the virtual and physical servers that keep your business running smoothly to the smartphones and other devices your employees use daily is a persistent problem for organizations of all sizes and industries. Despite being an important foundation underpinning your company's ability to execute well on critical security functions such as incident response and vulnerability management, few companies have comprehensive and accurate asset management strategies in place. IT asset management needs to answer the question of what, where, and how IT assets are being used. This data supports security's questions of "which devices are vulnerable to the latest threat?"
NEW YORK CITY - The charging Bull is symbol of'aggressive financial optimism and prosperity'Getty Asset management has a rich and traditional past that has helped build many people's fortunes over the years; many of the world's uber-rich have their backgrounds in hedge funds and other forms of smart asset management. However, like everything at this juncture in time, there is a change in the wind and asset management is not immune. The access to funds, and investing opportunities have been opened up and become more inclusive. But with that, there has been a demand for better performance or lower fees from this new breed of investor. Large mutual funds were used to getting away with charging annual fees of 2-4 percent, despite average or poor performance as they had the backing of an institutionalised elite.
Imagine for a moment, or maybe you don't have to imagine, that you are tasked with building a business case to replace an asset. In order to build the business case, you need to know the age of the asset, the original project cost and perhaps some recent audits done on the safety system to see if it is up to current codes. You check the computerized maintenance management system (CMMS) and find that the asset cost field is blank and that the asset was installed in 1991. You search the CMMS but can't find the audit reports. You decide to tackle the cost first. You contact the finance department, and they provide you with some information that reveals the asset was put on the books in 1984 and that the cost was $1.5 million. Now you have conflicting ages and a dollar figure from finance, but you feel something is not right.
The growing challenges confronting asset management were confirmed by the industry's global performance in 2016. For the first time since the 2008 financial crisis, the revenue pool of traditional managers fell worldwide, along with their profits. Margins contracted as fee pressures continued to increase. Assets under management (AuM) returned to growth, largely thanks to rising asset values on financial markets. Net new flows, the industry's wellspring of growth, remains tepid and little changed from recent years.
Despite the age of big data, 71% of organisations still rely on a single data source to analyse asset performance and risk management – instead of drawing information from multiple sources for a more comprehensive view, reveals a report released by Lloyd's Register at Gastech today. The report, 'Oil & Gas: Achieving operational excellence in uncertain times' reveals the technologies US oil and gas companies currently use to manage and maintain their assets, and the methods they plan to adopt in the future. Tim Bisley, SVP, Software at Lloyd's Register commented: "Although organisations often collect vast amounts of data, they remain challenged as to how to use it. Predictive maintenance is reaching new levels thanks to AI, 3D digital twins and machine learning, which derive actionable insights from huge volumes of data. The report, however, indicates the industry has been slow to adopt this type of technology, in spite of the efficiencies it brings."