Prioritising Capability

Asset mgmt. is about coordinated action to deliver value. That requires 2 really important things:
𝟭. 𝗔𝗻 𝘂𝗻𝗱𝗲𝗿𝘀𝘁𝗮𝗻𝗱𝗶𝗻𝗴 𝗼𝗳 𝘄𝗵𝗮𝘁 𝘃𝗮𝗹𝘂𝗲 𝗶𝘀
𝘐𝘵 𝘪𝘴 𝘰𝘧𝘵𝘦𝘯 𝘵𝘩𝘰𝘴𝘦 𝘤𝘭𝘰𝘴𝘦𝘴𝘵 𝘵𝘰 𝘵𝘩𝘦𝘪𝘳 𝘤𝘰𝘮𝘮𝘶𝘯𝘪𝘵𝘪𝘦𝘴 (𝘵𝘩𝘦 𝘤𝘶𝘴𝘵𝘰𝘮𝘦𝘳𝘴 𝘰𝘧 𝘢𝘴𝘴𝘦𝘵𝘴) 𝘵𝘩𝘢𝘵 𝘢𝘳𝘦 𝘣𝘦𝘴𝘵 𝘱𝘭𝘢𝘤𝘦𝘥 𝘵𝘰 𝘶𝘯𝘥𝘦𝘳𝘴𝘵𝘢𝘯𝘥 𝘷𝘢𝘭𝘶𝘦. 𝘓𝘰𝘤𝘢𝘭 𝘎𝘰𝘷𝘦𝘳𝘯𝘮𝘦𝘯𝘵 𝘢𝘯𝘥 𝘴𝘮𝘢𝘭𝘭-𝘮𝘦𝘥𝘪𝘶𝘮 𝘦𝘯𝘵𝘦𝘳𝘱𝘳𝘪𝘴𝘦 𝘦𝘵𝘤. 𝘢𝘳𝘦 𝘪𝘳𝘳𝘦𝘱𝘭𝘢𝘤𝘦𝘢𝘣𝘭𝘦 𝘩𝘦𝘳𝘦 𝘐 𝘣𝘦𝘭𝘪𝘦𝘷𝘦.

𝟮. 𝗖𝗼𝗼𝗿𝗱𝗶𝗻𝗮𝘁𝗶𝗼𝗻 𝗮𝗰𝗿𝗼𝘀𝘀 𝗮 𝗰𝗼𝗺𝗽𝗹𝗲𝘅 𝘀𝘆𝘀𝘁𝗲𝗺
𝘞𝘦 𝘤𝘢𝘯𝘯𝘰𝘵 𝘰𝘷𝘦𝘳𝘴𝘵𝘢𝘵𝘦 𝘵𝘩𝘦 𝘤𝘰𝘮𝘱𝘭𝘦𝘹𝘪𝘵𝘺 𝘰𝘧 𝘵𝘩𝘦 𝘕𝘡 𝘪𝘯𝘧𝘳𝘢𝘴𝘵𝘳𝘶𝘤𝘵𝘶𝘳𝘦 𝘴𝘺𝘴𝘵𝘦𝘮. 𝘐𝘵 𝘪𝘴 𝘷𝘢𝘴𝘵 𝘢𝘯𝘥 𝘪𝘵 𝘪𝘴 𝘯𝘢𝘵𝘶𝘳𝘢𝘭𝘭𝘺 𝘧𝘳𝘢𝘨𝘮𝘦𝘯𝘵𝘦𝘥 𝘣𝘺 𝘨𝘦𝘰𝘨𝘳𝘢𝘱𝘩𝘺, 𝘢𝘴𝘴𝘦𝘵 𝘰𝘸𝘯𝘦𝘳𝘴𝘩𝘪𝘱 𝘳𝘪𝘨𝘩𝘵𝘴 𝘢𝘯𝘥 𝘣𝘶𝘳𝘦𝘢𝘶𝘤𝘳𝘢𝘤𝘺 𝘢𝘮𝘰𝘯𝘨 𝘰𝘵𝘩𝘦𝘳 𝘵𝘩𝘪𝘯𝘨𝘴. 𝘊𝘰𝘰𝘳𝘥𝘪𝘯𝘢𝘵𝘪𝘯𝘨 𝘢𝘤𝘳𝘰𝘴𝘴 𝘵𝘩𝘪𝘴 𝘴𝘺𝘴𝘵𝘦𝘮 𝘪𝘴 𝘣𝘭𝘰𝘰𝘥𝘺 𝘵𝘰𝘶𝘨𝘩. 𝘐𝘵 𝘤𝘢𝘯 𝘣𝘦 𝘮𝘢𝘥𝘦 𝘦𝘢𝘴𝘪𝘦𝘳 𝘣𝘺 𝘴𝘩𝘳𝘪𝘯𝘬𝘪𝘯𝘨 𝘵𝘩𝘦 𝘴𝘺𝘴𝘵𝘦𝘮, 𝘣𝘺 𝘭𝘦𝘴𝘴𝘦𝘯𝘪𝘯𝘨 𝘵𝘩𝘦 𝘯𝘶𝘮𝘣𝘦𝘳 𝘰𝘧 𝘢𝘤𝘵𝘪𝘷𝘦 𝘱𝘭𝘢𝘺𝘦𝘳𝘴 (𝘢𝘨𝘨𝘳𝘦𝘨𝘢𝘵𝘪𝘰𝘯), 𝘣𝘶𝘵 𝘵𝘩𝘪𝘴 𝘮𝘢𝘺 𝘤𝘰𝘮𝘦 𝘢𝘵 𝘢 𝘤𝘰𝘴𝘵 𝘵𝘰 𝘱𝘰𝘪𝘯𝘵 1 (𝘶𝘯𝘥𝘦𝘳𝘴𝘵𝘢𝘯𝘥𝘪𝘯𝘨 𝘷𝘢𝘭𝘶𝘦 𝘢𝘵 𝘢 𝘭𝘰𝘤𝘢𝘭 𝘭𝘦𝘷𝘦𝘭).

Regardless of these challenges, investing in building asset management capability across the infrastructure sector is paramount. New Zealand can look to other nations that have excelled in this area and leverage existing tools and frameworks, such as ISO55000, to drive success. There simply are some fundamental expectations for capability that can and should be driven through the sector!!

Countries like Australia, the UK, and Canada have made significant strides in infrastructure asset management. By learning from their experiences and adopting best practices, New Zealand can enhance its own asset management practices and ensure sustainable infrastructure development.

By investing in asset management capability, New Zealand can better utilize new funding and financing models, reduce barriers, and ultimately, deliver more efficient and sustainable infrastructure for all.