Customisable But Complex, Why Enterprises Shouldn’t Underestimate a Large-Scale Asset Management Project

Summary: The urge to implement a large-scale enterprise asset management system is provoked by a desire for customisation and outright ownership. Different models are considered to handle the data of tens of thousands of assets – SaaS, IaaS, PaaS, and low-code. But, a self-built, fully-customisable solution is favoured – presenting complex deployment issues that need to be addressed from the outset.

Enterprises are responsible for the management of tens of thousands of assets, investing most of their revenue into property and equipment. This, coupled with the need for greater functionality and customisation, is the leading reason why stakeholders – typically user buyers – advocate for the deployment of a large-scale asset management system.

17% of Comparesoft users require a system to manage assets with a value of over £25 million. While 18% are looking to replace their existing Asset Management Software.

There are several solutions, platforms, and software deployments to consider when it comes to a large-scale project. Some offer better usability than others, but with higher risks when it comes to deployment and project success.

This article aims to highlight how an enterprise-focused asset management tool will succeed in a complex environment. While also touching on the key decisions involved to avoid implementation failure.

What Enterprises Hope to Achieve From a Large-Scale Asset Management Project

Enterprise Asset Management (EAM) Software is geared towards problem-solving on an organisational level – as opposed to focusing on individual user problems. It is built to be used by all departments across a business’s entire hierarchy.

Enterprises will look to large-scale asset management tools when they need a greater focus on areas that affect operations like:

• In-depth reporting and data analytics
• Optimising asset performance
• Charting asset valuations and depreciation
• Minimising risks associated with asset purchasing

Stakeholders advocating for large-scale asset management systems – whether the CTO, Analysts, or asset/property manager (user buyers) – will highlight other factors too, including:

• Lack of customisation and configuration
• A need for greater data security protocols
• A better system to handle the stress of exceptional demand (reporting, data backup, cloud storage, etc.)
• The need for more functionality in complex environments

Asset management solutions come in all shapes and sizes, each providing something different.

Multi-Tenant/Rented

• SaaS: All data and infrastructure is owned by a cloud-hosted software vendor.
• IaaS: You rent the use of infrastructure (storage, server, network, etc.) from a cloud provider.
• PaaS: Providers enable businesses to host platforms on their servers.

Low Code

• Uses a graphical interface to easily build software functions
• Doesn’t require coding skills to build
• Reduces the build-time for systems to be delivered on time

Self-Built/On-Premise

• A system that is operated on-premise and requires infrastructure within a facility
• Allows you to build and add your own integrations
• Provides a complete customisable asset management system

Why Customisation Propels the Need For Enterprise Asset Management

A customisable asset management system adheres to the specific requirements of an enterprise. Customisation is sought after by larger organisations as it provides greater functionality and focus that differs from the requirements of other businesses.

Key areas that enterprises look to customise include asset data security processes, user interface, reporting, and integration with other tools.

Having a customisable enterprise asset management system offers:

• Security for sensitive asset management data: Files and data are only visible on your system with the option to add layered security like data encryption and passwords.
• Unlimited integrations: Integrate a system with your own self-built applications or third-party tools.
• Faster performance for handling complex data: Collect, track, and report on enormous amounts of asset data without waiting for cloud connections or backup saves.
• Unlimited users: You control how many users have access to the system with no limitations on users per month.
• Custom fields for asset data: Additional and custom fields allow you to add and collect more data on each asset.
• Custom reporting, workflows, and budgets: Customise how teams handle and analyse asset data to make better decisions regarding performance, procurements, and asset lifecycle management.

Deploying a customised asset management tool is typically done so with a self-built solution, which has its advantages. However, there are factors to consider when opting for this type of system:

• Higher initial costs (software licensing, hiring expert support personnel, server infrastructure, etc.)
• More time spent on training users
• Specific technology content is needed for users
• Deployment can take between 6 months and 2 years
• Testing and downtime (whether planned or unplanned) become regular when pushing configurations

You should also be wary of excessive customisation. This can delay deployment schedules after a technical buyer approves the product.

Use Our Asset Management Software Finder to Identify the Best Tool For You

Why Some Large-Scale Asset Management Deployments Fail

66% of large-scale project deployments, like Enterprise Asset Management Software, fail. 45% exceed the budget, 7% miss the scheduled deployment time, and 56% of projects end up delivering less than expected in terms of project objectives.

This is largely due to stakeholders and decision-makers underestimating the complexity of the project.

Tech leaders also cited poor change management, excessive customisation, and ineffective decision-making as other factors for a large-scale project failure.

As identified by McKinsey Digital, the reasons for deployment failures come down to:

1. Missing focus: Decision-makers are unclear on the software’s objectives.
2. Content issues: Shifting requirements and technical complexity.
3. Low skill frequency: Teams are unaligned and lack the required skills.
4. Execution issues: An unrealistic schedule is approved resulting in reactive planning.

How Enterprises Can Avoid Asset Management Deployment Failure

1. Set Clear Objectives

• Have clear objectives when it comes to how you track, manage, use, and analyse your asset data
• Set KPIs when it comes to asset performance, asset value thresholds, procurement, maintenance spending, and more

2. Make Sure All Stakeholders Are Aligned

• Understand what each user, team, and department want from an asset management tool
• Know how each stakeholder intends to use the system to define what functionality and integrations are required
• The software development team should consist of an economic buyer, product/technical managers, asset/property managers, and users who advocated for the new system

3. Involve the Right People At the Right Stage

• Know when to include buyers in the project decision-making process
• Involving users at the right stages will help shape the system and the deployment schedule
• Know when not to involve personnel – for instance, an asset manager won’t be needed when project economics are being discussed

4. Lean on Experience

• Enlisting the help of experienced personnel will help build a successful system
• Include experienced CTOs, asset managers, and accountants in relevant decision-making areas

5. Provide Transparency

• Provide stakeholders will the information they need on the project at all stages
• State what training is needed
• Display a detailed deployment schedule and estimated time for completion