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How to successfully Implement an Asset Management Application?

“Well begun is half done” is an old proverb which is true and applicable to most of the actions. However, this holds ineffective if we do not plan and create a road-map before we 'start’, because without proper road-map, a good start is next to impossible.

As we are moving in a time zone where dependency on assets is extremely high making Asset Management very critical to organisational success. In this journey of managing assets and to harness maximum results, every organisation needs an asset management application which can cater to an asset's complete life-cycle. The next step which is even more critical and important is to implement the Asset Management application efficiently.

The principles defined in this article are based on the learning we had in successful implementation of asset management application with various organisations and can help you, implement one such application at your end (if you intent to). Beside asset management, Beside asset management they can also be put to effective use during implementation of any other project or processes in your organisation. Once you have a road-map, 'Good Start’ is inevitable.

Too many wishes, No specific Goal.

Many a times we have too many wishes but no specific goal because of which we get carried away with every possible distraction and feature that gets added to the application. Thus having a clarity on why we need an asset management application is the most important part of the whole process. It will be very difficult to navigate through processes and procedures unless you have a clear goal, what you want to achieve from the application.

Since an application can resolve multiple challenges that an organisation is facing, people usually tends to implement the application for all the processes in one-go. This creates distraction i.e. neither full attention is given to any specific process nor significant improvement is achieved.

To avoid all the distraction and to achieve results, teams must define a clear and specific Goal. They should pick only one process initially and create a ‘Goal’ around it. This will give them clarity on what they want and always helps them evaluate if the application is delivering right results.

One Matrix That Matters (OMTM)

Once a Goal is defined, the second most critical step is to define 'One Matrix That Matters' (OMTM*). Defining a matrix is as important as defining a goal’. Defining an OMTM can be tricky and needs some brainstorming. It should be chosen in a way that it reflects the outcome or the Goal that you want to achieve. This will showcase the overall progress of the application for your organisation.

Once you define an OMTM, you need a baseline value for your OMTM. It's the comparison to baseline value that can help you evaluate the progress. To have a baseline value either you can take some past averages or you can assume some value (which is called 'line in the sand’). Once you implement the application, the line in the sand will start taking its shape and a valuable matrix will be created in next few weeks of data recording and assessment.

Start Implementing the Application

Once you choose a goal and OMTM that can demonstrate the progress, next step is to choose the modules of the platform that can help you attain your goal. During initial implementation, the team should focus on that one module. This is an important step of the process; as this is where plan ends and action begins.

Choosing only one module is important as you need to assess if the application is good enough and that it can deliver the right results. By limiting your initial focus to few modules will not only reduce your initial efforts but will also help you chart the progress towards attaining your goal.

Regular Assessment

Finally, you need to evaluate the progress based on OMTM by charting it on a regular intervals. A weekly evaluation is ideal for most of the processes. In case weekly charting is difficult then fortnightly is a must. Do not just compare OMTM on worksheets or spreadsheet; Prepare a graph which can illustrate the changes in a better way.

When is the time to start implementing other modules

The biggest mistake organisations do is to wait till they achieve the first goal before they can start implementing the application for other processes. Sometimes the first goal is big and quite ambitious and takes substantial time for successful achievement. And a lot of valuable time is wasted waiting over it. Thus once you start moving towards your first goal the next step is to quickly pick the next goal and start the cycle again for next set of processes. This cycle is to be repeated till all the modules and processes are implemented.

The process is very simple and easy to implement. This strategy will not only help you in implementing Asset Management applications but can also help you with all your projects. When we are clear on our goals and how to evaluate the progress, the journey will be more enjoyable and predictable. In case you have any query, feel free to connect at