• 01-NOV-2017

Interest in asset performance management consulting has grown steadily since financial crisis

PwC is rated as a Vanguard Leader in ALM’s report on Asset Performance Management Consulting

According to ALM, up until the financial crisis, asset performance management as a competency area received relatively limited attention in contrast to the broader supply chain, as asset-intensive companies opted to build new capacity in response to demand. Since then, interest in asset performance management consulting has grown steadily. The anaemic and uncertain post-crisis economic environment coupled with lower end prices, smaller budgets, and stressed margins prompted many process- and commodity-oriented companies to engage consultants to help reduce the maintenance, reliability, and operations costs associated with their physical assets to remain competitive if not financially viable.  With stabilising economic conditions, companies increasingly realise that they have put too much attention on cost cutting with deferred maintenance resulting in a significant degradation of asset performance and a commensurate increase in the risk of catastrophic failure. As such, the nature of consulting demand is pivoting away from cost improvement toward asset reliability as a means of increasing asset availability, extending asset life, and deferring new capital investment. 

The author of the report, Naima Hoque Essing, ALM Intelligence’s Senior Research Analyst, states that ‘The leaders are at the top of the market in terms of their capabilities to create client impact through their depth of expertise and ability to deploy it across a range of engagement models. They are unique in their ability to independently execute end-to-end projects across the full spectrum of client contexts.’

On PwC’s capabilities the author states that: ‘PwC is leading efforts to overcome the technical and organisational challenges in utilising the greater transparency into asset health made available through digitisation that enable more predictive deployment of maintenance resources.’ 

PwC is named ‘best in class’ for Project Management and the report highlights that “PwC has built a compelling and demonstrable blueprint that develops and delivers the numerous interdependent technical and organisational elements needed for successful adoption of conditions-based and predictive maintenance solutions.”

Naima goes on to say that “PwC organises its offering through its capital assets service line within its Operations consulting practice. With active contribution from PwC Analytics, the firm seeks to develop processes and solutions that harness insights from equipment data in guiding the strategic and tactical decisions that improve total lifecycle asset performance. Service offerings centre on digitising and integrating asset data into work management systems; for example, using (sensor-based) equipment data to enable condition-based maintenance strategies, and establishing the organisational structures, governance, reporting and risk management processes that support and sustain more holistic, coordinated and transparent asset performance improvement initiatives.

Miles Everson, US Vice Chairman and PwC’s Global Advisory Leader and the Asia Pacific Americas Advisory and Consulting Leader said: “We are really proud of this recognition by ALM Intelligence.  We aim to help all of our clients by providing unique industry insights so that we can help them with the issues that they face.  Operations is changing rapidly, driven by global trends, shifting industry ecosystems and ground-breaking digital technologies.  This presents new challenges as well as opportunities for our clients and we aim to help them to adjust to changes in a faster, safer and more automated fashion so that they can keep ahead of their competitors.”

Notes
1. For more information about how PwC can help you, visit https://www.pwc.com/gx/en/services/advisory/consulting/operations.html and https://www.pwc.com/gx/en/industries/financial-services/asset-management.html 

2. To find out more about how PwC has been evaluated by leading business, technology and industry analysts visit www.pwc.com/analystviews 

3.  At PwC, our purpose is to build trust in society and solve important problems. We’re a network of firms in 158 countries with more than 236,000 people who are committed to delivering quality in assurance, advisory and tax services. Find out more and tell us what matters to you by visiting us at www.pwc.com

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