The IET Innovation Awards 2014



Category available to sponsor

See our sponsorship page for details of how you can sponsor a category at the 2014 Innovation Awards.

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Asset Management


All the information you need to enter the Asset Management category can be found here.

Entries to the Asset Management Innovation Award category are welcomed from organisations that have demonstrated innovation in Asset Management which has delivered financial, performance and risk reduction benefits.


Category scope

The IET Innovation Award Asset Management category is managed and judged in partnership with the Institute of Asset Management.

The Award is supported by the Asset Management Technical Professional Network; the IET's joint venture with the Institute of Asset Management.

The Asset Management category may include projects such as:

  • Development of Whole Life Asset Management tools to optimise capital investment, asset renewal or maintenance requirements
  • Risk-based approaches to maintenance or inspection
  • Innovative asset information systems supporting Asset Management decisions
  • Development of risk models to quantify financial, environmental and safety risks
  • Development of ‘operational readiness’ capabilities to plan for and respond to major incidents affecting the business and its customers
  • Novel approaches to asset and asset management performance measurement and related decision making
  • Novel approaches to competency and the development of asset management skills
  • Innovative use of asset knowledge to improve the reliability or efficiency of assets
  • New approaches to managing change as Asset Management is embedded in an organisation
  • Innovative asset information systems and asset knowledge enablers supporting Asset Management decisions
  • Novel approaches to Asset Management strategies and planning
  • Fresh approaches to aging assets and strategies e.g. embedding new components into legacy systems to mitigate against broader asset lifecycle costs


Judges will look for originality and will place significant emphasis on the contribution made to whole life asset management, risk management and the impact on business performance.

Other factors include progress with implementation, integration into the business and the contribution to asset knowledge.


We have provided step by step instructions on how to enter the Innovation Awards as well as handy hints for completing your entry form.


There are three simple steps to entering the awards



Prepare your entry form and any supporting evidence (if appropriate) along with a high res photo (min. 300dpi) of your innovation. You’ll need a succinct title and a brief description (50 words max), we also ask for a PR contact (if relevant).


Register as a new user on the online submission system and submit your entry form, evidence and photo following the on-screen instructions.


Put 19 November 2014 in your diary. You’ll need to attend the ceremony if you’re shortlisted!




Handy hints for completing your entry form

  • The title of your entry should describe the content and not include the name of your company or organisation with no more than 15 words
  • You may enter up to three categories with each innovation but will require a separate entry form for each
  • Ensure you actually describe how your innovation works (simple, but not always the case!)
  • No sales jargon please
  • Be specific to the questions posed
  • Remember to refer back to the judging criteria
  • Please remember that it is quality over quantity. Pay attention to the guideline words lengths
  • The description in question five may be used to describe your innovation in any general marketing and publicity that the institution does on your behalf should your entry reach finalist stage of the awards. This marketing will reach a very broad audience and needs to be constructed in non-technical terms. It should not simply repeat the entry title as the two will usually be listed together