By David Jenkins
Asset managers are increasingly understanding that when they make decisions on infrastructure there is a story to tell, and one which might have several audiences. Behind a decision to replace a bridge, for example, there may be stories around how it can better connect communities, improve commute times, boost local business or respond to changing demographics.
There may be a story behind its design, which echoes an aspect of local history or culture, or there may be more to tell about the materials which have been used, either their provenance or their role in enhanced sustainability.
If a decision is made not to replace the bridge but to upgrade it, there may be other stories to tell.
The existing bridge may have heritage value which is worth preserving, or there may be budget constraints which mean that precious funds are better spent elsewhere. Here, the story will be about priorities in assets and service delivery, and the trade off which needs to be made between community priorities.
In both of these cases the telling of the stories has communicated the value and the impact of the decisions which have been made, often for very detailed and technical reasons.
Ultimately, assets are there for provide outcomes for communities, and storytelling is an exercise in communicating those outcomes.
The asset management professional works with technical requirements, strategic plans and budgets which all go into decision making, but for many stakeholders the outcome is what matters, and this has to be the culmination of the story.
Storytelling is an exercise based in the recognition that there are a wide and diverse number of stakeholders – both internal and external – who are impacted by asset management decisions and that it is important to engage with them to win their support and understanding.
Articulate storytelling which finds the right tone for its audience can improve engagement and trust, and is a highly effective way of communicating often complex information in a relatable way to foster and build consensus.
Many professions have recognised this, and storytelling has become a key skill set along with technical knowledge.
Accountants, for example, talk about the ‘story behind the numbers’ as they seek to add value as trusted advisors to their clients.
Technology has taken much of the ‘number crunching’ out of accountancy, giving modern accountants an opportunity to focus on strategy and interpret the numbers and what they mean, be it issues around cost, investment and business. There is a story, or several stories, in every profit and loss statement and accountants are finding these and telling them to clients as a way of differentiating their service.
The global consultancy McKinsey has highlighted the value of storytelling and developed a framework which it says can “raise your return on inspiration.”
McKinsey’s process breaks storytelling down into three steps, defined as “situation, complication and challenge.”
In the first step, the stage is set for the story. This is where context is explained and common ground is established with the audience. The current situation is explained clearly and objectively, and established facts are presented.
In the second stage – complication – the storyteller identifies the key challenge and opportunity, and explains why action is necessary. Data is used to explain the implications of the decision, and to show what is at stake and also the cost of not pursuing a solution.
In the final and third step, the storyteller presents the solution as a clear path forward based on agreed evidence which produces the final outcome.
At this point, McKinsey recommends specifying clear actions, timelines and responsibilities and also the addressing of potential concerns and alternatives.
It is an approach predicated on the belief that storytelling is more effective than facts alone, and that complex data can be transformed into clear and memorable concepts which build support and purpose, either for internal teams or for communities.
Infrastructure and asset management is its own specialisation and we have different stories to tell than other professions.
The principles and the objectives remain the same however, and storytelling is a powerful tool for us to communicate the impact of the decisions we make and the value created by the outcomes.
