What is Asset Management?
Asset Management entails all stages of planning, acquisition, use and disposal of any assets used and owned by your organisation including buildings and equipment.
Assets should not exist in isolation from the services that they support. The recurring question therefore to be asked is ‘What is the service need’? Once answered, the next question is ‘What asset is needed to support the service’?
What are the Benefits?
- Buildings and equipment that support services and outputs
- Lower capital and maintenance costs
- Reduced holding costs
- More sustainable development
- More effective allocation of scarce resources
- Life cycle costings considered and optimised
- Improved accountability and monitoring
- Benchmarks established and performance reported
- Minimised risk of asset failure, obsolescence, regulatory compliance, etc
- Preparing five to ten year asset plans and budgets
- Undertaking needs analyses and economic appraisals
- Conducting condition, compliance and function assessments
- Establishing reporting and accountability arrangements
- Authoring guidelines and manuals