Asset Management can be defined as the systematic and co-ordinated activities and practices through which an organisation optimally and sustainably manages its assets and asset systems, their associated performance, risks and expenditures over their life cycles for the purpose of achieving its organisational strategic plan. It could also be described as the combination of management, financial, economic, engineering, legal and other practices applied to physical assets with the objective of providing the required level of service in the most cost effective manner.
Maintenance Culture is a popular phrase in developing economies; the lack or absence of it is normally referenced in speeches at conferences, seminars, workshops, debates, etc. Equally whenever there is an accident (car or plane), lack of maintenance is usually sited as the underlying problem whether it is poorly maintained road or unmaintained vehicles.
As David McKeown, CEO of the Institute of Asset Management (IAM), UK says: “The starting point is to understand that asset management is not a part of maintenance – maintenance is a (key) part of the whole life of an asset. Unless businesses understand that, they will never get the real benefits that strategic asset management offers…”
Asset Management is an emerging multidisciplinary profession of which maintenance and facilities management are key parts. Part of this was addressed at the recently concluded Asset Summit 2014