Asset Management Definition

Institute of Asset Management (IAM)provides the following definition;

“ Asset Management is the art and science of making the right decisions and optimizing the processes ”

While the PAS 55 (Publicly Available Specification) published by the British Standards Institute (BSI) standard states that Asset management is:

“the systematic and coordinated activities and practices through which an organization optimally manages its assets, and their associated performance, risks and expenditures over their lifecycle for the purpose of achieving its organizational strategic plan.”

Asset Management Objectives

• To manage all stages of the Asset Lifecycle.
• To create a comprehensive database of assets locations.
• To track asset, record history and control asset movement, replacement, relocation, etc
• To ensure highest degree of capital utilization.
• Creation of statistical and technical data of the assets to support in its operation and maintenance.
• To interlink Asset Management System to financial Systems