Asset Management is the way by which organizations, institutions, and governments make decisions about their tangible assets, such as roads, sidewalks, vehicles, and equipment such as computers, desks, and benches. Successful asset management ensures that assets continue delivering value over time. Collecting information about asset age, condition, and history allows organizations to analyze their costs and risks, laying the foundation for efficient planning, prioritization, and investment decisions.
As defined by the Institute of Asset Management (IAM), asset management is “the balancing of costs, opportunities and risks against the desired performance of assets to achieve an organization’s objectives.” It also supports organizations in assessing how well assets are performing—and whether they’re still needed.
To learn more about asset management and how it can enhance your operational performance, read our Ultimate Guide to Asset Management.