Asset Management

Asset Management

Asset management is sometimes also called lifecycle planning, which can make it a little easier to understand. The goal of facilities asset management is to create a framework for the complete cradle-to-grave oversight of high-value assets. It involves a plan to acquire, operate, maintain, renew, and retire assets.

Asset management butts up against several other integral aspects of broad facilities management. For something like a building’s HVAC unit, asset management can dictate service level agreements (SLAs). For software licenses, it may affect budgeting. For something like a vehicle, it can affect accounting practices. Focus on asset management contributes to more informed management of facilities, operations, and finances for the company as a whole.