Enterprise Asset Management

Asset management is simply defined as the strategic use of resources to optimize the life cycle value of assets through cost-effective designs, smart investment and financing choices, best-in-class operations and maintenance, and business-based refurbishment or replacement decisions–all geared to satisfy the customer.

Recent trends of higher customer expectations for service delivery, more stringent quality requirements (enforced by stricter regulations), limited sources of funding for asset upgrade, or replacement and increased demands for accountability make asset management the most talked about subject today.

Unfortunately, the response to the drivers has been very reactive with major efforts focused on containing the current problems. There is a major need for a proactive asset management practice that involves all organization units playing the right role in the different phases of the asset’s life cycle.