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6 Ways Asset Management Optimization Delivers Value

Facility management is about much more than managing buildings, infrastructure, and services—it is critical to the successful functioning of every organization, according to a recent IFMA report on strategic decision making.

Asset optimization is all about making strategic improvements to the effectiveness of your overall asset management methodology by providing more holistic adjustments.

But first, a few key terms:

Asset is an item of value owned.

Optimization is the process or methodology for making something as functional or effective as possible.

Creating value with asset management optimization must go beyond simple cost reduction strategies. According to a recent article in Building Operating Magazine, "increases in productivity offer an opportunity to boost long-term profitability in a way that the most aggressive cost-cutting can’t match."

Here we drill down into the top 6 ways that asset management optimiztion will create value at your organization.

 

1. Strategic Management

Do the right work at the right time to deliver the right level of service. 

 

2. More than Maintenance

Asset management requires leadership to drive change and implement controls through a management system across the organization 

Learn more about our leadership team >

 

3. Improves ROI

Asset management delivers value by contributing to the bottom line – a 30% efficiency savings is typical.

Contact us to learn more about how we can improve your ROI >

 

4. Value for your Customers

Better managed assets have less faults and failures, resulting in improved performance. 

 

5. Organizational Objectives

Better managed assets result in a safer built environment and reductions in environmental impact. 

See how we're moving the built environment forward >

 

6. The Digital Difference

Better managed information and data analysis can save at least 5% for an organization's total expenditures. 

 

Conclusion

In conclusion, when considering value in asset management it is essential that organizations "evaluate the balance between cost, risk and performance, thereby allowing better-informed decisions," according to a resent study by the Institute of Civil Engineers.

The discipline of Facility Management is about more than managing property assets, it is crucial to achieving maximum value from workplace and environmental benefits that improve productivity and protect employees and consumers.

Therefore it is absolutely essential to move beyond cost-cutting strategies and to implement a holistic asset management optimization methodology in order to truly create long-term value at your organization.

 

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Research and Resources

CGI Whitepaper, "The Value of Optimization in Asset Management," https://www.cgi.com/sites/default/files/white-papers/cgi-the-value-optimization-asset-management-wp.pdf.

Gager, Andrew, "Implementing a Successful Asset Management Program," Facility Maintenance Decisions, https://www.facilitiesnet.com/maintenanceoperations/article/Implementing-a-Successful-Asset-Management-Program--17614.

IFMA’s Knowledge Library, "The Strategic FM Framework," https://www.ifma.org/news/what's-new-at-ifma/what's-new-at-ifma-details/2018/04/19/new-fm-framework-provides-best-practice-on-strategic-decision-making.

Parlikad, Ajith Kumar and Rengarajan Srinivasan, "An approach to value-based infrastructure asset management," Institute of Civil Engineers, https://www.repository.cam.ac.uk/bitstream/handle/1810/265053/jinam.17.00003.pdf?sequence=1&isAllowed=y.

Sullivan, Ed, "Adding Value," Building Operating Magazine, https://www.facilitiesnet.com/facilitiesmanagement/article/Adding-Value-Facilities-Management-Facilities-Management-Feature--2738.