The Fractal Solutions Blog

What is Asset Management?

Jan 11, 2018 10:00:00 AM / by Larry Johnson

Nuclear Plant Asset ManagementAsset Management is broadly defined as the management of a company’s property so it maximizes the return on investment. Asset Management is governed by certain standards, the newest of which are ISO 55000, ISO 55001 and ISO 55002, broken down below:

  • ISO 55000 - Is an overview of Asset Management as a whole and the generic definitions and terms.
  • ISO 55001 - Is the framework for an Asset Management System allowing for proactive management of your assets throughout their lifecycle.
  • ISO 55002 - Is guidelines for ISO 55001, and the implementation of the above management system.

Assets can come in many forms, from physical, human, intangible or financial; Successful asset management makes sure you get the maximum value from these assets. At Fractal Solutions we deal primarily with the physical assets, such as your machinery. Physical asset management factors in the whole lifecycle through design, construction, commission, operation, maintenance, repair, modification, replacement and disposal.

Asset Management has many different factors; optimized planning, asset selection, development and acquisition, utilization, maintenance and disposal or renewal of assets or asset systems. Managing your assets involves different areas, from balancing costs, risks, and opportunities, against the assets’ desired performance to achieve objectives.

Having a good Asset Management plan lets your creditors, or potential creditors, know that you are less of a risk, and will allow you to obtain lower premiums, better loan terms, and more capital.

Asset Management can be seen as a balance between art and science, making the right decision at the right time to optimize your assets and deliver value. Some of the key goals are; managing assets to maximize their lifespan, reduction of their costs, and reduced downtime.

Fractal Solutions is an Asset Management and Reliability consulting company. We specialize in program startup, facilitation, staffing, and training. To talk about your company’s asset management or to learn how we can help, click the below button

Contact an Asset Management Specialist

Written by Larry Johnson

Larry Johnson is the founder and president of Fractal Solutions.  He is an internationally known consultant, lecturer, and trainer in asset management and equipment reliability programs.

 Connect with Larry on LinkedIn

Subscribe to Email Updates