Asset management
2001
Another catch-phrase, another ‘management initiative’ or just re-working of good old common sense?
We have certainly been managing assets for years, and the financial services world has long used the term to mean “getting the best return from their investments”. Nowadays, however, it is also being used to describe the professional management of physical infrastructure, of data and information, of people, public image, reputation and other types of asset. Oil companies, power and water utilities and other industries have recognised that, despite all their cost-cuttings, reorganisations, new technology, productivity and quality initiatives, the picture is fragmented. Inefficiency and conflicting objectives, lack of coordination and missed opportunities are still plentiful.
This is where Asset Management methods are needed – making sure that the jigsaw puzzle is complete and the bits fit together. Asset Management is the set of processes, tools, performance measures and shared understanding that glues the individual improvements or activities together. Or rather, since it is a very dynamic and self- adjusting set of techniques, it is the lubricant that keeps all the cogs from grinding against each other.