9 Steps in Starting Asset Management

Asset management refers to the methodical process of organizing, operating, maintaining, renewing, and disposing of tangible assets while tracking each asset’s useful life and risk of failure to ensure the greatest return on investment. By creating an Asset Management Plan, organizations are able to take a cost-effective approach to assist in balancing the risk with the cost.

  1. Needs:
    Assess current needs, infrastructure, management tools, etc.
  2. Goals:
    Identify your vision and goals for the Asset Management Plan
  3. Team Building:
    Hold Workshops to gain buy-in from program users and find a champion to lead the efforts
  4. Inventory & Assessment:
    Develop an inventory and condition of your assets
  5. Framework:
    Define the Level-of-Service, Consequence of Failure, Failure Modes, Likelihood of Failure, etc.
  6. The Plan:
    Develop the Asset Management Plan that will be utilized by all staff
  7. Training:
    Train employees on the framework and input procedures
  8. Presentation:
    Develop and give the presentation to the management or governing board
  9. Implementation:
    Work with all program participants to utilize the plan for repair efficiencies, project scheduling and budget planning

Each of these steps will be outlined in future posts in more detail. To find out more about the Asset Management services we provide to our clients please contact Carl Quiram.

Nichole Davis

About Nichole Davis

Nichole is a Marketing & Public Relations Specialist based in our corporate headquarters. She works with all levels of employees assisting with the firm’s marketing and branding initiatives. A self-described “doer”, each day you will find her doing something different, thinking outside the box and pushing the envelope. Her passion is making a difference, so it is only fitting that Nichole is involved with the firm’s social media strategy, developing the blog and creating the new employee lounge, as well as many other efforts to successfully lead and inspire individuals to think creatively and contribute to our energetic work environment. Sure, Nichole is busy with all of the projects she originates, but when she is not working she spends most of her time with friends and family, baking, volunteering , and renovating her house.