April 27, 2013

KBAM: Why is Asset management important?

On completing this module, I now better appreciate the scope of Asset Management. We only covered the management of physical or tangible assets but we found even that to be such an extensive topic. This has made me reflect on the importance of asset management. More specifically, why do organizations need to manage their physical assets?

I believe that it has such a significant role in determining the profitability and the operational performance of a company that they really cannot afford to ignore the effective management of their assets. It optimises their processes, reduces the whole life cost of their assets and ensures value for money in terms of property, plant, buildings, machinery and vehicles, etc. Hence, I will try to use this knowledge and build upon it through my work on the PMA in order to enhance the knowledge and asset management at my organization.


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