All entries for Sunday 12 June 2016

June 12, 2016

Why to manage assets?

Assets are the one the most valuable things which an organization possesses. That possession can be in different forms. Assets constitute a substantial part of any organization's total value. Assets help organizations to carry out operations by integrating different expertise into a system. They help to store and distribute knowledge. Assets enable better knowledge management, assets are tangible resource whereas knowledge is an intangible resource. Knowledge can't be generated and distributed without the availability of specific assets. In order to stay connected to a wider pool of knowledge, remain as an effectively integrated system, enhance the life of our investment in order to increase the chances of getting a better return on investment and reliable payback period, it's essential to maintain and manage assets. More they'll be managed longer they can be used. Assets are sometimes confused with the physical assets, in fact, they can be intangible as well like skills of people, organizational culture, brand image, possession of secret knowledge. All these need a physical and virtual infrastructure for protection and provide and environment for further development, which can be done through management of assets. People are very important assets of any successful organization. They use the knowledge and assets to develop and execute strategy. Security of people, physical and intangible assets is done through additional assets. Assets are like a body and knowledge its soul, both can't perform individually, they are tied into a complex relationship.


Testing grounds of knowledge

Knowledge is needed to drive a system effectively. If the system is not working properly then there can be a problem in the process of knowledge management either the right information is not being generated or it is not being accessed properly or might not be being applied properly. The performance of assets is like the testing ground of managed and processed knowledge. Knowledge is developed to improve the utilization and enhance the performance of assets. If assets are being highly utilized and properly managed then it can be highly probable that they would be supported with an application of very reliable knowledge. Knowledge management provides a reason for particular performance fo an asset. If performance is good it helps to sustain that methodology and if performance is not as per target then this helps to rethink the methodology and this also leads to a process of continuous improvement. Capturing knowledge for no reason doesn't make any sense and value either. Developing and using knowledge for improving assets management is the most effective way of using asset and knowledge management together to work as a system to deliver more effective and robust solutions. Below is the image as an example of how knowledge can be used to manage assets.


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