Asset Management is defined by ISO 55000 as the “coordinated activity of an organisation to realise value from asset”.
Asset management translates business objectives into asset-related decisions, plans and actions within a strategic framework using a set of processes, techniques and tools. It seeks to optimise the cost, risk and performance of assets over their life cycle at an individual asset, asset system and asset portfolio level.
The four key stages of the asset lifecycle are:
- Operation and Maintenance
Improved asset management practices are particularly business critical in asset intensive organisations where there are significant challenges to address in terms of increasing service demand, increasing stakeholder expectations, a deteriorating asset base and constrained funding.
Digitalisation of Asset Management is transforming the way assets owners plan, create, operate, and maintain their infrastructure and built assets.
Rapid development of key technologies such as Building Information Modelling (BIM) and Geographic Information Systems (GIS) allow us to create Digital Assets and achieve better environmental sustainability by better resource planning.
Digital Asset is a “Digital Version” of the physical item or in other terms digital information required to plan and deliver an infrastructure project and/or operate and maintain the associated built assets. Digital assets developed throughout the course of delivering a project using BIM and GIS are extremely valuable and should be captured and used to better manage and operate assets at the conclusion of a project or for the purposes of continuous improvement on other projects.