The confusing word of Strategic Asset Management – but is it really? A report showed few Australian firms have considered Strategic Asset Management at the board level. This is because some firms are finding Asset Management difficult to implement, do not understand it or blatantly ignore it. However, Asset Management is a strategy that yields benefits to the company and its stakeholders.
What is Strategic Asset Management?
Australasian Procurement and Construction Council (APCC) defines asset management as:
“process of organising, designing, controlling the acquisition, care, renovation, and disposal of building assets… It is a systematic, structured process covering the whole life of a physical asset.’
It’s about optimising firms’ assets and reducing costs and risks so firms can deliver its service. This ensures firms’ assets are able to operate in the most effective manner. But firms that don’t employ Strategic Asset Management may a decline in productivity and incur additional maintenance costs.
Research has shown Australia’s productivity has been declining over the last decade when compared globally. This means we’re falling behind! But Australia can improve its situation if its firms begin to embrace Asset Management. Whilst it isn’t the perfect solution, an integrated Asset Management plan has shown to improve efficiency.
At Ultum, we provide our clients with an integrated management plan covering buildings and equipment. Our industry experts are capable of providing insight on how to manage your assets. This will allow you to maximise your efficiency, reduce maintenance costs and risks.
Embrace Asset Management today by calling one of our friendly staff. Let us help you better manage your firm’s assets.