What does 'asset management' primarily involve in the context of facilities management?

Asset management in the context of facilities management involves a systematic approach to maintaining and optimizing the value of assets. This means not only tracking the assets and their condition but also implementing strategies to enhance performance, extend lifespan, and ensure the efficient use of resources. It encompasses a comprehensive understanding of asset lifecycle, including procurement, maintenance, and eventual disposal or replacement.

By focusing on maintaining and optimizing the value of assets, facilities management can help organizations reduce costs, improve service delivery, and ensure that facilities remain functional and effective. This proactive strategy contrasts with reactive approaches, where problems are addressed only after they occur, which often leads to higher costs and inefficient asset use.

While aspects like financial management and periodic valuation are certainly components of asset management, they represent a narrower focus. True asset management is broader and integrates various practices that maximize the overall efficiency and effectiveness of assets throughout their lifecycle.