Facility asset management is the strategic practice of managing, maintaining, and optimizing a facility’s physical assets and infrastructure. Its effective implementation leads to lower operating costs and increased asset longevity, creating a highly functional facility that is safe, sustainable, and presentable.
This enables managers to ensure both the performance of individual assets and the optimal functionality of the entire facility.
Key processes in effective facility asset management
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What’s the difference between facility management and asset management?
These assets often share three common traits:
1. They are high-value—high enough to be on the books and worth tracking.
2. They can be depreciated over time.
3. They play an important role in the facility’s operations.