A Quick Guide to Facility Asset Management

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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Managing these assets effectively requires a proactive rather than reactive approach.

What’s the difference between facility management and asset management?

Facility asset management can be seen as a combination of these two disciplines. It encompasses the tracking, maintenance, and optimization of physical assets, while also considering the broader environment they’re situated in.

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.

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Facility management takes a broader view, overseeing the overall physical environment. It is a more holistic approach, including aspects such as human resources, health and safety, customer satisfaction, and environmental sustainability.

With a comprehensive understanding of facility asset management and its key processes, it’s clear that effective execution can be complex. Tools like Limble’s CMMS are built with the purpose of simplifying your asset and facility management work, and offer features that automate and streamline everything from asset tracking to performance analysis.

First published July 20, 2023, on the Limble blog.