What is an Asset? What is Asset Management?

An Asset can be a logo, brand, design, literature, trademark, patent…Anything that does or could have the potential to deliver value to stakeholders. Don’t be fooled into thinking that non-physical assets do not require maintenance. Maintenance preserves the function in which the asset was designed. If a logo isn’t as effective anymore then it could be time to make a change. If we consider a workforce as an asset (i.e. Human Capital) it is a great example of designing the organizational structure to satisfy capability and capacity. If we do not reinvest in the workforce they could become deskilled, lose morale or leave the business. They could become unsafe, non-compliant and risks could elevate at the expense of performance. If we do reinvest in the workforce by reassessing competencies and providing adequate training, we are aligning to good Asset Management practices. By considering a “whole of life” perspective of an Asset we are considering Asset Management.

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