Asset Management vs Maintenance Management

 

Asset Management vs Maintenance Management

Maintenance management and asset management are the two most talked-about topics when discussing industrial assets. Both terms have similarities, which explains why many people misunderstand them. In this article, we will put asset management and maintenance management under the microscope and try to identify the differences between them.

What is asset management?

The term “asset” is commonly used to refer to tangible items that add value to a company. It can be either a physical object, such as machinery, a building, or an idea, such as a right or title to a piece of land, like copyrights or market shares. Asset management aims to increase the value of an asset over the course of its useful life because businesses naturally want to get the best return on their investments.

Therefore, a company’s physical assets are managed through the process of bringing them online, keeping them running, improving their performance, or selling them off for a profit. The asset management standard, ISO 55001:2014, was recently published. However, without a system, compliance is nearly impossible.

Asset management, in its broadest sense, refers to the processes and procedures that are put in place to monitor the utilization of a company’s assets and maximize their value. In order to ensure that all asset processes contribute to the growth and success of businesses, asset management systems should be strategically aligned with the business plan. Advantages such as optimized operations decreased overhead, and increased return on investment (ROI) can accrue to a company’s bottom line when strategic asset management processes are put into place.

What is Maintenance Management?

From what we’ve covered so far, it’s clear that asset management and facility management rely heavily on maintenance management. Because of this, any corporation or government agency with a sizable infrastructure absolutely must have it. Managers have to perform maintenance on a tight budget with as little waste as possible to keep downtime and service interruptions from happening.

Learn more: https://www.cloudapper.com/computerized-maintenance-management/asset-management-and-maintenance-management/