NEED FOR ASSET INFORMATION MANAGEMENT
An asset management program ensures a company’s assets are used in the most efficient manner, enhancing its profitability. Although widely practiced by large corporations, universities and government agencies, small businesses can benefit from asset management programs, too. Such a program can help companies achieve the greatest benefit at the lowest cost while maximizing an asset’s lifespan.
Information assets include areas such as risk management, legal regulations, and the company’s policies and objectives.
Intangible assets such as public image and employee morale should also be included in AIM.
WHAT DOES ASSET INFORMATION MANAGEMENT ENTAIL?
Accurate Asset Information Management means that any organization can be able to consistently find all the information they need and they trust that it is accurate enough to use in their decision making without having to make any adjustments or crosscheck. Proper Asset Information management means that the organizations information and information systems satisfy all the following criteria:
- Complete: All information for every asset and for every reasonable investor question.
- Accurate: With respect to the real, existing situation within the facility, the people and the processes being used to manage the operations.
- Timely: Reflects the currents situation adequately for most investor needs.
- Consistent: Across all drawings, documents, databases and every version of this information being used.
- Secure: Access is adequately controlled to ensure that users have what they need, are restricted from the things they don’t and the integrity of the information is protected from accidental and intentional distortion.
- Accessible: According to every investor’s perspective of the assets.
- Understandable: Ensures its presentation matches the user’s needs and preferences
- Actionable: Supports investor workflows and decision-making
- Easily Shared: This enables collaborative decision-making.
Organizations that achieve these requirements should find that they will easily meet the needs of most investors, thus enabling them to leverage Asset Information Management as a valuable resource to drive better asset performance.