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What is asset management? What are the top asset management certifications?
Answered December 03 2019
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What is a fixed asset?
A fixed asset is one of two major categories of physical property for a company and includes those items that remain in one location during business operation.
Asset Management (ISO 55000)
An asset manager evaluates costs and potential risks against the potential benefits a company could realize from an asset.
When should I repair or replace an asset?
In order to decide if it is time to repair or replace an asset, you must compare the current value of the asset with the cost of repair.
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What is an asset?
The bare-bones definition of “asset” is any resource an organization owns, controls, and may use to create profit. Assets may be physical, like machinery and facilities, or intangible, such as patents or stocks.
Two categories of assets
Assets are typically categorized into two groups: tangible and intangible.
Tangible assets
Tangible assets are physical resources a business can use to create revenue. They include the fixed assets that are typically dealt with in maintenance management, such as buildings, land, and equipment.
Intangible assets
Intangible assets, on the other hand, are not physical. They include such items as intellectual property (like copyrights and patents) and financial assets (like stocks and accounts receivable).
Assets in maintenance and facility management
Maintenance management deals almost exclusively with fixed assets. Among the types of assets a maintenance team might be concerned with include:
Each of these assets plays a role in creating profit for an organization. For instance, a plant is needed to house machinery and create a safe working environment. Machinery is vital to most production processes, and tools are needed to keep that machinery running. Even the outdoor areas of a building play an important role, particularly in the retail, real estate, and hospitality sectors.
Managing and tracking fixed assets
Any type of asset, whether tangible or intangible, needs to be carefully tracked and managed in order to create profit. Otherwise, it can become too much of a liability.
Fixed assets often require careful maintenance management and planning, particularly in sectors where complex, expensive machines play a vital role. Failing to maintain equipment properly often results in unplanned downtime, which can reduce productivity by up to 20% while increasing the odds of fatal accidents.
On the other hand, implementing asset tracking software and proactive maintenance management processes can reduce downtime and improve profitability.
What is asset management?
Asset management is generally defined as a system of activities that an organization performs to gain value from assets. This process includes the design, maintenance, operation, and even disposal of assets throughout their life cycle.
What is ISO 55000?
The term “asset management” may seem like a broad and all-encompassing term that has limitless reach. ISO 55000 is an international standard that aims to define this term comprehensively. It provides guidelines on asset management and asset management systems. This standard breaks down general concepts into common practices that can be applied to various assets across different organizations.
What types of assets does asset management include?
Asset management intuitively refers to the utilization of tangible assets, particularly fixed assets, such as physical structures and large pieces of equipment. However, it may also refer to intangible assets that also hold significant value for an organization. Human resources, information systems, and financial assets are examples of these intangible assets that also need to be considered.
What are the tools required in asset management?
While different companies may take varying approaches to asset management, they have one thing in common – they all rely on data. Typical asset management procedures are formed around data obtained throughout the organization. In recent years, technology has played a pivotal role in advancing the way we collect and interpret this data.
A typical example is the way sensors can now be deployed throughout a facility, while coupled with software that can track and analyze real-time equipment data. Innovations we tend to take for granted today used to be very costly, if at all available, decades ago.
What are some types of asset management software?
Asset management software can be classified into different types, depending on the features that they have to offer. It can be as simple as a work order software that generates workflows for maintenance procedures. Computerized maintenance management software (CMMS) and enterprise asset management (EAM) software systems are more complex tools that can track each equipment you have. They can provide useful information such as performance data, maintenance schedules, and even overall asset value.
What are the top asset management certifications?
The top asset management certifications are a certified asset management practitioner, a certified asset management assessor, an Institute of Asset Management (IAM) certificate or an IAM diploma. These programs recognize asset management professionals who have advanced training and education in the field, allowing them to take on more responsibility and leadership in this area within their companies.
Certified Asset Management Practitioner (CAMP)
In order to receive the CAMP designation, professionals must complete study and an examination through the Asset Management Professional Certificate Program. Designed for mid-career professionals with many different experiences, this program helps leaders make better decisions about the design, purchase, operation, and upkeep of a company’s assets.
The course helps professionals develop strategic asset management thinking, as well as the ability to help lead others in areas like risk and knowledge management. The program encourages participants to research different asset management resources, learn international standards, and apply this knowledge to their companies.
Certified Asset Management Assessor
Sponsored by World Partners in Asset Management, the certified asset management assessor designation will cover ISO 5500X standards, the relevant GFMAM competency specification, the GFMAM landscape, the companion guide for ISO 55001, the asset management systems model, and the capability delivery model.
Professionals should have at least five years of asset management experience, as well as a working knowledge of ISO 5500X standards and GFMAM competency specifications before applying for this certification.
IAM Certificate
Designed for those new to asset management, the IAM certificate covers the principles of asset management; policy, strategy, and planning issues; managing asset life cycles; assessing asset management risks; and financial and business impacts.
IAM Diploma
One level up from the IAM certificate is the IAM diploma, designed to be a more advanced preparation for a professional with prior asset management training and experience.
Besides covering the topics included in the certificate requirements, the IAM diploma goes into the practice of asset management, sustainable asset care, contractor and supplier management, demand forecasting, and capital expenditure planning.