The Asset Management Council has found that organisations that adopt asset management have been able to derive much value for their organisations and are better placed to respond to market changes and disruption, delivering sustainable benefits over the long-term, not just short-term cost reductions.
Here are some of the benefits implementing asset management across a business:
- Improved financial performance – it is not unusual to initially find an organisation is not spending enough on its assets to sustain its business when continual cost-cutting has resulted in insufficient funding being allocated to managing risks.
- Informed decisions on asset investments.
- Risk manage effectively, and the ability to demonstrate it, enables business directors to discharge their duties in a demonstrable manner.
- Improved services and outputs.
- Demonstrated social responsibility.
- Demonstrated compliance.
- Enhanced reputation.
- Improved organisational sustainability.
- Improved efficiency and effectiveness, and increased reliability.
- Safety management.
- Increased ability to predict outcomes with confidence, leading to better relationships with stakeholders.