Asset Management and Facilities Management have evolved separately over a number of years and there continues to be debate around their key differences, especially in terms of their function and what they actually mean.
In the case of Asset Management the problem is exacerbated because of the title; there is quite often an incorrect assumption that the subject is associated with Financial Assets.
The adoption of each has brought significant benefits to those organisations that have recognised their potential and sought to implement structured processes and yet there is much more to be gained than has yet been realised.
Perhaps the greatest untapped potential is in recognising the common ground that lies between these hitherto separate disciplines. By understanding the relationship of Asset Management and Facilities Management, organisations can benefit and create a level of value that neither will attain without the other.
So, what is the role of AM and FM in the management of organisational Assets?
Both disciplines have a key role to play; they just have different objectives.
There are links at the end of this page to help you understand the subject matter more clearly.
How does Asset Wisdom define the role of Asset Manager?
The definition we work with is that Asset Managers work with all the organisation’s assets to ensure they add value to the organisation. It is a “whole life-cycle” approach to the management of assets from design, and procurement through to replacement or disposal and involves all staff at all levels within the organisation.
How does Asset Wisdom define the role of Facilities Manager?
The definition we work with is that Facilities Managers ensure the assets that make up the built environment are used effectively and are integrated to ensure they result in efficiency and optimum productivity. Facilities Managers create the environment and experience that users of the facility will enjoy.
Take a look at our Course Library to find out more about our Asset Management training.
Here are some useful articles that aim to define the difference between the two disciplines: