2011 - Lockwood Worldwide Incorporated
The Asset Managemant Life Cycle
Life cycle asset management can be described as the set of business practices that join financial, contractual and physical inventory functions concerning fixed assets and IT assets, and supports the strategic decision making for an organization. It is the primary point of accountability for the fixed assets throughout the organization.
The responsibilities of life cycle asset management included the development and enforcement of policies, standards, processes, systems and measurements that enable the organization to manage the Fixed Asset Portfolio with respect to risk, cost, control, governance, compliance and business performance objectives as established by the organization.
The overall success of any asset management program hinges on the ability of the organization to sustain ongoing results. To be effective and to achieve longevity the program must be:
- Engrained into daily operational work flow
- Considered a core critical success factor by those accountable
- Integrated throughout the life cycle.
Because diverse organizations frequently possess disparate departments, systems and data repositories; and the flow of decision-making may be decentralized, it is essential to implement (boundary indifferent) automated means to verify adherence to standards, conventions, controls and regulations. Therefore, asset management usually includes an integrated asset management software solution that works with all departments that are involved in the procurement, deployment, management and expense reporting of fixed assets.
The Asset Management
The asset managment life cycle:
Contact Lockwood today for information about Lockwood Worldwide's Life Cycle Asset Managment services and asset management software solutions.