The international standard on asset management, ISO 55000, described the benefit of asset management as enabling organizations to realize value from the use of assets in the achievement of their organizational objectives. What constitutes value will depend on these objectives, the nature and purpose of the organization, and the needs and expectations of its stakeholders.
Asset management is important to organizations as effective control and governance of assets is essential to realize value in order to achieve the desired balance of performance, cost and risk. The understanding of the value that can be derived from asset management should reflect the value relevant to the various stakeholders of the organization.
The potential for value creation can be linked to the asset management maturity of an organization.
The Global Forum on Maintenance and Asset Management (GFMAM) has initiated a value project to develop a clear view on the value asset management can bring. Together with Power Point presentation and two templates for application, this document represents the first outcome of the value project.