--- title: The Benefits of an Asset Management Program description: Discover the key elements and benefits of an effective asset management program to enhance facility management and optimize performance. image: https://blog.nexusglobal.com/hubfs/Featured%20Images/Articles/Article%20CTAs6.jpg --- [Skip to the main content.](https://blog.nexusglobal.com/the-benefits-of-an-asset-management-program#main-content) [![Nexus Logo PNG White](https://blog.nexusglobal.com/hs-fs/hubfs/Nexus%20Logo%20PNG%20White.png?width=1600&height=645&name=Nexus%20Logo%20PNG%20White.png "Nexus Logo PNG White")](https://www.nexusglobal.com) [![Nexus Logo PNG Black](https://blog.nexusglobal.com/hs-fs/hubfs/Nexus%20Logo%20PNG%20Black.png?width=1600&height=645&name=Nexus%20Logo%20PNG%20Black.png "Nexus Logo PNG Black")](https://www.nexusglobal.com) - [Software](https://www.nexusglobal.com/software) - Business Optimizer - Data Optimizer - Strategy Optimizer - Planning Optimizer - Investigation Optimizer - Software Integrations - 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Let’s align the six areas to facility management functions. First consider strategy and planning. An organization’s asset management activities should align to the overarching facility objectives, providing clarity to organizational asset management priorities and goals, as well as a much clearer direction on ways to achieve them. This process is critical to any organization, and it lays the foundation for future plans, staffing, and funding. Within this element are the sub-elements, including the organization’s asset management policy, objectives, and asset management planning. All play an important part in facility assets, their management and the stakeholders. Next comes asset management decision making. This element formalizes and documents the organization’s decision-making process. It includes detailing capital investments and ways those decisions are made by considering total life cycle value, the way operations and maintenance takes place, and resourcing. Once managers achieve this step, this element will assist them in making better decisions by balancing costs, risks, opportunities and performance. The element of life-cycle delivery is the formal process of evaluating the total associated costs of an asset. This element includes everything from design to final decommissioning. It summarizes the way the assets are managed and operated at the agreed-upon service level while optimizing the total cost of ownership at an appropriate level of risk. The sub-elements in this area includes risk management, operating plans, maintenance plans, capital planning, and strategies and decommissioning plans. Next comes asset information, planning and strategy. This element describes the way asset information supports the delivery of an asset management strategy and objective. It includes developing standards that ensure a consistent approach to capturing accurate information. Asset data gives the organization the assurance that records are fit for purpose and consistent with the asset information standards. The element of organizations and people involves the people responsible for executing the strategies. It is incumbent on the leadership and management team to assure that the organization’s structure, competence and culture achieve the asset plan’s objectives. Finally comes risk and review. Risk management has become an integral aspect of good asset management strategies. Most U.S. facilities have integrated risk management into their asset management plans fully, or at least partially. The best-performing operations recognize the importance of risk, and they consider it part of their continuous improvement process. Measuring, reviewing and improving are critical factors in success. Every organization should consider elements of ISO 55000 if they are not already in place. Some concepts are common sense, but you would be amazed at the number of organizations that do not see the need or requirements for a new and improved version of asset management. - [Tweet](https://twitter.com/share) [![Asset Performance Management | More Than Just EAM](https://blog.nexusglobal.com/hubfs/Defining%20APM_Keyboard_Feat%20Image.png)](https://blog.nexusglobal.com/apm-more-than-just-eam) #### [Asset Performance Management | More Than Just EAM](https://blog.nexusglobal.com/apm-more-than-just-eam) [![Picture of Larry Olson | CMRP, CRL, CAMA](https://blog.nexusglobal.com/hs-fs/hubfs/larry_olson.jpg?width=30&name=larry_olson.jpg) Larry Olson | CMRP, CRL, CAMA](https://blog.nexusglobal.com/author/larry-olson-cmrp-crl-cama) APM connects strategy, data standards, work management, analytics, and people—going far beyond EAM/CMMS—to deliver reliable performance and trusted... [DATA MANAGEMENT](https://blog.nexusglobal.com/tag/data-management) [WORK MANAGEMENT](https://blog.nexusglobal.com/tag/work-management) [ARTICLE](https://blog.nexusglobal.com/tag/article) [INVESTIGATION MANAGEMENT](https://blog.nexusglobal.com/tag/investigation-management) [LEADERSHIP](https://blog.nexusglobal.com/tag/leadership) [STRATEGY MANAGEMENT](https://blog.nexusglobal.com/tag/strategy-management) [ASSET PERFORMANCE MANAGEMENT (APM)](https://blog.nexusglobal.com/tag/asset-performance-management-apm) [Read More](https://blog.nexusglobal.com/apm-more-than-just-eam) [![Getting Back to Work](https://blog.nexusglobal.com/hubfs/Featured%20Images/RRR-Feat-Image.png)](https://blog.nexusglobal.com/getting-back-to-work) #### [Getting Back to Work](https://blog.nexusglobal.com/getting-back-to-work) [![Picture of Nexus Global](https://blog.nexusglobal.com/hs-fs/hubfs/nexus-global.jpg?width=30&name=nexus-global.jpg) Nexus Global](https://blog.nexusglobal.com/author/nexus-global) How can we apply work management and leadership best practices so our reliability teams can return to work during and after the COVID-19 crisis? [PODCAST](https://blog.nexusglobal.com/tag/podcast) [WORK MANAGEMENT](https://blog.nexusglobal.com/tag/work-management) [INVESTIGATION MANAGEMENT](https://blog.nexusglobal.com/tag/investigation-management) [LEADERSHIP](https://blog.nexusglobal.com/tag/leadership) [Read More](https://blog.nexusglobal.com/getting-back-to-work) [![Best Practices - Asset Management, ISO 55000, Industry 4.0](https://blog.nexusglobal.com/hubfs/APM%20On%20Air%20Feat@3x.png)](https://blog.nexusglobal.com/best-practices-asset-management-iso55000-industry4) #### [Best Practices - Asset Management, ISO 55000, Industry 4.0](https://blog.nexusglobal.com/best-practices-asset-management-iso55000-industry4) [![Picture of Larry Olson | CMRP, CRL, CAMA](https://blog.nexusglobal.com/hs-fs/hubfs/larry_olson.jpg?width=30&name=larry_olson.jpg) Larry Olson | CMRP, CRL, CAMA](https://blog.nexusglobal.com/author/larry-olson-cmrp-crl-cama) Pilar Valderrama, Stork-Flour, shares how Asset Management, ISO 55000, and Industry 4.0 are crucial to sustainability and why her target is Latin... [DATA MANAGEMENT](https://blog.nexusglobal.com/tag/data-management) [INVESTIGATION MANAGEMENT](https://blog.nexusglobal.com/tag/investigation-management) [LEADERSHIP](https://blog.nexusglobal.com/tag/leadership) [MAINTENANCE](https://blog.nexusglobal.com/tag/maintenance) [Read More](https://blog.nexusglobal.com/best-practices-asset-management-iso55000-industry4) Nexus Global Business Solutions, Inc. Nexus Global Business Solutions, Inc. 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