Asset Management Maturity Model

To meet these demands, organizations are turning away from legacy paper /spreadsheet based manual methods and turning towards modern Asset Management systems. Managing assets continues to get more and more difficult due to the rapid growth of mobile devices, increased personnel turnover, and the need for greater computing power for both internal and external applications. The relatively short life cycle of many assets, the need to service manufacturing and other assets, along with the need to upgrade assets due to continual technological improvements adds to the challenges every organization faces in regard to their asset tracking and management needs.

Asset managers’ main challenge is to take responsibility for the life cycle management of assets throughout an organization. This includes development and maintenance of policies, standards, processes, systems, and measurements that enable an organization to manage their Asset Portfolio. Risk, cost, control, governance, compliance, and business performance all must be taken into consideration. When done right, savings such as those at the State of Michigan DTMB are possible. From their LowryTrack implementation of ACS with RFID technologies they are realizing savings of $160,000.00 annually, as well as enhancing their asset security and improving their asset auditing procedures.