How to Develop a Practical Asset Management Tool?

Abstract

Asset management is a process of optimising the asset lifecycle. Due to the advancement of information technology, organisations have started using sophisticated software without understanding its calibrations and the detailed processes involved. Usage of software should be limited and the software should be simple to use. Asset Management cannot be performed in isolation from the field staff. No software can give us a perfect solution; in fact the field data is the most important information which must be incorporated in our asset management model/plan. The asset management team and field staff should work together in refining the asset management model and they should understand the implications of each input variable. Hence there is a great need to define a simple process in order to get an effective asset management model which can be used by an ordinary asset management practitioner. The objective of this paper is to develop a strategy which can assist to simplify the asset management process.