Asset Management



Potential Value

A process in which an organized management system is bi-directionally linked to a record model to efficiently aid in the maintenance and operation of a facility and its assets. These assets, consisting of the physical building, systems, surrounding environment, and equipment, must be maintained, upgraded, and operated at an efficiency which will satisfy both the owner and users in the most cost effective manner. It assists in financial decision-making, short-term and long-term planning, and generating scheduled work orders. Asset Management utilizes the data contained in a record model to populate an asset management system which is then used to determine cost implications of changing or upgrading building assets, segregate costs of assets for financial tax purposes, and maintain a current comprehensive database that can produce the value of a company's assets. The bi-directional link also allows users to visualize the asset in the model before servicing it potentially reducing service time.

Resources Required

  • Store operations, maintenance owner user manuals, and equipment specifications for faster access.
  • Perform and analyze facility and equipment condition assessments
  • Maintain up-to-date facility and equipment data including but not limited to maintenance schedules, warranties, cost data, upgrades, replacements, damages/deterioration, maintenance records, manufacturer's data, and equipment functionality
  • Provide one comprehensive source for tracking the use, performance, and maintenance of a building's assets for the owner, maintenance team, and financial department
  • Produce accurate quantity takeoffs of current company assets which aids in financial reporting, bidding, and estimating the future cost implications of upgrades or replacements of a particular asset.
  • Allow for future updates of record model to show current building asset information after upgrades, replacements, or maintenance by tracking changes and importing new information into model.
  • Aid financial department in efficiently analyzing different types of assets through an increased level of visualization
  • Increase the opportunity for measurement and verification of systems during building occupation
  • Automatically generate scheduled work orders for maintenance staff.

Team Competencies Required

References for Additional Information

Sample Process Map(s)

[Link to Template Process Map - Under Development]

Potential Output Information

Asset management reports

Asset management revisions for BIM

Source:  BIM Project Execution Planning Guide, Ver. 2.2 with minor revisions.

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