Physical Asset Management is one of the five key asset categories in any organization (financial, human resources, knowledge, brand, and physical assets). However, for asset-intensive organizations whose core mission depends on their physical assets and equipment, its importance becomes even greater.

Physical asset management goes beyond maintenance and repair; it adopts a life-cycle perspective on equipment and physical assets. Consequently, organizations must establish mechanisms for managing their equipment and physical assets throughout their life cycle. This requires not only an optimized maintenance and repair system but also effective processes for procurement and decommissioning, operations, spare parts inventory management, performance management, risk management, systems and software management, and more.

The initiatives outlined in a physical asset management roadmap cover a broad scope and require comprehensive collaboration and coordination within the organization to ensure flawless execution.