Issue link: https://resources.esri.ca/i/991079
4 | SPRING 2018 ArcNorthNews "Data is important; however, not as important as the answers it provides or the stories that it tells." Art Haddad, CTO, Location Analytics, Esri Over the past few decades, access to data has revolutionized asset management. Data provides context to assets; it informs analytics and drives decision-making – both are essential aspects of asset management. Before we discuss asset management in detail, let's define assets in the context of this article. What is an Asset? According to the ISO 55000, the international standard for asset management, an asset is an item, thing or entity that has potential or actual value to an organization. All physical assets age with each passing moment. If we look around us, we find assets of all sorts – public assets such as roads, bridges or hydrants, enterprise assets such as buildings and equipment; digital assets; and intangible assets such as goodwill, health and so on. The value of certain assets such as roads or bridges depreciates over time, especially if they are not managed well. On the other hand, the value of assets such as trees or monuments that are well-maintained appreciates over time. The Integrating Nature of Location Data helps us determine how best to manage an asset: its whole lifecycle costs, risk to the organization if it cannot perform its function, or how long it will remain a viable asset. Information about assets is critical to the success of an asset management program. To maximize the use and accuracy of this data, it is essential to centralize it. Using location, you can centralize asset information into a single authoritative database. Everything is somewhere, which makes location the common denominator, and a geographic information system a natural choice for an Enterprise Asset Management (EAM) System. Effective Lifecycle Management of Assets An Enterprise Asset Management System is defined as "the systematic and coordinated activities and practices of an organization to optimally and sustainably deliver on its objectives through cost-effective lifecycle management of assets." (IIMM, 2011) For some organizations, the thought of starting a Corporate Asset Management Program (CAMP) is daunting. They know very well that asset management is more than just buying a piece of software; it's about setting up systems (people, data, processes, software, hardware, etc.) with the purpose of delivering the level of services expected by your customers. It involves a lot of planning – from who is responsible for what, how is it managed, and how is it accounted for. The organization's CAMP is defined and governed by a comprehensive Asset Management Strategy driven by a clear and concise Asset Management Policy. A clearly defined strategy will improve the repeatability, quality and structure of the program and will provide corporate guidance and direction to the development of business unit's asset management plans. It doesn't matter what industry you're in and what types of assets you work with, you will save time and money by Why GIS is the Foundation for Asset Management Exploring the Theme System of Engagement System of Insight System of Record By Rob Santos and Barry Kelly