We see 4 components of property asset management which establish cost transparency, without which benefits cannot be achieved. They are:
- Agreed Asset Naming Convention (so, metaphorically, everyone is speaking the same language).
- A Detailed Asset Register where assets are clearly defined in terms of detail, location, cost, etc, at a level which is transparent.
- A Life Cycle Model to plan out the types and scale of operational costs into the future, and
- A means of recording actual costs for specific asset transactions.
From a bottom-up perspective these components are fundamental and should be utilised in everyday processes.
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