There are several reasons why your organization should consider investing in explicit asset management:
- Quicker time to market. The more assets that a team has at its disposal, either for use or reuse, then the less the team will have to buy or build, thereby enabling them to focus on producing value for their customers.
- Improved quality. When assets are (re)used by multiple people or teams you are motivated to invest in their quality – high quality assets are easier to reuse and are thus more likely to be reused and kept in working order.
- Improved return on investment (ROI). Asset management supports your teams to avoid building or buying something that your organization already has. This leads to greater ROI which in turn leads to greater value being delivered to your stakeholders.
- Improved consistency. When teams use the same templates, services, tools, and other assets this increases the consistency across teams. This makes them more predictable and easier to understand.
- Easier updates to common assets. When assets are implemented in one place and then reused where needed it is very easy to update that functionality and then deploy the updated version. This is particularly true for intangible assets such as software, documentation, documentation templates, and common guidance. It can also be for tangible assets too, such as shared tools and machinery on a work site, common classes of vehicles (such as delivery trucks), and common computer equipment for staff.