Facility asset management involves the whole life optimal management of the physical assets of an organization to maximize value. 

By managing assets across the facility, organizations can improve utilization and performance, reduce capital costs, reduce asset-related operating costs, extend asset life and subsequently improve “return on assets”.

The functions of asset management are taking a fundamental turn where organizations are moving from historical reactive (run-to-failure) models and beginning to embrace whole life planning, life cycle costing, planned and proactive maintenance and other industry best practices.