Celebrating Asset Management Awareness Month
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I want to take this moment to ask for cross functional support in businesses and government entities to the property management professionals.
March is National Asset Management Awareness Month, sponsored by the National Property Management Association (NPMA). It’s a great thing that NPMA does this to honor the property management profession and the asset management business function. The property management function has been sidelined in many businesses and government entities. For example, many government contractors have been under investing in this function because of the cost pressure. This has dire consequences to the billions of dollars of Government Property in the custody of these contractors. As Michael Fischetti. the President of National Contract Management Association observed in the Federal Times last year:
“There once was a robust profession providing technical expertise to manage these assets. There is an entire regulation (the Federal Property Management Regulation (FPMR)) and FAR Part (45) devoted to this subject.
“Unfortunately, many government property experts were streamlined out of existence”
So during this National Asset Management Awareness month, I want to ask for support to property management professionals from three key groups:
- The Chief Financial Officers: set the performance goals for managing physical assets responsibly. It’s not only about tracking the depreciation on fixed assets, it’s about knowing what you have, where they are, and in what condition. So you can plan your budget appropriately, insure your equipment and assets accurately, and support your business adequately.
- The Procurement and Finance team: support your asset management colleagues by having a clear guideline on how to input the information of purchased assets, so the asset management team can have as much accurate information about the assets as possible, including asset description, serial number, funding code, purchase cost, warranty information, etc.
- The IT team: think about how to make the life of your asset management colleagues easier by providing support to the right applications in the most efficient way.
During this month, please don’t forget to express your appreciation to the property management professionals in your organization!