Sustainability In Asset Management : The Role Of CSR (Corporate Social Responsibility) to Sustain the Society

Risks of managing assets are increasing over time, and management of assets has become a significant concern of the Asset Management department. Asset Degradation can lead to Asset Failure or Damage, which may have serious impacts on business. In addition to such risks, environmental sustainability should also be considered when making decisions of the management of assets. This report would explore the benefits of implementing sustainability into practice of Asset Management. Asset management is a vital component of the strategy of every business. It depicts how one uses and maintains his investments. It is important to sustain the value of assets and to make use of them in an effective manner. If the asset is not maintained properly then it will undervalue, and every effort will be wasted.

Asset Management includes the entire lifecycle of a facility and its components (or assets), including facilities planning, design, construction, and renovation. It also deals with facilities operations and its impact on the environment and society. Asset management is the process of acquiring, managing, and disposing of assets. Asset management, without a tracking system, is a reactive-oriented, manual-based process of managing the information of assets and its lifecycles. It includes the measurement and management of the effectiveness of every asset. The focus of asset management is maximizing return on investment.