71 Virtual Brochure – March 2025 Importance of Asset Management • Using assets to maximum efficiency – higher education institutions can hold assets of varying sizes, value and purpose. Assets can be huge, costly; they may be key to programme delivery and even influence student choice. Assets include land and buildings, IT equipment, student accommodation, laboratory and classroom equipment, art collections, plumbing and electrical systems and more. Proper management of these assets ensures that expensive resources are used optimally, minimising waste and enhancing operational efficiency. • Security and accountability – higher education campuses often encompass large geographical areas and multiple locations. Some assets are highly mobile and can be relocated without difficulty which makes them more susceptible to fraud and loss. Other assets are large, prominent and fixed in one place. It is crucial to be able to account for the location and presence of all assets in terms of the site (building, room number, etc.) and the person responsible for the security of the asset. • Estates maintenance regimes - regular maintenance is essential to prevent costly breakdowns, safeguard user safety and ensure equipment longevity. Asset management strategies enable universities to schedule maintenance proactively, reducing downtime and associated repair costs. It has been estimated that maintenance spending reaches £3 billion every year. To ensure this money is spent as efficiently as possible, facilities management teams must plan for how they will adapt to the industry’s growing complexity. Cleaning methods and requirements have changed during and since the Pandemic and are likely to remain a long-term feature of university campus management • Climate change adaptation – most universities have committed to achieving netzero emissions across their estates in the coming decades. This could mean additional costs in terms of upgrading existing assets for insulation, double glazing, and other energy efficiency measures and buying new energy efficient assets. It may also require a review of existing procurement strategies for the type of materials purchased and from whom. Asset Management Systems Uniac’s experience of asset tracking is often that Excel spreadsheets provide a register of assets held; however, some institutions are considering the cost benefit of investing in asset management systems that can be multipurpose by providing real-time tracking, and recording data that can assist with financial planning. There are various platforms available on the market, but the choice of system/software will depend on the institution’s objectives regarding asset management and what it wants to achieve. Considerations include: • Scope to be covered by the platform – if the institution requires a system just for logging assets in terms of a unique ID, asset description, location and value, then it may be possible that a module from the existing financial system e.g. Oracle, Agresso, can provide that. If the institution requires a system that will offer more than providing a register of assets and will assist in real time tracking, financial planning, maintenance regime, etc., then a more dedicated asset management platform may be appropriate. • Consistency - does the University want to have a consistent approach to asset recording throughout the institution, with all departments maintaining asset logs on one platform/system, or does it believe that different areas will require different approaches, e.g. Estates often maintain separate logs because of the type of asset recorded and the need to monitor compliance with maintenance and health and safety requirements. Similarly, IT asset registers record serial numbers and who a device has been allocated to and may also have different priorities. Some departments may have very few assets so a one size fits all may not always be appropriate. • Compliance and regulatory requirements – higher education institutions may have to ensure compliance with government regulations as well as for grant-funded assets which requires a collection of standard asset reports and the ability to generate custom reports as needed. • Strategic plans of the higher education institution – depending on what the strategic aims are for the institution in terms of, for example, expanding the use of technology and elearning for its curriculum, goals, actions and performance measures will need to be set. The right asset management system can help monitor and report on the attainment of these goals and performance targets.
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