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SPEAKERS & SESSIONS

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Meet the Speaker: 
Thomas Smith,
University of Wisconsin-Madison

Session: The Value From Assets

 

SPEAKER

Thomas Smith, Faculty Emeritus,
University of Wisconsin-Madison

Thomas W. Smith is an author and lecturer in the field of asset management. He is a Fellow of the Institute of Asset Management (IAM) and member of the IAM Faculty. He is also a founding member and director of the US Chapter of the IAM; member of the US Delegation to the ISO Standards Committee on Asset Management (ISO 55000:2014); member ANSI Standards Committee on Total Cost of Ownership (TCO); member of the Council of the American National Accreditation Board (ANAB). He holds degrees from Dartmouth College and the University of Wisconsin-Madison.

 

 

SESSION

The Value From Assets

Thomas Smith, Faculty Emeritus, University of Wisconsin-Madison

Asset Management is: the coordinated activity of an organization to realize value from assets. This definition from the ISO 55000 Standard for Asset Management is widely quoted, but what does it mean? How is value defined and more importantly, how is it measured? Can one approach to defining value serve both asset-intensive organizations and those where assets might be only a few percent of the balance sheet? Can the same approach serve public organizations as well as private? How can value be effectively managed across business cycles and election cycles, which are often out-of-sync with asset lifecycles? This paper approaches these questions from the value-chain concept pioneered by Michael Porter. It provides a basic introduction to the value-chain and a definition of asset management within this perspective. The value chain is an analytical tool, which opens a new vista in our understanding of truly comprehensive asset management. It also aligns well with ISO 55000 and supports the development of an effective asset management system in this context.

 

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