4 Sustainable Asset Management Ways You Need To Know If You Are Doing An MBA in Integrated Business Management

Climate change and sustainability have emerged as two of the most significant boardroom possibilities and problems in 2022. Climate change will become a key priority for corporations over the next decade, as investor tastes shift and authorities urge companies to reveal more information about how they are affecting the climate agenda.  To improve long-term outcomes, sustainable investing combines traditional investing with environment, social, and governance (ESG) considerations. Sustainable investing can be considered as part of the evolution of investing in several ways. It has become an important deal for MBA students who are pursuing an MBA in Integrated Business Management to understand the role of sustainability in the field of management. Here are 4 sustainable asset management ways you need to know if you are doing an MBA in Integrated Business Management.

Apply Asset Management Standards

Asset Management Standard is a family of standards that provides guidelines and best practices for asset management that emphasizes a proactive, systematic approach. You can use these recommendations to develop an asset management benchmark for your company. Establish your gap analysis in the short term, indicating areas for improvement. This is the first step toward making future capital projects decisions based on real-world data.  

Determine Total Cost Of Ownership

Throughout the asset life cycle, there are costs involved with maintaining defined levels of service. All costs involved with owning any asset, whether fixed or variable, must be captured. By recording all asset expenses in a central repository, owners and managers may establish the current net value of an asset at any point in its life cycle. Because data gathered through TCO analysis can save you time and money in the long run, it's vital to keep detailed records of these unavoidable expenditures.

Building Sustainable Management Systems

Facility managers may find building management systems to be useful tools. Building management systems can provide a real-time view of a facility's vital signs when the necessary controls are in place. Managers can use this technology to increase resource efficiency and provides energy consumption statistics and even make automated modifications for systems that are operating outside of permissible parameters. A building management system sends out notifications automatically, allowing workers to respond rapidly to emergencies. Many MBA Colleges in Kolkata believe that although building management systems assist in asset performance monitoring, the human element of decision-making should not be overlooked and should be aided by the usage of such modern technology.

Using Sustainable Operations and Procedures

The lifeblood for conserving and extending asset life expectancies is efficient operations and maintenance in any facility. The ultimate goal, however, is to build sustainable O&M standards that satisfy the anticipated levels of service as originally designed. Deferred maintenance symptoms will eventually show up, and the longer the repair is delayed, the more money it will cost the owner. Standards for operations and maintenance should be utilised as a baseline and compared to real asset performance indicators on a regular basis.

An MBA in Integrated Business Management gives you a better understanding of various sustainable asset management choices. There is no such thing as a one-size-fits-all solution to this problem. This topic, however, may apply to any industry with fixed assets. Managing assets in a more efficient and sustainable manner is a goal that we should all strive for, regardless of industry or profession. If you are considering doing a Mba in Kolkata or in any other state, you must be aware that continuous improvement in sustainable asset management is driven by a progressive approach to learning, sharing best practices, lessons learned, and action-driven solutions to issues and difficulties. The Bengal Institute of Business Studies provides you with an Industry-integrated MBA that gives you greater insights into how to go about sustainable asset management.