ASSET MANAGEMENT IS AN AWKWARD TERM AND CONFUSES EVERYONE: “We have managed assets for decades and understand what that is and what we are doing. Suddenly we took two very simple words, reversed them, and went from managing assets to asset management. The result? We confused everyone,” stated Wally Wells, Executive Director of Asset Management BC
“An issue we have in communicating our message often seems to relate to the use and interpretation or misinterpretation of words or phrases. Too often we use technical terms within our own skill sets, not appreciating that others may not know what we are really saying. Asset Management, itself, is an intimidating term. The process of asset management or ‘managing assets’, is not new. The process, as defined today, just leads to better decisions across the entire organization for priority setting with limited budgets. However, we have succeeded in confusing everyone,” stated Wally Wells.