Asset Management

Asset management is the process in which the asset of a company is acquired, organized, maintained, and removed. The primary goal of asset management is to ensure that the asset of a business is cost-effective and beneficial to the growth of the organization.

Asset management also removes anything that may be hurting the current or future potential of the company, such as machinery, depreciating real estate, and tools or out-of-date software that could become a security risk. This process can be made simpler by using asset performance management software, as these tools allow for full asset tracking at any given time, along with adding the information to key performance indicators (KPIs). Spotting potential risks can be made more manageable, giving the asset manager time to take action before an asset becomes detrimental to the bottom line of the business.

Fixed asset management, Digital asset management, IT asset management, Financial asset management, Infrastructure asset management, and Enterprise asset management are different types of asset management.

Asset management can enhance understanding of how assets are performing, allow for cross-team communication and coordination and mitigate risks with assets currently held.

Asset inventory, Life cycle costs, Criticality, Level of service and Long-term funding are the elements of asset management. It requires heavy lifting for installing a new asset management tracking software, but managing the assets of a company becomes more straightforward once a system is in place.