Asset management is a process of managing & monitoring assets with a systemic approach & activities facilitated by physical asset management include maintenance, repair, upgrades, and end-of-life disposition of the asset.
This strategy is often applied to equipment, machinery, devices, vehicles, and other complex assets that are characterized by relatively long product life cycles.
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Why asset management is important?
With asset management software, supervisors can retrieve information about assets. They are also helpful in organizing, maintaining, and manage assets such as asset acquiring and traceability of assets conditions.
the better and more effectively a company manages its assets, the greater the prospect of maximizing value from their investments. without fixed asset management, companies may experience:
- unplanned downtime
- equipment failures
- misplaced or lost inventory
- safety or environmental breaches
- failure to meet compliance or regulatory standards
For the company with large inventory, the results may convert into millions of dollars in lost productivity, repairs, replacement or fines. Beyond immediate costs, substandard equipment can impact the quality of an organization’s services or products — in turn, affecting customer satisfaction and business reputation.
the better and more effectively a company manages its assets, the greater the prospect of maximizing value from their investments. without fixed asset management, companies may experience: