Asset management refers to a system that helps manage and monitor anything that is regarded as something of value for an individual or a group. Valuables could be anything tangible such as property and real estate to precious jewels and similar possessions, or something intangible such as goodwill or intellectual property.
With the help of companies that provide asset management services, and there are many in the Land Down Under and elsewhere across the globe, you can effectively deploy, operate, maintain, upgrade and dispose of assets as you wish.
According to Mainpac, asset management differs according to what is being monitored and managed. Here is a quick look at three of the most common examples:
Industrial Asset Management
Industrial asset management is the process by which the integrity of the assets, whether tangible or intangible, of an organisation is monitored and managed right from designing stage until decommissioning. This kind of solution aims to manage assets without hampering the safety, reliability, and availability of the assets for the enterprise.
Physical Asset Management
This is actually a subtype of industrial asset management. Physical asset management refers in particular to the management of physical or tangible assets of an organisation. Indeed, this type of asset management is the managing of the entire life cycle of the infrastructural and physical assets of the company, and ranges from the design, construction and commission stages to repair, modification, replacement and disposal. The physical or infrastructural assets that would be managed include, but are not limited to the following:
- Production plants
- Waste and water treatment facilities
- Transport systems
- Distribution networks
Fixed Asset Management
Fixed asset management, also a part of enterprise asset management, refers to the accounting processes that aim to track all fixed assets of an organisation for the purpose of financial accounting. Through fixed asset management, a company can effectively do the following:
- carry out preventive maintenance for its fixed assets
- deter thievery of the assets
If you run an organisation in any industry that requires asset management, do consider hiring a service provider at the earliest to protect your assets and to better manage them.