Asset Management

What is Asset Management?


Asset management, broadly defined, refers to any system whereby things that are of value to an entity or group are monitored and maintained. It may apply to both tangible assets and to intangible concepts such as intellectual property and goodwill.
Asset management is a systematic process of operating , maintaining, and upgrading assets cost-effectively.

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Asset Management Life Cycle -

Enterprise asset management is the business processes and enabling information systems that support management of an organization's assets, both physical (such as buildings, equipment, infrastructure etc.) and non-physical such as:

  • Physical asset management - the practice of managing the whole life cycle (design, construction, commissioning, operating, maintaining, repairing, modifying, replacing and decommissioning/disposal) of physical and infrastructure assets such as structures, production and service plant, power, water and waste treatment facilities, distribution networks, transport systems, buildings and other physical assets. Infrastructure asset management expands on this theme in relation primarily to public sector, utilities, property and transport systems.
     
  • Fixed assets management - an accounting process that seeks to track fixed assets for the purposes of financial accounting.
     
  • IT asset management - the set of business practices that join financial, contractual and inventory functions to support life cycle management and strategic decision making for the IT environment. This is also one of the processes defined within IT service management.
     
  • Digital asset management – a form of electronic media content management that includes digital assets.

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