Asset management is basically a planning process that ensures that you get the most value from each of your assets and have the financial resources to rehabilitate and replace them when necessary. Asset management also includes developing a plan to reduce costs while increasing the efficiency and the reliability of your assets.

Successful asset management depends on knowing about your system's assets and regularly communicating with management and customers about your systems future needs.

An asset management system is a way of living in the business life. Without a proper asset management system in place, it is not possible to keep track of the utility and performance of your fixed and human resource assets; which in turn will impede real growth of your business. Many successful businesses have learned this lesson the hard way, when they discovered that the absence of an asset management system has actually reduced productivity and returns on investments.

Benefits of Asset Management System

Every business has a capital asset base, a fixed asset base and a human asset base. The optimum interaction and dependability of these three factors result in the level of productivity of that business. When the combination of thee three factors is below optimal level, the level of productivity falls.

A proper asset management system will ensure that each asset performs at its optimal capacity, that none of it lies unutilized or underutilized. Asset management can be used to assist with inventory at any given time, but an inventory which has the capabilities to give you the appreciation or depreciation of any given asset or service listed in it.

When a business applies to a bank for a loan, it needs to have an extremely accurate evaluation of its assets so as to set the mortgage loan value. A good asset management system would indeed be an invaluable tool for this purpose. The asset management system will actually provide very accurate and bank acceptable reports, which can help you to improve chances for receiving a large loan

These services have a team approach towards the decision making process. All of the decisions are made by a group of analysts and specialists. Your asset management services form a committee who determine your overall investment strategy and portfolio framework.

Main Streams in Asset Management

1. Identification of need for the asset, in the light of community requirements

2. Provision of the asset, including its ongoing maintenance and rehabilitation to suit continuing needs

3. Operation of the asset

4. Disposal of the asset when the need no longer exists or it is no longer appropriate for the asset to be retained.

Asset Management Process

1. Taking an inventory

2. Prioritizing your assets

3. Developing an asset management plan

4. Implementing your asset management plan

5. Reviewing and revising your asset management plan

So, asset management is an umbrella for bringing a lot of existing good practices together, and for filling some of the remaining gaps. It aligns what we do to clear business goals and ensures that the component activities operate in harmony.

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