Inventory Management

To understand what an asset management is, why it’s important and how to create one, it’s crucial to first understand what asset management is. An asset refers to anything that is used in the regular operation of an organization. It can refer to physical objects, such as buildings, equipment, or raw materials, as well as intangible things, such as staff or money. Asset management includes not just assets used for maintenance, like machinery and spare parts, but assets used by the entire organization, such as computers, people, and infrastructure. Managing these assets means applying a systematic approach to maintaining their lifecycle in a way that optimizes value. This includes having a strategy in place to develop, operate, maintain, upgrade and dispose of assets in the best possible way. At the end of the day, asset management involves applying deliberate processes to the design, use and maintenance of physical and intangible assets so their value is maximized, from beginning to end.