What is asset Management?

 What is asset Management?

What is asset Management?

Asset Management is a process for the development, maintenance, and sale of Assets in a cost effective manner. The term is usually used in Finance, usually by someone doing this work or by a Firms (service provider company) who manages the assets of a company.

Every company should keep track of its assets. This will let all stakeholders know what assets are available. And how to get the best return from it or how to use it more. 

When it comes to Assets Management, there are two main things that individuals are interested in knowing. First, what is the role of asset management? In our business? And another is how a firm (service provider company) develops a good asset management plan.

Importance of asset management

There are many reasons to manage Assets in businesses. like:

  • Acquisition and use improvement:
  • Personal Assets management

Acquisition and use improvement:

By keeping an eye on a company's assets throughout its life cycle, an owner can acquire that asset through a firm, and use its Management Techniques to use it.

Personal Assets management

Asset management is broadly a synonym for wealth management for individuals. It refers to the management of an individual's investment or assets.

Asset management is a system that helps companies keep track of all their assets, such as vehicles, equipment and investments.

Monitoring assets helps in running well organized operations, especially during the time of sale or disposal of their Asset. This process also reduces the probability of missing the property, as all available Assets are accounted for. 

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