What is Asset Management

What is asset management? It is the investment management of collective
investments often offered as a service by portfolio or wealth managers within
the context of "private banking" to private investors. Its aim is to provide
maximum returns at minimum investment or cost to the client.

The first priority of any asset management team is to identify the company's
assets or resources. The definition of asset can be anything owned by the
client in terms of cash, property, goods, savings and investments.

Should this be in a commercial set up, assets will comprise of monetary
investments, plants, infrastructure and its human resources. When this has been
identified, the team will then check which one is profitable and what isn't.

If an asset is doing well, then they will leave it be. Just like the line that
goes " if there is nothing wrong with it, why fix it?" However, if a certain
asset is not profitable, the asset management team may present options to the
client. Should this asset be sold or can this be made into something money
generating.

An example could be after evaluating the machines used in the factory, the team
will give their assessment if this should be repaired or if this should be
replaced. In some cases, buying something new will save the company more money
in the long term because you don't have to worry about looking for spare parts
that could already be hard to find.

But these are just tangible resources. Every client also has non-tangible
resources that are namely the human resources of the company. People are
considered to be non-tangible because the company does not own them but merely
employs them.

If there are inefficiencies in the company, this can be addressed by managing
it so things can change. The team needs to first study the various departments
and the individuals before it is able to come up with an action plan. It is
possible that some of the positions are redundant while some need more
manpower. The team may recommend reducing personnel in one department to fill
the need of another or totally scrap it.

Aside from improving their skills, they can also provide other things such as
comfort level and security as this motivates people to work harder once a
policy has been made to maximize the output of each employee.

Apart from checking on the assets, the team may also offer opportunities to the
client so that their money will grow. For instance, he or she may recommend
investing in certain things such as the stock market, oil, gold, bonds and
other things of value.

There are many asset management companies out there who have the expertise to
help you become more efficient. If you are interested in getting their
services, you should do some research to find out if they do have what it takes
to achieve your goal.

So what is asset management? It is a process that involves looking at the
various things that the company has as well as the people who work there. If
the client is able to listen to the inputs of the asset management team and
follows everything, there is a good chance that the company will continue to
grow which simply translates to profit.

Things about Asset Management that you need to know

Asset management seems like a fancy term for people who are not much into
investing and into business but the truth is, it is something that every people
need to survive the rising costs of living and inflation rates.

The concept is actually similar in a way to putting the money that you earn in
banks but the difference is, asset management makes use of stocks, mutual
funds, properties and bonds to further increase your wealth and assets. You see
putting your money in the bank is not enough. You can only do this for the money
that you feel you will need during emergencies. You can put it there and let it
earn a small interest, after all you can easily withdraw It when you need it.

However, for the extra money that you have that you don't really need, invest
them. Mutual funds, bonds and stocks yield higher rewards than the measly
interests that banks' provide. In just a few years, you can earn half of what
you invested, something that you can't do with the bank.

But before you get into asset management and hire yourself a professional, read
through the items below to help orient yourself to the field of investing.

1. There are a lot of scams and con artists in the world

Money can make people do things that they will not normally do. This is a fact
of life that you need to know before you start hiring somebody to handle your
assets and properties. That way, you will be more careful when looking for
asset managers.

When hiring somebody, make sure that you have done some background check first
on the person. As much as you can, hire only those that you know personally. If
you don't know anyone who can handle your finances, ask the people that you know
to recommend. Start with your family and friends as they will give you a good
recommendation.

But before you hire the guy, set up a meeting first. Even if he or she is
recommended by your most trusted friend, you cannot be too sure.

And after you have hired him or her, still take an active part with the
investing of your money. Make sure that you are informed about every investment
made. Do not give full power to the asset manager to decide on investing issues.
Your approval must always be asked before making an investment.

2. Diversify

This is the golden rule that asset managers go by. Diversification means that
you need to put investments in more than one product and not in one investment
product. The yield can be good but it isn't worth it to risk your entire
savings in one go.

If your asset manager has not done this, think twice before continuing the
service. The adage "Do not put all your eggs in one basket" holds true for this
field. You see investments can also be very risky. Even those that are
considered a surefire success can suddenly fold, leaving you with big losses.

That is why you need to make sure that you have something to fall back on if
one investment falls through. If you diversified your investments in asset
management, you can still count on your other investments to prop you up on
your feet again.

Achieving Successful Asset Management Growth

Asset management growth is indisputably one of the goals of any business
organization. This is tangible evidence that the industry has undertaken
successful asset management, and is already experiencing general growth and
improvement. It also implies that the enterprise has chosen the right asset
management system and module, one that works compatibly with the already
existing systems within the company.

Asset management gathers even greater importance during these technologically
advancing times. Gone are the days of manual work; the administration of assets
today has certainly evolved to include diverse and complex database systems and
reliance on accurate and timely information.

What makes for effective asset management?

Asset management should be on the forefront of the strategies being adopted by
any industry. However, it will be futile to speak of asset management merely on
the tangible sense, since the generation of businesses nowadays relies heavily
on technological systems and data maintenance. Thus, in order to be wholly
effective, asset management must allow for both the hardware and software
assets of the company.

Essentially, asset management must make room for the effective organization of
production, facilities, transportation, and even digital assets. The budgeting,
procurement, maintenance, and depreciation calculation of the fixed assets must
be undertaken with value maximization and cost minimization in mind. Asset
management solutions being offered to various industries nowadays have
organizational modules on managing assets, human resources, materials, and
softwares.

Asset management systems must provide tools for improvement on assets return
and cost-cutting of asset ownership. These systems must also assist in license
compliance and promote enhanced security. Especially for businesses that span
different branches in different locations, a good asset management solution
must have facility for assets tracking, whether these assets are physical or
intangible.

The growth goals of asset management

In order for asset management to be successful, it must be able to achieve
several goals. First of all, it must assist industry managers in making the
best use of its assets. It must be able to pinpoint which assets need to be
worked on, and which of these are just being idle. Simply put, asset management
is geared towards bringing about greater value from the assets of the company,
and using them to achieve more competitive performance and productivity.

Asset management tools should also be effective in the curtailment of asset
ownership and the calculation of asset-related risks. It should also be able to
provide for accurate inventory control and data storage. Most of all, it must
engender wiser decision making where assets management is concerned, in the
face of consistently shifting technology and cutthroat competition.

Why asset management is essential for organizational growth

Asset management encompasses not merely the actual physical and intangible
assets of any organization, but more importantly, the effective utilization of
each. This essentially means that asset management caters to various
disciplines- from administration to engineering, and from production to
information management.

With successful asset management, growth is imminent. Labor and production
becomes efficient, downtimes on equipment and facilities are minimized, and the
total cost of fixed asset ownership is significantly reduced. Solutions for
better asset management are available from providers, all offering different
solutions to the more specific asset-related concerns. Organizations must be
able to pinpoint the areas that need to be enhanced, seek the assistance from
management solution providers, and to work alongside these management tools.

Asset management growth is not a one-way street, nor is it expected to happen
in a momentary tick. Asset management will continue to shift and evolve, and
industry managers must be able to understand this from the beginning, to
achieve the most favorable results for the entire organization.
How to look for the right asset management people

You can work all you want but with the high costs of living and the rising
prices, your savings will not be enough to last you until your retirement. In
order to have a secure future, you need to manage your money right and make
sure that the money will earn by itself. Unfortunately, asset management is not
something that most people are particularly strong in. In fact, people nowadays
are often in trouble because of credit card debts. Only a few know how to save
their hard earned money and but even they don't know how to make their money
grow.

Asset management is something that is often done by people who are already
experts in money trade. They are the ones who know when to invest and where to
invest so that your money will last for a long time. There are companies that
specifically provide these kinds of services to people especially to large
corporations who seek to grow their money. Asset management companies often
deal with individuals who have amassed a lot of money but don't know what to do
with it. For a professional fee or sometimes for a percentage of commission,
they will invest your money in real estate, in stocks and in bonds.

Most people, however, are not comfortable with the idea of other people
handling their finances. In fact, some will not even let others know that they
have amassed such a fortune. But keeping the money in banks will not make it
grow. It will only stay stagnant and rendered valueless in time because of
rising inflation rates. When you really concentrate on the task, you can find
someone who can manage your assets honestly. Here are some tips on how to find
that person.

Ask for referrals.

The best way to look for people who you can trust is to ask people you trust to
refer people whom they trust. That way, you can be sure that who you are hiring
has already been in a way tried and tested by people whose judgment you respect.

A good person to talk to for this is perhaps your parents or in laws who have
probably hired people years ago to manage their retirement funds. You can also
ask people whose portfolio you admire. Even your boss in the office can be a
good source of information.

Diversify

Another way to make sure that your money is well-taken cared of is to spread
the money to a couple of asset management people. Do not put all your financial
eggs in one basket. This way, you can be sure that if one will have a problem,
the other will still be there as an insurance.

Research

But don't rely on referrals and opinions of people. Even the best judge of
characters will also make mistakes. Before hiring the person, look him over and
do some background check on him. Research on his employment history and if
possible talk to his previous employers and also present ones. Invite him for
dinner or set up a meeting with him. That way, you can talk to him or her. Here
you will be able to see if you instinctively like the person. Sometimes the gut
feel is also important.

How to find a good asset management program

Setting out to find someone who can help you invest your money can oftentimes
be nerve-wracking. After all, this person will be handling your finances and in
a way will be holding your life in his hands. This is especially true with
people who are about to retire and have no other means of income but the money
that they have saved over the years. But no matter how frightening it can be,
the fact is, you need asset management in your life if you want to remain
problem-free for your entire life.

You see, the money kept in the bank is not enough to finance a comfortable
retirement. With such a measly interest, all it can give you is small change
that can perhaps last you 3 months when you don't have other income. Inflation
rates and rising cost of living is enough to knock down the value of your money
in the future.

But finding a good asset management program and personnel is not always the
trial that people say it is. When done right, you can actually get for yourself
a good deal with a trustworthy manager that will help you triple or quadruple
your assets. Here are some tips that can help you.

1. Shop for it

Do not just settle for the first one that you saw. Look around and compare
notes. Get as many as you can and then choose from the line up. That way, you
will not be pressured to take one program or hire one person even if you don't
really trust it or believe in it.

Looking for a good asset management program is like shopping for a doctor when
you have a terminal illness. Think that you are looking for someone who can
save your life. And when you come and think about it, finding a good one is
actually kind of like saving one's life. After all, your entire future will
depend on the performance of this one person and the effectiveness of the
program.

2. Ask around

One way to find a good asset management program is to ask people about it.
Believe it or not, it is that simple. You see people who have also gone through
the same motions will know where to look and will even have tips on how to look.

You can also ask for recommendations. Have them give you the number of the
asset management manager that they hired. Start with your friends and families.
They will surely know people who they can refer to you. If you know successful
people in business or those whose financial portfolio you admire, go right
ahead and ask them for referrals. Their asset manager should be really good.

Once you get their contact numbers, call them. Ask about the person's
accomplishments and track record as well as the number of years that he or she
is working for your acquaintance. Set up and appointment and get to know the
guy (or gal) in person. That way, you can see for yourself what his personality
and attitude is in business. Do the same thing with other referrals and then
choose the best.

3. Never trust completely

Never put your trust in one person even if he comes with great recommendations.
Even if you have hired him or her already, still take an active part in the
management of your assets. It is good that you also know what is going on with
your money.

How to do Asset management yourself

It's not enough that you work every day. If you want to become rich, you also
need to invest your money so that it will earn for itself. This is the same
concept of putting your money in the bank but the low interest rates that banks
give is not enough to combat the rising inflation rates. In fact, if you really
want to double or triple your money, experts suggest that you put up a
business. However, this is not an option for most people, especially those that
are afraid of taking risks. That's when asset management comes in.

Asset management is the professional management of your money and other assets
like stocks, bonds and even real estate for better profit. This is often done
by financial advisors and portfolio managers for a fee or most often a
percentage of the earnings in a period of time. This fee is what makes most
people especially retirees shy away from hiring asset management people.

If you know the economic environment and understand investment terms, you can
actually take care of your own assets. Here are some tips on how to manage your
money and properties yourself.

1. Ask people

Do not be ashamed to ask people for advice or recommendations. Start with the
people that you know. Ask friends or colleagues. If you know people who are
good in business, approach them. They will be wells of information. This is
because they are probably doing their investing themselves and will know
business investments that are really good. Plus, these people in the industry
are the first to know about stock news and gossips so you will have first
knowledge of the goings on.

Ask them what's the latest stock that they bought or what investment
opportunities do they know that can yield a lot of money. Even if they are not
doing asset management themselves, they can probably mention a couple of
companies or investment funds that their managers recommended. This way, you
are benefitting from asset managers' wisdom and expertise without having to pay
for the fee.

2. Do your research

One reason why a lot of people hire mangers and not do the investing themselves
is the fact that the world is filled with people who want to rob you of your
money. There are a lot of con artists with schemes that seem picture perfect at
first glance. Earn money in 6 months with minimum investment, everything will
seem too good. One advice, check it out. If something seems to good to be true,
it probably is.

Before you invest in something, make sure that you have done some background
checks on the company running it. Looking at their websites or visiting their
offices are not enough. You need to look thoroughly at every aspect of the
company. Check the transactions that it has made over the years. The number of
years that the company has been operating is a pretty good clue too. Stay away
from new companies as much as you can. They may be operated by con artists.

3. Diversify

This is actually what most people in asset management do. Do you know the old
saying "Don't put all your eggs in one basket." Heed that. Put your money in
different business investments. That way, when something happens with one, you
still have the other one.

Free Asset Management Software

Can you get asset management software for free? The answer is yes but there
only a handful of them around. Whether it is free or not, it is truly something
that companies need in order to prevent duplication. While most vendors sell
these to companies, those who are unsure whether the system will work for them
can avail of free trials which can be used for a short period of time.

If your company has an information technology department, then chances are they
can probably make one on their own. However, not everybody can do that so you
better read on to know which ones are giving this out for free.

One company that comes to mind which offers free asset management software is
SysAid. You can download the freeware from their website and then use it. The
only limitation is that their program can only work for organizations that have
less than a hundred computers. If you are happy with their system, you can buy
the full product by submitting your details then a company representative will
get in touch with you.

Another company is Footprints. You can download their asset management software
program for a 30 day trial period. Afterwards, you have to pay in order to
continue using their services.

But asset management software can be used for others things than just monitor
the inventory of a company.

It can help guide management's decision in dealing with non-profitable assets.
If there are certain offices that are not making money, it is best to just
close it even if it means cutting a few jobs from the workforce. If there is
surplus, the company can convert this to cash by selling these off to potential
buyers. Also, if the current equipment is already outdated, there is reason to
upgrade this to something better.

One other aspect of asset management software is its ability to catalog music,
videos and pictures. Technically, such data are assets of the company and these
are better known as digital asset management systems because everything is
encrypted digitally.

This will enable the user to get this based on the format of their choosing.
Some sites that offer this users are YouTube and Multiply. But this could not
be possible without the media, entertainment and advertising agencies that
first used this as they needed to archive their vast video library.

It is forecasted that more companies will utilize asset management programs in
the future. But those who decide to invest in such a system should remember
that it is merely a tool that is to help the company. Somebody has to be
trained how to use it so this can be accessed by every department via the
intranet.

Are asset management software applications only for large companies? The answer
is no because there are versions for personal users. These may be hard to find
so it is best to just stick with web based applications.

The chances of getting free asset management software are very slim. But aside
from the two mentioned, there are others to choose from so if you are in the
market, it is best to look for these online. It is best to read reviews and
blogs that are written about them or see it for yourself by trying the free
trial version first before buying the program.
Fixed Asset Management

Fixed asset management is an accounting process that seeks to track fixed
assets for the purposes of financial accounting, preventive maintenance, and
theft deterrence. This applies to all industries because doing so makes the
workplace more productive.

Without fixed asset management, the equipment and resources of the company are
not used both effectively and efficiently. Think of it like a car. If you do
not have the oil changed, it will break down. The net effect is being able to
save money instead of spending it on repairs which could have been avoided in
the first place.

This is why companies take various steps to manage these closely. For instance,
machines that are used undergo regular maintenance. If anything needs to be
replaced or replenished, this is ordered well in advance so there will not be
any disruptions at the workplace.

If the machines are already obsolete and there are newer models that can do a
better job, management must consider the costs of buying it or maintaining the
old one. In recent times, new equipment is purchased to avoid being left behind
the competitors.

Management also has to coordinate with the various departments in the company
to see how each one is doing. This is done on a monthly basis to determine
whether the company is achieving growth. If it is not, find out why and then do
something about it.

For large companies that need to ship goods nationwide, management has to check
on their logistical support. Will it be cheaper to maintain their own set of
trucks or should they outsource this to someone else?

If the company is experiencing some hard times because of a few companies that
are not pulling their weight, management has to decide whether to sell it or
find a way to improve it. Should there be an opportunity to gain something,
then they also have to consider if this will be beneficial to their portfolio.

Companies also let their auditing teams conduct an inventory to take into
account their fixed assets. Sometimes, they may need outside help to do it and
there are a number of established companies that have the manpower to do
exactly that. They can even suggest to management improvements that need to be
done that may well be worth the expense of hiring seasoned professionals.

In order for management to see how well the company is doing, the asset
management data has to be put on paper. These days, this means computerizing
everything so everyone in management will be able to give their input and agree
to a suitable plan.

Fixed asset management is what every company needs to survive in the 21st
century. This will serve as a guide whenever money has to be used to buy things
or whether the funds of a certain project have to be diverted elsewhere.

Before any decision is made, they have to ask themselves a series of questions.
For instance, will this be good for the business long term? How much can we
make? How much do we stand to lose? Is this the latest technology around? Is
this the best thing in the market today?

These are just some of the questions that companies have to ask themselves in
order to practice effective fixed asset management.

Do You Need Asset Management

Do you need asset management? If you have a lot of businesses and can't keep
track at one instance, then the answer is yes. For such a task, you don't hire
someone inside the company but an outsider who has the expertise to watch over
your financial investments.

Professionals who do this kind of work are employed by mutual fund companies.
Unlike banks that just keep your money where it earns interest, these companies
pool the resources of several investors and place them in different types of
instruments. The most popular ones are listed below.

First is called fixed income. By definition, these are investments that will
generate a regular flow of income for the investor. Clients that want to invest
here are usually issued government bonds.

Next is equity. Unlike fixed income, there is a bit of risk involved here
because you are investing in the stock market. To prevent losses, experts have
to study the market, assess the ricks and volatility in order to get the best
possible returns. Equity schemes are neither limited to a certain industry nor
country. This means that it is possible to invest in the stock market in Europe
or the Asia Pacific region.

There is also balanced where the mutual fund company will invest in a mix of
assets such as shares, bonds and stocks. The risks are higher here but it may
soon pay off in time especially for those who don't mind waiting for a few
years to get their investment back.

The money market includes trading treasury bills, commercial paper and other
liquid securities. You get a certain amount each month because of interest. It
is safer than equity or balanced but the downside is that the rates are usually
lower.

Some clients may choose to invest in commodities. Examples of these include
gold and other precious metals as well as the most talked about issue right
now, oil. The price of oil has gone up by more than 50% this year and it is
hard to tell when it will go down. There are various factors affecting this
even if Saudi Arabia has pledged to increase production such as the heightened
tensions between the US and Iran.

If you want to increase your portfolio, then perhaps you should hand get into
asset management. Don't forget that there are risks involved so there will be
times that you will make some and lose some. By diversifying, some people have
been able to double their fortune. To know which one is the best to get into,
talk with someone from one of these firms to help you find the perfect scheme.

What do mutual fund companies get for making you money? A certain amount which
includes fees and expenses but that depends on the arrangements made with the
mutual fund company. Then there are also additional expenses called brokerage
commissions. This is usually incorporated into the price of the fund that is
reported 3 months after the fund's annual report.

So do you need asset management? Yes because despite the amount you pay, it is
a win-win situation when it comes to asset management between the client and
the mutual fund company. For those who are thinking of getting into it, don't
even bother if you are not a high roller.

Digital Asset Management

In recent years, various devices have been made to fully maximize the use of
digital technology. You have digital cameras, the Ipod, DVD's, CD's and MP3's.
This can be downloaded or uploaded in various websites. As a result, companies
who make money online have to focus on digital asset management as this has
become just as important as other assets.

Digital asset management or DAM for short consists of annotating, cataloging,
ingesting, storing and retrieving of digital assets such as videos,
photographs, animation and music using various hardware and software systems.
It also refers to the archiving, backing up, downloading, exporting, grouping,
maintaining, optimizing, rating and thinning of these files.

Thanks to advances in technology, a digital asset may now be available in
different formats. Examples of these cold be manuscripts, plays, music, and
videos that could all be created digitally and then downloaded by whoever wants
it. Some sites will give this to your for free while other will require you to
pay a small fee.

So companies can avoid having problems with the information being uploaded to
their site, it is best for them to invest in a software technology solution
that can archive, categorize and catalog these digital files. Although it will
cost them a lot of time and money, doing so will assure the public that these
can be safely and easily stored and retrieved whenever it is needed.

Since viruses could corrupt these files, another component of effective digital
asset management is through an efficient and regular back up process. This will
allow the company to retrieve those files in the event that these were lost due
to an emergency or a disaster.

Aside from online businesses, there are also others who use a similar digital
asset management system. These include the following brand asset management
systems, these are often used by companies for marketing and sales related
efforts. Examples of the data they need to store are photos, logos and
marketing paraphernalia.

Then there are library asset management systems which is why schools and others
use to store data. Examples of these are newspaper clippings which is an
improvement from the kind that was converted into microfilm.

Perhaps one of the biggest challenges in choosing which DAM system to invest in
is who will be using the system and how it works. The people you hire should be
familiar with it so they can easily store the files. However, if the average
Joe will upload files, does he or she have the technical level to understand
that?

You should assume that this person does not know anything so you have to get a
DAM system that is very user-friendly.

Is there one company out there that can provide the best all in one digital
asset management system? The answer is no because it is still growing making it
a work in progress. This means that digital asset management is not just about
buying the right equipment but also having the right people to manage the
archiving process.

In conclusion, digital asset management is important in any business that has
to store vast amounts of data. Without the system, it will take some time to
find files that were uploaded several months ago when those who have such a
system in place will be able to see it in a matter of seconds.

Asset Management and Human Resource Management

What is asset management? It is a business process and a decision making
structure that covers various things in order to come up with cost effective
investment decisions. For this to work, you need to have practice good human
resource management by hiring the right people with the right qualifications to
get the job done.

This job falls to the human resources department as they are after all the ones
in charge of hiring. In the past, the people who worked here simply gave the
employees their paychecks. But that is not the only thing they do. They are
supposed to train and develop the employees so they feel that they are part of
something bigger.

The professionals who are supposed to do this should see themselves as two
things. First as a strategic partner and second, a changing agent. Strategic
partner because without them, a company will not prosper. A changing agent
because it is through them that the employees can become better individuals.

With that, you can say that human resource management is the bridge between the
administration and the employee. For a company to practice true human asset
management, their human resource department has to do the following.

First, they must have an active role in organizational planning. To make this
happen, they must be given the power to dictate what is needed in the planning
phase including the necessary resources.

The human resource department should be able to recruit employees that are best
suited for the organization by being given a free hand as to how this will be
achieved. This includes the selection process which involves the testing and
the administering component.

Human asset management can only happen if the human resource department is able
to produce change. This is done by seeing what needs to be improved on in an
employee and then coming up with programs that will enhance it. This includes
of course facilitating and overseeing the training. If this was never done
before, it should be evaluated to see if there are any flaws so this can be
avoided in the future.

Let's not forget the basics such as traditional personnel administration such
as administering wages and benefits, time management, employee cost management
as well as employee performance review and appraisals.

Human asset management is serious business because how well the company does
depends on the people they hire to fill up the various positions. If they hire
someone and he or she is not qualified, problems will occur. If the company has
a high turnover, money is also wasted because of the time, training and money
that were invested in that person.

To keep employees happy or motivated, they also have to come up with programs
that will enhance their skills even if they should be tempted by offers from
competitors.

Asset management is a combination of different things. These include cash,
bonds, stocks, property and people. If you want your business to prosper, you
must have an effective human resource management team in place that will take
care of it. Otherwise, there will be problems within the organization. People
will quit and when your competitors see that, this can be used to their
advantage to the point that they may even take over your business.

Physical Asset Management

Physical asset management is the practice of effectively using the physical
assets of the company. Many companies have an in house department taking care
of that but in some cases, an outside party is called in to help them out.

For this to work, the team has to know first hand the assets of the company. To
prevent duplication, it should point out the depreciation value and the utility
in the process of production. This process is better known as cost analysis as
this will increase economic life and reduce component failures such as the
incidence of theft and mistakes in the procurement of supplies and equipment.

It can also assist management in tax planning and forecasting business
solutions which could save the company millions of dollars.

For instance, production suffers if machines break down frequently. This is
normal if the machine being used is already old. The company can try to repair
it but if the cost is much higher than a brand new one, then perhaps they
should try to sell this at a reasonable price then use the money to buy a new
one.

The same goes if a company has hundreds of stores and only a few of them are
making a profit. Since the unprofitable ones are not really bringing in
revenue, perhaps it will be a good idea to close them.

This is something that a lot of companies are doing now due to rising costs of
fuel and the economic slowdown. Rather than filing for bankruptcy, they would
rather slash a few thousand jobs and close down stores. Some companies that
have done so include Starbucks, American airlines, JP Morgan and a lot more.
The other option is for some companies to merge just to stay afloat.

The bottom line is that physical asset management gives the company an idea as
to what they actually have. This will prevent them from missing out on
opportunities which they could have jumped to when this presented itself.

One way of keeping track of the company's assets instead of doing it by hand is
by investing in asset management software. This will allow those in management
to gain access to it whenever it is needed via the company's intranet.

This can be done by bar coding everything similar to what is done in the
supermarket. This will enable the in house team to just scan the item which not
only increases accuracy but helps to save time on repeated inventories.

There are four stages which make up the physical asset management cycle.

First is planning and procurement. Here the company sees what is available and
then assess what is needed. They will look at various suppliers and then buy
the machine that is affordable and efficient.

In the second stage, those who use it have to use the equipment in order to
maximize its productivity.

Third, is called financial management. Here, the company will see if it was
worth getting the equipment. It also includes ensuring accurate tax,
depreciation and other costs.

Fourth is disposal. If the machine is obsolete, it has to be replaced in
compliance with environmental regulations.

Companies will be able to practice effective physical asset management by
following the life cycle. Sometimes tough decisions have to be made in order
for the company to survive.

Online Asset Management Software

There is no doubt that asset management software is needed in today's
environment. But what if you want to communicate with others offices? For that
you will need to invest in an online asset management software system.

Online asset management software is connected to an enterprise wide network or
the Internet by embedding special equipment that will allow maintenance
personnel to track the functioning of the equipment in real time. Thus, you are
to perform preventive maintenance measures and quickly take action when there
are breakdowns. This also enables the company to manage their inventory from
any location by using the web browser.

To give you an idea, here are some examples where online asset management
software can be used.

Since this can be accessed remotely, it can help information technology
personnel monitor the hardware and software installed on the enterprise
network. Advanced versions of these applications can also help managers control
the hardware and software applications on the servers.

Even advertising and media agencies have joined the bandwagon. This is because
it helps the people in these companies automate the process of maintaining,
marketing, publishing and viewing their multimedia gallery or store.

As for software product development companies, they can use this electronically
distribute or manage the digital products they have developed.

On the human resources level, the online asset management software will help
the HR department to track employee performance, manage talent and even
identify star performers. This can also be used when they go out and attend job
fairs so resumes can be stored.

Finance companies also use this so their clients are able to track their own
financial assets especially stocks and mutual fund investments in real time.
All the customer has to do is log in and then get the latest status on their
assets.

Once a company has fully integrated the online asset management software, it
will be easy for the various departments to talk to each other. It can detect
the installation of unlicensed or unauthorized software, enhance helpdesk
security and generate reports so this can be viewed and printed.

Asset management software provides analysis of data, which helps company to
make new strategy plans for cash flow, helps in the finest utilization of
resources, and in turn increase the productivity of the company.

You can find online asset management software online. Most of these will allow
you to download their program for a 30 day trial and then you have to buy it to
continue using it. When you are shopping for it, compare their features and the
price. Don't forget to read product reviews and blogs because how well it has
performed or not has already had been tested by various users.

When you have found the right online asset management software program, make
sure that those in the company are trained how to use it. This will prevent
problems later on when data is sent back and forth.

Asset management even if it is now available online is still the process of
designing, implementing, planning and maintaining the company's assets. These
include everything from infrastructure, plant, property, and human resources.
Being able to access this from a remote location is just another way of
checking on things if you are out of the office while you are out of town or
out of the country.

Most Common Problems with Asset Management

Asset management is replete with issues or problems that arise, regardless of
the generation under which you are operating it. The good thing is that many
people have already been open to sharing their experiences on asset management,
which saves newbies to asset management time and energy from learning things the
hard way. Here is a short list of the most common problems pertaining to asset
management that every asset manager must know of.

Lack of updates in the evaluation

When there is a bigger team asked to deal with the asset management of the
company, sometimes the updates are much more difficult to attribute to. This is
because, while there is rotation among the member, some parts may not be covered
thoroughly. On the other hand, if too many people are assigning tasks to
individuals without the updates specifically communicated among the different
members, the updates will be much more difficult to establish.

Miscommunication among departments

This is the most common problem of asset management that involves human
factors. The miscommunication can go from as short as missing one decimal place
to having questionable discrepancies on file. The miscommunication is a great
disadvantage because it involves lack of proper use for the different
instruments made available for asset management.

Incompetence to Manage Assets

The technical competence to mange assets is also equally important. If one of
the team members has not taken the time to train for the use of the equipment
and the dynamics needed by the job of managing assets, the incompetence will
results to disasters in the managing of assets. Inventory problems and
management issues may arise, and in essence, it is still better to manage with
few high quality people than many below average ones.

Lack of Technology Demanded by the Company

For example, you have all the competent people you need. but you do not have
the technology that matches their qualifications for doing to job, you are
still at a losing end. You may get an above average performance, but it will
still be much much better if the technology matches the good skills of the
asset management team.

Lack of support

When there is lack of support in any given endeavor, it is bound to fail. The
same goes with asset management. The lack of support among departments may not
be conducive for positive change and objective or honest inventory of assets.
Where there are ulterior motives being satisfied among the ranks, the
management of assets may not be as pure or clean as one would like. This lack
of support may be remedied by strengthening the ties of the team members via
enriching activities.

No balance in asset elements

The balance is the key to perfect asset management. A balance in the different
categories and the figures that represent them in the charts are the core
outputs of a good management of assets in an organization. A lack of balance
means that there are some things that need to be modified, or that some people
are out of shape for this activity.

Too little risks taken for growth

When one's asset is much managed, there is also a tendency to eliminate all
risks, even when in fact these risks are contributory to the company's growth
and yield good returns. Asset management must also involve taking calculated
risks.

Lessons in Asset management

Asset management is a concept that people are oftentimes wary of. Although they
do want their hard earned money to beget huge yields and interests, people are
not always comfortable with the idea of other people managing their money. Add
to these doubts the number of stories circulating of investors losing their
money because of companies that have folded during the dot.com boom.

But asset management need not be something that you have to be afraid of. In
fact, it can be pretty rewarding financially as you are able to spread your
money across different investment products. This is better than putting your
money in banks where the yield is not even enough to combat the inflation rates
of the currency and the rising costs of living. When done the right way, your
money can serve you until your retirement. The trick is to find the right asset
investment manager and to get involved in the investing.

Below are some lessons on how to start and survive asset management. Read on
before you get into the program.

1. Choose your manager wisely

When hiring an asset management person make sure that you know him or her. If
you don't know anybody who can do it for you, ask for people to recommend
managers that are good. Start asking your families and friends as they will
give you more personalized choices. When asking for recommendations and
referrals, do a little background check first. Ask how many years the person is
working for the one who made the recommendation. Ask for his accomplishment and
his track record over the years. A good performance for one person may not be
good for another.

Do not just be contented with one referral. Get a lot and then compare each one
to the other. That way, you can select the person that you feel is the best
among the best. When evaluating their expertise, look both on the paper and in
person. Remember that these people are very good with charming their clients.
So it's good to base your decisions also on something that is really concrete.

2. Have a say

A common mistake of most people who hire asset management people is once they
get someone, they wash their hands off the entire thing. Don't. Show the guy or
gal that you want to take an active part in managing your assets. This will
prevent any hanky-panky because they know that you are monitoring your money.

Do not give the full control to the manager when it comes to making investment
decisions. The final say should always be yours. So before investing in
something, the person you hire should first present you with the background of
the investment and if possible show other possible investments that are similar
to it so that you will have the chance to compare.

3. Learn the biz

It is not enough that you know what the goings on of the asset management, you
also need to understand it. Some people may not give full control to their
managers but will sign anything that these managers give them without really
understanding what the papers are saying.

Remember that although you have worked with the same person for years or a
friend of yours know him personally, he or she can still rob you of your money.
Asset management is a risky and cruel business. Make sure that you are prepared
to stand guard over your investments.

Industrial Asset Management

Industrial asset management is the trend these days in order for a company to
optimize profits. This is done by exploiting assets to the fullest by taking
consideration not only the measurement of assets and resources but also
analyzing data, current market trends and quickly taking business decisions
based on information collected. In short, you take everything into account to
ensure productivity.

This is achieved by first identifying what are the current resources. This
could be capital investments or the plant itself. Once it has been identified,
it is time to come up with policies that preserve them. Some companies keep
track of this by using asset management software that makes the information
accessible to all departments.

This program is better known as enterprise asset management systems. It was
first developed in the 1960's with improvements being done constantly so it may
encompass all the stages of the asset life cycle from planning, designing,
purchasing, installing, operating, maintaining and finally disposing.
Customized maintenance management software forms the subset of EAM.

With the assets stored in the company's server, this will ensure that it is not
possible for the duplication of resources. This means not having to spend money
on new equipment and supplies when there it is still available in the company's
inventory.

Another benefit of industrial asset management is that the company can focus
their energy on non-productive assets. This will enable the company to convert
for instance idle land into real estate development or simply get rid of this
by making some money out of it.

This is very useful for banks that have confiscated assets which the clients
could not pay for and then auction these off to interested buyers so money can
be made.

Should there be a surplus after taking everything into account, they may also
decide to sell these off and make a few bucks. To compute the selling price, it
is best to inspect it, have it appraised then advertise so interested buyers
will come over and buy it.

Industrial asset management may also work for those who buy the goods from the
company in terms of inspection of the assets for sale, contract reviews, search
and comparisons to see if there are any alternatives and the procurement and
shipping of the item.

Industrial asset management can do one other thing for the company. If they see
that there is something they lack and there is an opportunity to acquire it,
they can check if it can be added to their portfolio so the company is able to
grow.

Companies that have used the software include aerospace, automobile, mining and
service companies because even if they do have assets worth billions of dollars
they do not want to see a single penny go to waste.

Will installing a software program to monitor industrial asset management do
the trick? The answer is no because you still need management to be involved
throughout the whole process. Each company has different needs and these have
to be addressed accordingly.

Industrial asset management is a good thing because it helps the company stay
productive. You have to remember that it is simply a tool so there is still a
lot of work to be done to ensure you get maximum returns on your investment.
The Importance of Timely and Valuable Asset Management Solutions

The need for effective and efficient asset management has given way to a range
of asset management solutions. The assets of a company all play significant
roles in the achievement of corporate goals, and therefore must be utilized and
managed optimally. Asset management in the modern age has become all the more
critical, seeing that technological and information changes have shifted the
way industry managers and company leaders make vital decisions.

The core of industry asset management

Any organization or industry is held together by assets, both tangible and
intangible. The assets of a business can range from the simple, like a piece of
furniture, to the more complex and expensive, as in a transport system. The
company personnel or human resources can be counted as assets as well.

Intangible assets can include copyrights and patents, as well the digital
systems and information circulating within the business and across units. In
asset management, the assets of an industry must be made to function optimally
and to be maintained in such a manner that decreases costs and maximizes value.

When assets become mismanaged, the industry could suffer seriously. From the
equipment to the personnel, the assets and resources of the business must be
optimized for better productivity and value. In any organization, knowing the
depreciation and the value of fixed assets is important, just as understanding
how the work flow systems can be best applied by the employees or the
organization personnel.

Simply put, assets should be viewed as profit sources, and it is important for
any industry to be able to tap into the money-making potentials of assets.
Managers should be able to identify assets from liabilities so as to improve on
capital.

The central role of asset management systems

These solutions, or otherwise termed as asset management services, all serve to
assist organizations in identifying the assets that they possess and effectively
calculate the value that they are able to provide for the company. Presently,
these solutions are available in software form, and are available from a host
of asset management services providers.

These services are geared towards the effective organization of various asset
types, from production and facilities to transportation and human resources.
Both the hardware and software resources must be given due importance, seeing
that information technology within the company also needs due focus. These
management tools also aim to analyze the depreciation trends of fixed assets so
as to help industry managers in valuable decision making.

Physical assets need to be estimated according to its depreciation value, and
to arrive at a conclusion whether to reinstate or repair the physical asset,
whichever is more cost-effective.

What to look for in the best asset management services

There are wide ranging asset management systems offered by vendors presently.
It is important therefore to find the one model well-suited to the needs of
your company or organization. Asset management can be narrowed down to specific
types like investment management, IT asset management, digital asset management,
and fixed assets management.

A good asset management system should be able to enhance assets return and
minimize costs of operation and maintenance, as well as calculate risk. It
should also promote labor efficiency and increase output efficiency. It must
also provide information on how to effectively track hardware and software
assets and to evaluate their functions both in the short-term and long-term
sense.

The realm of business has become more competitive than ever, and with this
knowledge, organizations need to keep pace with global competition and shifts
in technology through timely and valuable asset management solutions.

Software Asset Management

Software asset management is one of the things you can do to ensure that you
are at par with the influx of computers and technology in the corporate world.
A few people are familiar with the concept of software management, but it is as
important as other aspects of asset management in the organization or company.

Software is an Asset

One of the concepts that must be considered as a fact is that software is an
asset. It is an asset in the sense that it can make a lot of favorable returns
when you install it. At a fairly minimal cost, you will be able to get back
what you invested in a particular software, especially if it is on a business
setting. The thing about managing software assets is that you must first
inherently believe that it is an asset to the company.

What are the software assets popular today?

Some of the more popular software assets today depend on the nature of your
company operations. For example, if you are oriented on spatial data, you will
find mapping software to be one of your greatest assets. Licenses for highly
upgraded and updated software are quite expensive, so they need to be managed
more carefully and in full detail. If you happen to be on a software business,
the software inventory might be more than just a means of managing your
software assets.

How do you manage your software asset?

Software assets may basically be managed by checking out license receipts and
the like all over the company's operations. This way, duplication of purchases
are prevented and you will already which software needs more updating than the
others. A good record of the software bought will also ensure that you are able
to keep track of your expenses when you are purchasing software. You might also
consider getting a software that will actually help you manage not just your
software assets but all the other physical assets in your company.

Constantly upgrading your software

Aside from taking inventory, part of software asset management is scheduling
your upgrades. You must do it quite regularly so that you can be ensured that
you get the best of all your software. Periodically inspect if the upgrades are
working properly, and replace them immediately if they malfunction in one way or
another. These little things may seem insignificant, but nothing beats the
frustration of having wasted time because of menial things such as not having
the right software when you need it the most.

Software Asset Management in the Organization

In the organization, a unified software asset management strategy is needed to
be able to efficiently function with all the right updates needed by the
company. If one component is updated and the others are falling behind, this
still doesn't constitute effective software asset management. If you are really
serious about getting it all right, all the other components within the
organization must support your endeavors of making software asset management a
habit.

Salient issues pertaining to Software asset management

Salient issues pertaining to software asset management involve miscommunication
on the part of the software asset manager and the other end users of the
software. Duplications due to loopholes in the updates of the software
inventory may also cause a dent in the integrity of the software asset
management system.

Research for Asset Management Do's and Don'ts

When you are trying to manage other people's assets, there are things that you
must and mustn't do. Asset management is a very tricky job, since it involves
having to go through sometimes private details of the person's life.

Asset management research doesn't have to be for other people. It is far easier
to do asset management research for yourself. To begin with, you will have no
qualms whatsoever in getting your own details together.

Asset Management Research Tip 1: Understand the Scope

The very first challenge for a researcher in asset management is to understand
not just your goals for conducting research, but also the scope under which you
are allowed to operate. Avoid taboos from the very beginning by inquiring the
degree of penetration that you can have as far as the pertinent information are
concerned. This is very crucial because it will dictate the depth of your
research. The purposes of the research must also come to mind: is it to confirm
existing sets of research or to start entirely from scratch? These questions may
seem minor but they are important to having a productive set of research.

Asset Management Research Tip 2: Make an objective inventory and update it

When you are trying to make an inventory, make sure that it is updated. The
inventory will help you show what's there to begin with. Having an inventory is
a handy tool that will help you address the issues that might come up in an
individual's asset management program. Remember that it is usually on a case to
case basis, and what might work for one may not necessarily be as effective for
another. The objectivity in inventory is also important for it will be a good
basis of facts only if it is not selective in nature.

Asset Management Research Tip 3: Deal only with the recent sources

The recent sources will tell you the present state. This is the very first
thing that you have to inspect and incorporate in your research. If you have to
backtrack more for establishing credibility, read the next tip.

Asset Management Research Tip 4: Observe past circumstances as well for patterns

Patterns may only be found from past recurring experiences. Now, if you are
after some intense research on asset management, trailing the past will also be
as effective. Pair the findings of the past with the present situation and know
its implications for your overall efficiency as a researcher.

Asset Management Research Tip 5: Have a working set of recommendations

The purpose of research is not just simply to report what's out there. It will
also be helpful if there are solutions offered in form of recommendations.
Researching for asset management is not just about outlining a list of things
that are present in one's asset bin. It also involves giving the initial
directions under which effective asset management may thrive.

Asset Management Research Tip 6: Be flexible for changes that may happen

Research will not tell everything, especially if it is just preliminary
research. Changes may still be introduced. A new event may actually challenge
your assessments. While there is a limit to editing research works, you may
have to design your research in such a way that it will accommodate changes as
they come along.

What do Asset Management Companies Do

What do asset management companies do? These companies take care of the
investments of a client by investing in various schemes.

There are a number of asset management companies to choose from given that they
offer a wide range of services. Some examples of these include financial
investments, production machines, technology and even office furniture and
supplies.

When we talk of financial events, this includes the tracking, recording,
properly accounting and investing of certain assets so the client will be able
to make the most of what they currently have. This is may at times be risky for
the client but there are ways to avoid that. These schemes are namely fixed
income, equity, balanced, money market and commodities. Let's discuss these for
a moment.

Fixed income investments are those that will generate a regular flow of income
for the investor. This is the safest one around and this is usually in the form
of government bonds.

Equity has some risks involved because no one has control of the stock market.
There are various factors that could make it go up or down such as the
performance of the company and other world events. To prevent losses, experts
have to study the market, assess the ricks and volatility to pick which one
will get the best possible returns. Equity schemes can be done regardless of
industry or country so don't feel bad if the US stock market is not doing too
well.

Then there is also balanced where the mutual fund company will invest in
several assets such as shares, bonds and stocks. The risks are higher here but
it may soon pay off in time especially for those who decide to wait it out for
a few years.

The money market includes trading treasury bills, commercial paper and other
liquid securities. You get a certain amount each month because of interest.
Safer than equity or balanced but the rate of return is much lower.

There are also commodities. Examples of these include gold and other precious
metals as well as the most talked about issue right now, oil.

Before any decision is made, it is the job of the asset management company to
do some research and then pass this on back to the client who will say yes or
no.

If new equipment is needed, the asset management company will help the client
look around for the best possible one around before buying it. This is very
useful when the machines are either damaged or already outdated.

These services begin the moment they are hired by the client so they will be
there from the planning stage all the way until the deal has been completed.

Asset management companies have been around for years and you just have to find
one that will be able to deliver what you require of them. Before you select
one, do some research on your own to see who are the clients and what have they
done in the past because you surely don't want to entrust your assets just to
anyone who gives you a call.

So what do asset management companies? They help you accumulate wealth by using
their expertise. Do you need it? Yes because they are the only ones who can do
the job.

Asset Management Software: the Secret of Efficient Businesses

Naturally, all businesses need to manage their physical and non-physical assets
regardless of their size. Call centers, manufacturing firms, sales companies and
other corporate offices need asset management. Everything needs to be watched
from the point of choosing the assets, initiating and maintaining them, up to
the point of finding no use for them and disposing the assets.

All these processes are important in determining the efficiency and
organization that goes into running a company. Without making the right choices
for asset management software, many disadvantages may be posed to the
optimization of profits and to the business in general.

Using Software in Businesses

First of all, the assets we're talking about here is virtually anything the
company owns from office supplies, company vehicles and machines to copyrights
and patents. What this software does to these assets is that they keep a record
of them for the company. After all, these such assets do depreciate over a
certain period of time and need to be disposed of when their full potential has
been marginalized.

The company doesn't need to hire people to keep track of maintenance and
replacement schedules, resulting in too much people on the payroll and more
expenses to slough off money on. With asset management software, you can be
sure that your assets are in mint condition and are replaced efficiently when
they need to be.

Once you have the software, the only manual thing you have to be doing is to
run the asset management program and make sure that all assets are accounted
for and all damages are reported to the respective people in charge. More
importantly, in the event of emergencies that cause certain losses in assets,
the company will have a detailed report of what they own and what they lost,
all organized by the protocols of the software.

Specialized Software Available

There are three common kinds of asset management software being used in the
business world today. Automated data collection software is used as a time log
of all processes involving the assets. Inquisitive software is responsible for
checking out IT systems, codes, hardware systems, software and other digital
assets. Repository software has the more clerical type of job in that it
archives and organizes data files for easy access, uploading and retrieval.

Making Choices through your Options on Asset Management Software

Before you begin browsing through the different kinds of software available for
your company, the first thing you need to ask yourself is if the company needs
it. Are certain processes being held up because of delays in maintenance and
repairs? Do you find that there are discrepancies in the way certain assets of
the company are being managed? If so, then you can try your hand at investing
in this type of software.

There are some aspects that you may need to be looking into when you decide on
it. How much does the software cost, and is it worth it or will you end up
spending more than if you have people manually managing assets? What kinds of
services do you need the software to be doing for your company?

How many people in the company will be running the asset management program? Is
it available for international use or is it limited to local usage? With the
answers to these questions, you will be able to find the asset management
software that is perfect for optimizing the business processes in your company.

Asset Management in the 21st Century

These days, asset management has taken a turn for the better. And this is to
the advantage of most people who are involved in asset management. There are
many advantages to asset management, and they continue to multiply in the 21st
century. In fact, they are even taking a turn for growing exponentially. Here
are some of the advantages that are uniquely available to asset managers in the
21st century.

More upgraded techniques of managing

Managing is made easier now, when you come to evaluate the available
technology. But the complexities of operations and output demands have become
just as complex, so the changes are hardly felt. The upgraded techniques are
still advantage in the sense that it is able to keep up with the demands that
are imposed at this very age.

It takes a team, not an individual

Since the demands are much higher for asset management these days, it takes a
team to be able to build it up. So, having an individual do the asset
management may not be exactly the best option. A person will still need
assistants especially if it is a big company. Now the good thing about having a
team work with the management of assets is that there can be constant monitoring
and less excuse for lapses in the updates or inventories. If properly
synergized, the different assets of the team members can all work together for
the good of asset management.

Technology tools

Tools of technology make the work much faster and convenient. What one could
have done in the past by physically transporting one's self from one department
to another may be done by group messages and computer networks. Plus, monitoring
is also much more at lower increments and friendly to the different people
tasked to manage the assets of the organization.

Evaluation at smaller increments

The evaluation at smaller increments helps detect subtle changes in the
liquidation of different company assets. The more frequent the monitoring, the
better the quality of outputs. The good thing is that smaller increments can
always be adjusted if in case there are other things needed for accomplishment
within the company. Also, smaller increments ensure that problems that arise
will be instantly managed.

Accuracy is enhanced

Given the metrics from the asset management tools, the accuracy is enhanced and
it gives more room for other tasks. Better accuracy is now within reach since it
is measured by high technology gadgets. There will be less room for estimations
and other inaccurate means of obtaining actual statistics. This will render
more integrity to the asset management plan.

Sometimes pen and paperless

As the case is currently operating in different countries, the environment are
already pen and paperless in general. There are more people who find the
convenience of storing data in less bulky packages, There will also be no need
for hassles in the form of archived documents which are hard to classify.

Asset management is definitely better these days than in the past. While other
people may have to adjust with the given technology, it is still the better
option when it comes to effectively managing assets. Old techniques may still
work, but when there is a better option presented for the new users of asset
management, why not take the chance?

Asset Management in a Volatile Economy

Volatile as the economy may be, asset management may still stand and survive to
keep your company in top shape. Organizations and companies with proper asset
management tend to go farther in terms of productivity and results. The good
thing is that asset management is a holistic effort of the components, and is
something that is really meant to be shared within the bound of the company.
You don't need to outsource asset managers to do it for you if you know how to
go about it. Here are some strategies that will ensure that your asset
management will withstand any economic storms.

Asset Management Strategy 1: Go for the solid assets

By solid assets, we mean assets that are not easily threatened by changes. If
you have some stocks, which are highly volatile in nature, have some
investments on established entities as well. This may oppose the "Nothing
venture, nothing gained" adage but a certain measure of security is still vital
for success.

Asset Management Strategy 2: Ensure support from the higher ups

The higher officers of your company must support your endeavor to managing
assets of the company if it were to materialize fully. The support will also
prompt other members in the company to be mindful of the undertaking.

Asset Management Strategy 3: Set your priorities

You must always have an outline. What are your priorities? If your priorities
are to establish one's security, you might have to be more rigid with your
asset management tactics. On the other hand, if you are planning to venture out
and expand your company, you may have to manage your assets in a way that it is
more open for change and risk. However, you must make risks that are calculated
and make sure that you can bounce back should things go badly.

Asset Management Strategy 4: Easy does it

Make changes gradual, if you are to introduce them. Don't shock the system with
revolutionary changes. In order for it to last longer, there needs to be at
least a period of transition for any undertaking. The same thing goes with
asset management.

Asset Management Strategy 5: Determine patterns and learn from them

If there have been instances that occur again, make sure that the current
system is able to learn from its past mistakes. This self-learning quality is
one of the ways in which you can ensure that the asset management system will
be able to endure even the toughest economic shakings. It would be completely
useless

Asset Management Strategy 6: Get the best tools available to you

If you are talented in managing assets but undermanned when it comes to
resources, you may be in for a losing trend. The technology today enables you
to manage everything from the desk and without much hassle. So make the best
use of the technology while it is made available for you.

Asset Management Strategy 7: Review the facts regularly

Regular review is the lifeline of asset management. If your last inventory was
a decade ago, then your assessment may not be at par with the demands in a
company over time. Update the inventories, keep stock and review the statistics
regularly. In that way, should hard times come, you will find that you have a
ready answer because you know yourself fully well.

Asset Management for Business in the Digital World

The traditional definition of asset management is that it is a well-organized
process of maximizing the utility of assets for a long period of time with the
objective of providing benefits to the community. It involves engineering and
business concepts in that it maintains the quality and usability of assets
through an engineered framework. Today, it has greatly progressed in the way it
gets the job done. In this article, you'll find an overview of the process of
managing assets and how it has evolved to meet the public's needs in the 21st
century -- a digital age.

Functions of Basic Management of Assets

If you work in the field of managing assets, you'll be expected to work on an
asset from full to zero potential. This means that you are responsible for
seeking out the necessity for such an asset based on public demand, initiating
and maintaining the operation of the asset throughout the time of its
usability, as well as the termination of the asset when it has no more use for
any benefits to the community or to the company.

Digital Management of Assets in a Business

Manual management of assets may sound like such a tedious job considering that
it must be looked after from beginning to end. With that in mind, one of the
many brainchilds of the digital age is digital asset management. It has become
a useful tool especially for big and branched out organizations that have
resorted to electronic management of data and files for a more efficient time
schedule in the workspace.

This doesn't mean that only multi-national corporations and worldwide
franchises can use the digital process. Even small businesses can utilize this
kind of software to cut on labor costs and other expenses that are unnecessary
and take up a lot of time. After all, what's a digital age without adhering to
the times?

In the context of a business, for example, DAM or digital asset management
essentially includes uploading and storage of files, backing up files for
safety, and renaming and organizing files in folders for easy retrieval.
They're easy for computers but tedious and somewhat boring for people to do all
day.

There are different kinds of software that businesses and organizations employ
for DAM, but are too complicated to explain here without needing computer
software jargon. The most important thing to know is that DAM is one of the
necessary business strategies to utilize considering the increasing demands of
consumers today.

DAM helps a company run more smoothly with automated protocols and quicker
responses. They are able to incur, maintain and dispose of assets at a faster
and more efficient pace. Press kits, sales kits, marketing and advertising
data, presentations and videos are easier to get by with DAM because of its
archiving features and multimedia libraries.

Having DAM to sort out all the data files mentioned previously can cut off a
big chunk off the company's time. Now there is more time for businesses to
focus on brainstorming for marketing and advertising, optimizing profits and
community benefits, among others.

Essentially, DAM helps not only to set the wheels in motion but also to set the
pace at full speed, thanks to the continually developing software in cyberspace.
More and more businesses, regardless of size or sector, are beginning to see the
advantages of investing in digital asset management software for a better and
more efficient approach to data management.

Why Enterprise Asset Management is Vital for Any Company

In any business organization, enterprise asset management is vital in achieving
a greater return on assets. This primarily involves curbing operating costs,
maximizing results on periodic asset maintenance, and effective management of
capital. In any industry, the employees also need to recognize the importance
of asset management, and have the knowledge on a variety of asset maximizing
responsibilities.

Asset Management Elucidated

Essentially, asset management in any enterprise involves the effective
administration of its physical assets, for the purpose of increasing profits
and minimizing downtime expenses. The scope of this administrative function
includes activities such as construction of facilities and fixtures, plant and
office building design and engineering, production operations, and finally the
maintenance of equipments and the replacement of the necessary parts.

As an example, physical assets would encompass machines like computers and
printers as well as furniture like desks, chairs, and filing cabinets.
Transport systems are also included, as well as cable and plant machineries, in
the case of bigger industries. Of course fixed assets would differ depending on
the type of industry the organization is engaged in, such as food production,
textile, corporate services, or healthcare.

Thus, from the procurement of supplies and tools, operation of machines for
production, to the maintenance of facilities, all these should be handled with
asset value maximization in mind.

The modern approach to asset management by organizations and entrepreneurs has
shifted from the traditional type, which had merely involved short term
planning. Today, any organization is taking an active role in ensuring that its
asset expenditures and utilities are geared towards achieving longer-term
returns. Moreover, asset management is very crucial for enterprises that
maintain units across various locations or those that utilize fixed assets in
different departments within one unit.

Why this type of management is essential

Effective asset management commands importance in the same manner that physical
assets play very important roles in the day-to-day operations of any industry.
The purchase and the ownership of fixed assets, while very important in any
business, require excellent management and maintenance skills. Entrepreneurs
for instance, should have a system wherein the cost of owning equipment or
expensive machinery is minimized at all times. Poor performance, downtimes, and
repairs all add up to the cost of these fixed assets over time.

Machine repairs and equipment maintenance are indeed important for any
industry; however these should be effectively carried out so as not to hamper
the daily operations of the industry, such as the production processes.
Furthermore, whenever equipment or system downtimes happen, this subsequently
affects the expenses of the company. Planning and management of assets, costs,
and maintenance should all be done to increase the life cycle of the assets and
for the business to perform more effectively even in the face of rigid
competition.

The Essential Tools in Assets Management

These days, EAM tools are available for complex organizations and industries.
These tools provide the best solutions in work and asset management and even
asset information management. These are all geared towards helping businesses
maintain their plants, maximize equipment value, effectively manage information
for sales, and coordinate with production and maintenance personnel for improved
quality and competence.

Successful enterprise asset management is certainly a requirement for any
industry, especially in today's rapidly globalizing and extremely competitive
business settings. Through this, industry managers, business owners, and
company top-level executives will be able to optimize and organize the daily
operations of the business for effective performance and profitability.

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