What Are The Various Benefits Of Asset Management

1. What Is Asset Management and What Are Its Benefits

2. Talking about various management services, we also need to talk about managing various assets and its various benefits. • But before we talk about something else, let’s talk about what is asset? • An asset is something that has potential or the actual and real value to the organization. • What the value is, and what from the value is, depends on the organization and its stakeholders.

4. Various examples of physical assets can be – systems, machines, vehicles, infrastructure, civil structures, buildings etc. • So when we talk about asset management, it is basically a concept that manages the assets of an organization to create value and it keeps extending over the entire life cycle of the assets. • However, the actual and widely accepted definition for the asset management service can be as followed –

5. The combination of management, financial, economic, and engineering and other practices applied to physical assets with the objective of providing the required level of service in the most cost effective manner.” • Definition by the International Infrastructure Management Manual. Or/and

7. A comprehensive and structured approach to the long-term management of assets as tools for the efficient and effective delivery of community benefits.” • Definition by the American Public Works Association. There are a lot of benefits of this asset management. They are –

8. Better business practice – This is the best thing about the management service that it helps you make the right and the best business decisions. • Aligning management of infrastructure with strategic policies and direction will support the long-term success of the utility’s mission, goals and objectives. • Cost Savings – There is evidence that asset management systems that maintain infrastructure in a sound and reliable condition

9. A life cycle approach means that the utility always gets the most assets for its money. • Reduces various risks – This management system reduces various risks – Reduce risk of theft through physical asset inventory control and reduces risk of lost production and injury through routine maintenance and inspections and reduce risk of fines and bad publicity by preparing for outside inspections.

10. THANKS • Saves you a lot of time – One of the best things about this management system us that it can save you a lot of time – from providing proper contexts to smart filtering, it does everything for you.