"Asset management" refers to the process of capturing, organizing, managing, and monitoring a company's assets throughout their entire lifecycle. This includes the recording of assets, tracking of locations and conditions, planning maintenance and repairs, assessing impairments, as well as managing additions and disposals of assets.
Asset recording: Capturing and recording all of a company's assets, including details such as type, location, purchase date, acquisition cost, and other relevant information.
Location tracking: Tracking the locations of assets to manage their physical position and allocation to different sites or departments.
Maintenance planning and management: Planning, assigning, and tracking maintenance and repair activities for assets to ensure their proper operation and longevity.
Impairment management: Monitoring and assessing impairments of assets over time to calculate appropriate depreciations and account for loss in value.
Access and disposal management: Managing access to and disposal of assets, including recording partial acquisitions and disposals and calculating corresponding depreciations.
Reporting and analysis: Providing reports and analysis on the condition, usage, performance, and value of assets to gain insights into their financial impacts and efficiency.
Integration with other systems: Integration with other enterprise systems such as accounting, procurement, and maintenance systems for seamless data transfer and updating.