An asset management system manages physical and digital assets, maintaining details such as selection, maintenance, inspection, protection, and renewal. It can be physical or software-based, but must contain accurate information to be effective. Digital asset management can aid in audits or disasters. The choice between physical or software-based depends on the company’s resources.
An asset management system is a set of procedures used to manage all the assets of a company or an individual. These assets can include both physical and digital assets. The asset management system must manage and maintain the details of each asset, including their selection, maintenance, inspection, protection and renewal. These systems are of great use when a company has assets that have short useful lives and which depreciate over the life of the asset.
A system can be a physical system whereby resources are monitored with a series of processes and documented manually. The system could be hosted in software that keeps track of all company assets electronically. An asset management software system allows the business to track and report on all of its business assets from one location rather than collating the information from multiple locations.
An asset management system maintains a record of each of the assets as entered into the system by the company. The asset management system may contain information about asset service schedules, maintenance records, current asset value, and a schedule for asset replacement. Within the software package, certain reports or triggers can be set up to help maintain regular maintenance and replacement cycles.
The wealth management system is only as good as the information contained within it. It is imperative that the company enters useful information about its assets into the system. This information should also be maintained regularly and updated with any changes in the company’s activities. If the information is not maintained properly, the company will not have good value for its corporate assets on its books.
Managing digital asset information in your asset management system will help your business in the event of an audit or disaster or in a lawsuit. If the asset management system includes not only information about a specific computer, but also the software installed on that computer, during any discovery process, it will be much easier for the company to respond to specific requests. In the event of a catastrophe, such as a fire or a crashed computer, the company will be able to replace the computer for a specific employee much more quickly with accurate asset information.
The choice between a physical or software-based asset management system is a choice that must be made by every company or individual with resources. In general, the more resources you have to manage, the more likely you are to choose a digital system. However, a good physical asset management system that can be managed by each location may prove better for some companies.
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