Asset management deals with the process of developing, maintaining, operating and selling assets cost-effectively. Every business must keep track of its assets as they play a critical and vital role in how a business/entity works. In addition, asset management provides accurate knowledge of what assets are available and what can be used to provide optimum returns by maintaining a record of assets or inventory for certain organizations. This also helps in fund management and investment management. Therefore, the significance of asset management in the everyday activities of the business's operation should not be underestimated.
Many firms are discovering how much competitiveness they would lose if they do not upgrade the way they track and handle their assets. Asset management entails more than just numbering pieces of equipment and entering the information into an excel spreadsheet. Knowing more in-depth and accurate details on an asset's worth over the entire lifecycle assists businesses of all sizes in saving money invested per asset and efficient fund management. This allows businesses to get the most out of their asset. In addition, by understanding where the assets are at all times, who has them, and what state they are in, you can avoid expensive issues such as duplicate transactions or last-minute maintenance needs.
Asset and liability management assists businesses in staying ahead of the market. When you have a strong asset management strategy in place, you can concentrate your efforts on the areas where your company has a scope to flourish (like marketing, sales, or customer service). This experience gives the company an advantage, as well as a positive vision for the future. For example, companies who keep inventory to sell should have real-time awareness of what products they have or when supply is running low, and it's time to reorder. None of the companies wants their customers to go to their competitors because of being out of stock. Asset management tends to prevent this from happening.
Asset management and monitoring have also been shown to increase performance and efficiency, document casualties in the case of a natural disaster, minimize employee theft, and eradicate the incidence of missing or damaged inventory. Proper investment management and asset management allows for more effective planning and organization within the business, as well as more accountable and responsible staff. It's a win-win situation for everybody.
Government bodies, non-profit organizations, and businesses must provide detailed information on how they obtain, use, and dispose of assets. To make monitoring easier, the majority of them store their asset information in a centralized folder. As a result, when it is time to prepare the data at the end of the fiscal year, they will have easy access to all of the information they need.
From the benefits mentioned above, we can deduce that an asset management plan directly or indirectly facilitates fund management, investment management and asset liability management.
TRC Corporate Consulting has professionals with proven experience in asset management who have been involved in asset management for multi-faceted clients, resulting in efficient management. Some of their tasks include:
Our professionals visit the clients' site to have a clear understanding of its business and operations, such that they can offer customized plans. Some of our key offerings are off-the-shelf software suites, resource planning systems, etc., which help fetch accurate data and track assets effectively. Also, asset tags are affixed on all the fixed and moveable assets of the business for recognizing individual assets, and asset tags with barcodes can be easily scanned using a hand-held barcode reader.
In the context of asset management and tracking, we capitalize on the easy-to-use software, enabling your company to make a financially wise decision, which will benefit you in the long run.