The system that monitors and maintains things of value to a group and entity, is called Asset management. It includes both tangible and intangible objects, which are buildings on the one hand and financial assets, intellectual property, and goodwill, on the other. In other words the systematic handling, i.e. Maintenance, up-gradation, and disposal of asset cost-effectively is termed as Asset management.
The term is basically linked to the financial world, where the finances of one person or business is managed by a professional organization. They manage the investments of their clients, that is to say they give advice as to which investment will be beneficial for the individual and which will not.
However, according to engineering environment, Asset management refers to the understanding of how much returns a property will bring to its owner by managing the assets properly and monitoring and managing other system facilities that can provide the best possible service to its respective user. Asset management has various types, which are as follows:
- Infrastructure Asset Management : it is a combined management of the financial, engineering, economic as well as other practices, for the well being of the physical asset in the most budget- friendly manner, so that it can give back the most superior performance to its owner. The entire process of construction, design, operation, maintenance, replacement, alteration, repair, and disposal too are included in this. This sort of management has become popular since the 21st The budget restrains require the prioritization of needs and elimination of wants. The renewable energy is a good scheme adopted by many asset managers to utilize the solar energy to reduce electricity costs in the maintenance of the assets. The maintenance and management of these various financial aspects is not as easy as it may sound by individuals themselves, hence they need to consult experts and professionals regarding the matter. It is here that the need for asset managers becomes really crucial. Rick Ohlhaber, from Texas has thus started the Ohlhaber Asset Management and is the president there. He has gathered a lot of experiences over the years about how to mange the the valuable assets of individuals.
- Enterprise Asset Management : this is also asset management but in the field of business. This is used to enable information systems that help in the management of both tangible and intangible assets of an organization. Under this are various divisions of physical asset management, infrastructure asset management, fixed assets management, IT asset management and digital asset management.
- Financial Asset management: this is the sector where the term of asset management is most commonly used and the field in which Rick Ohlhaber is an expert. It is basically about managing the investments of clients by organizations like Ohlhaber Asset Management in Dallas.
- Public Asset management : this is also known as Corporate Asset management and manages the valuable things of a municipal jurisdiction and its citizens, it is an extension of enterprise asset management.
Thus if you are the owner of assets you surely need ways and means to manage them and it is important that you all about asset management in details.