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An organization's assets include both tangible and intangible items. Asset management can thus be defined as the optimization of a corporation's assets (Turner, 2016). Managers learn about the best ways to enhance productivity in their organizations through asset management. The process also aids in the identification of channels through which a company wastes a significant percentage of its resources. As a result, while asset management is focused toward a cost-effectively operated firm, these aid in loss reduction. Asset management emphasizes the importance of preventive measures above corrective ones. In terms of risk management and mitigation, this is effective in the long run. The use of information
An organization processes can be improved through asset management. This is because asset management helps in the identification of the best production channels. Besides, by providing preventive measures, it prevents losses that might be incurred in the event the process comes to a halt due to breakdowns in the system (Satchell, 2016). Evidently, this helps in improving various processes in the organization. The information obtained from asset management is essential to nearly all of the organization departments. However, the operations and maintenance department is the most significant benefactor since the process identifies the cost effect rive and best ways of conducting an organization business.
Asset management is essential in that it leads to better risk management on the part of the organization. As earlier said, asset management concerns itself with protective measures instead of corrective actions. Through this, the organization can address this threat, which if not catered for would result in losses. Again, asset management leads to the efficient operation and maintenance of organization assets. This leads to a reduction in redundancy and costs incurred. Through asset management, an organization is to optimize its decision-making processes. This is because necessary and relevant information regarding all business activities is availed.
Satchell, S. (2016). Introduction. In Asset Management (pp. 1-8). Palgrave Macmillan, Cham.
Turner, R. (2016). Gower handbook of project management. Routledge.
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