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Have a project in mind that you think we’d be a great fit for it? We’d love to know what you’re thinking.
Tanweer Technologies
May 28, 2021

Asset Management

Every facility is based on a group of things, such as finance, place, capital, people, machines, and even some intangible components, such as ideas, opinions, stocks, intellectual property, etc.

Almost all of these things name is; "Assets".

And to ensure the fullest functioning of the business without losses occur there must be a management process concerned with monitoring these assets, and the term asset management originated in the past and developed over time, reaching today to the stage of almost complete accuracy, to preserve them. In this article we will review the meaning of asset management and its beginning, and how we can benefit from today's modern technology in asset management.

1- The origins of asset management

Although the meaning of asset management sounds somewhat new and does not belong to long old times, it is one of the concepts that were applied in the past but no clear rules were established for it in a short period of time, since the beginning of civilizations around the world such as the Roman civilization there have been many responsible persons On the management of the physical assets of the state, such as roads, buildings, etc., the concept was rather simple, to be only an organizational concept, but with the development of civilizations, asset management is no longer concerned with the task of monitoring or supervising, but rather includes managing assets before they even exist and supervising and controlling their manufacture expecting profits and preserving them, and all this must take place under the foundation's general budgets!

2- Asset Management Process

With the development of management sciences, asset management has become more like a science based on its own, and asset management has become concerned with all parts, and its primary goal is to increase the profits of assets belonging to an organization, or to ensure that no losses occur from them, and a logical expectation of developments in all matters related to assets.

This task is undertaken by a person called an "Asset Manager" who can be an employee of the organization or work independently for company owners or capital.

As for asset managers in companies, they are asked to prepare periodic reports on the status of fixed assets, and like most human work, many problems and mistakes can occur in the team work, which costs the owner of the organization a lot of annoying losses, or that can cause real financial troubles to the organization, and today organization turn to a new strategy in terms of asset management and tracking, and the prevention of any potential losses.

Benefits of asset management

After we introduced the concept, we must know the benefits that organization can achieve from managing their assets and the importance that makes this concept a necessity for every company. The benefits can be summarized as:

1- Tracking and controlling assets

It is the most important function of asset management, as it allows company managers or owners to keep their eyes on the company's tangible and intangible assets, and it allows them to track all changes in the organization to ensure that there is no loss, negligence or recklessness in the work of the organization, which in the end means greater profits and a higher degree of safety.

2- Identifying risks and avoiding them

Or, as it is known in the world of management as risk management, asset management will allow alerting about any potential risks that the company may fall into, and good management will be able to avoid potential negative consequences that may occur in the future.

3- Ensure the integrity of the work

Asset management will keep all the organization’s property and assets under the eyes of the owner or the manager, and there will be no way for losing assets or exploiting old assets in the company for negative purposes for the organization, in other words, good management removes all phantom assets in the organization.