Assets are things or properties that a person or business owns that has value and are able to pay for debts and commitments. Assets may be tangible and intangible as long as they can be controlled or owned, and can produce a positive economic value to an individual or a business.
The value of an asset depends on what type of property or thing it is. It is important to be able to know how to manage assets because they help in determining their value. In this article, we have asset management plan samples and templates to accompany and serve as visual aid as we try to learn about asset management. You may check them out below.
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What Is an Asset Management Plan?
An asset management plan is a plan that is intended for the managing the infrastructure and other assets of a company or organization to be able to deliver a standard of service that is agreed by the parties involved. Asset management deals with more than one asset and that is why it takes on a system approach.
Types of Asset Management
There basically 7 types of asset management that you should know about, namely financial asset management, enterprise asset management, infrastructure asset management, public asset management, IT asset management, fixed asset management, and digital asset management. Let us check each one of them below.
Financial Asset Management
Simply referred to as Asset management that manages the investment fund of investors and the segregated investment accounts of business clients. It belongs to the sector of the financial business industry. It is part of a financial company that employs financial experts who will be the one to manage and handle the investments of the company’s clients.
Enterprise Asset Management
In an organization, there are assets called fixed assets or long-term tangible assets or properties that are used to in operations to generate income, but are not expected to be converted onto cash within a year. Enterprise asset management is the management of these so called fixed assets. It involves activities, like acquisition, maintenance, operation and decommissioning of the fixed assets.
Infrastructure Asset Management
Infrastructure asset management focuses on the rehabilitation, repair, maintenance and replacement of infrastructures such as bridges, roads, waterways, water treatment facilities, sewer lines and electric grids. With that being said, it deals with the management of public infrastructures.
Public Asset Management
The focus of public asset management is on prolonging or extending the service life of public assets, juts like schools, parks, airports and other public spaces. It is similar to that of infrastructure asset management except that the scope covered by public asset management is bigger.
IT Asset Management
By its name you can tell what an IT asset management asset. It takes care of the governance as well as the control of IT related hardware and IT software. it includes contract management, maintenance, and accounting functions for IT assets.
Fixed Assets Management
In this type of asset management, fixed assets are tracked for financial accounting, loss prevention or theft deterrence and preventive maintenance.
Digital Asset Management
Digital asset management deals with managing rich media assets by storing, organizing and managing digital rights ad permission. What are rich media assets? Photos, videos, music, multimedia content, animation and podcasts are referred to as rich media assets.
The different types of asset management is created because of the need to handle each type of asset differently. This is done so that proper management is done and ensure that there are no loses or questionable situations found in the financial side the business. You just can’t manage digital assets the same way you do with infrastructure or public assets. Also check out other articles, like Operations Management Plan Templates, Asset Worksheet Templates, Management Contract Samples & Templates.
Why Is Asset Management Important?
Every company or business would want to maximize the use of the assets that they already have so that they can get the best returns and provide them to their stakeholders. This is what proper asset management can do and also one of the many reasons why it is important. Here are more reasons why you should have an asset management plan.
- An asset management plan allows you to keep track of all your assets, both tangible and intangible. It can provide detailed information about where a certain asset is located, how that asset has been used and what changes were made to that asset.
- Through asset management, companies or businesses are able to manage all of their assets effectively even if they are in different locations, and allows them to easily create an inventory report as needed.
- Assets need to be regularly assessed so that so that the details about them in the financial statement are sure to be always accurate. How does asset management help? It makes sure that the amortization rate of the assets are accurate.
- Organizations are able to further understand their assets, the capabilities of each asset, as well as how they can be operated in a manner that is most effective.
- If the assets are properly assessed, then potential risks associated with it can be identified. This allows for a risk implementation plan to created and carried out.
- Proper asset management can help a company or business in optimizing its operations.
- There are things in an inventory that are called ghost assets. They are called ghost assets because they no longer exits either because they have been lost or stolen, or have been inaccurately recorded in the inventory. Asset management removes these ghost assets in the inventory and keeps the inventory records accurate.
It’s definitely an advantage to have knowledge about the importance of asset management as it helps you learn and understand more about what it is and what things it is used on. You may also find articles, like Transport Management Plan Template, Operations Management Plan Templates, and Management Plan Samples & Templates interesting.
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Advantages of Asset Management Plan Templates
There are advantages to using asset management plan templates and they are as follows.
- Asset management plan template makes the task of creating the document easy and convenient.
- If you use an asset management plan template you will be able to save a lot of time. There is no need for you to create the same document over and over again as the template will do that for you.
- It is easy to find samples and templates online. They are available in different varieties and file formats.
- There is no need for shell out a huge amount just to get the template that you need because most templates are free or they come in a very little fee.
- You can edit and print the templates so that they would be appropriate for your needs.
Those are some of the advantages that you can get if you use an asset management plan template or any template in general. If you need more templates, you can check out other related titles, like Program Management Plan Samples, Sample Behavior Management Plans, and Sample Quality Management Plans.
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