There are two types of assets in any company: fixed and current. Fixed assets are the ones that are available for long-term use and current assets are the ones used for a short span of time. Asset management refers to the process of developing, operating, maintaining, and selling all types of assets of a firm or business in a cost-effective manner. Importance of Asset Management Every business needs to keep a track of all the assets it owns as it helps stakeholders get a clear insight of their availability. If done properly, asset management can help optimise the operations of a business, including the planning, resources, their use, etc., and derive greater ROI. Other than that, asset management is also important because: It helps in the managing of assets from different locations. An organisation can also create an inventory report that might be required for other purposes. With asset management you can make sure that the amortisation rates are accurate. If assets are managed proper