All You Need to Know about Asset Management for Companies in the Middle East

Top asset management companies in UAE manage different kinds of physical assets. Asset management is required in a company to plan and control the acquisition, maintenance, operation, renewal, and disposal of organizational assets. The types of asset management classified into 3 categories are physical, financial, and contractual.

Physical Asset Management - It is the process of controlling things like inventory management, fixed asset management, infrastructure, and public asset management.

Financial Asset Management - This refers to developing an investment strategy, managing procurement, controlling the budget, and handling cash flow, bonds, and stocks.

Contractual Compliance - It streamlines processes like digital asset management, IT asset management, contractual maintenance, and management of intangible assets.

Challenges in Managing Company Assets Manually

Monitoring and managing assets manually create huge problems in calculations due to human error. Lack of authority to enforce asset management policies can lead to such challenges. Further leading to huge losses and compromised company image. Manual monitoring and managing of assets lead to:

Data entry while monitoring assets ensures error-ridden processes.
Unorganized asset management process.
Hardly any reporting or tracking of real-time asset location.
Incapability of assessing the data risk or prevention of it.

Best Practices for Asset Management through Automation

Asset management done effectively can help a business monitor and manage its assets. It should be done using a systematized approach that can improve the productivity and efficiency of an asset. Here are some of the best practices for effective asset management:

Prepare an asset register to list down all the inventory.
Identify the condition of an asset and set up a rating system.
Track the rate of depreciation of assets timely.
Calculate the value of assets and replacement costs.
Focus on predictive asset maintenance.
Ensure integrity of asset database.
Reduce paperwork and work on automation of tasks like data collection, and asset reporting.

Firms in the Middle East are recommended to install asset management software from a reputed company so that their assets fulfil their full lifecycle.

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