Skip to main content

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:

  1. Prepare an asset register to list down all the inventory. 

  2. Identify the condition of an asset and set up a rating system.

  3. Track the rate of depreciation of assets timely.

  4. Calculate the value of assets and replacement costs.

  5. Focus on predictive asset maintenance.

  6. Ensure integrity of asset database.

  7. 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.

Comments

Post a Comment

Popular posts from this blog

Asset Management Solution for Asset Intensive Organisations

  Resource and asset optimization are crucial aspects of any organization's growth. Asset-intensive organizations integrate  asset management systems  to effectively manage their fixed asset which include maintenance, longevity, and productivity. As per the reports, the global market of asset management software is expected to reach 5.2 billion U.S. dollars in the year 2024. Maintaining asset health and operational excellence is possible with this futuristic solution. Here are some of its benefits: Increase Efficiency Asset management systems utilize centralized data for carrying out a variety of tasks related to the fixed and intellectual property of the organization. The focus remains on rapid scaling through increased traceability and reusability of assets. Predictive maintenance is another crucial element of asset health maintenance. It helps in eliminating any unplanned downtime and unexpected equipment failures. Customized Solution Every organization has different r...
Post a Comment
Read more

Top Techniques for Using IoT and Connected Devices to Improve Asset Management

The secret to establishing a competitive edge in the manufacturing sector is asset management. And the Internet of Things (IoT) makes it simple to improve your asset management skills. You can better monitor your remote assets using IoT and connected devices. Thanks to the adoption of IoT, asset tracking has become a thing of the past century. With connected assets, several sectors are replacing their outdated systems. Even though the initial cost of adoption may be high, it has significant long-term benefits. We'll be concentrating on IoT use cases and connected assets in asset management systems in our blog today. Follow along as we explore all the IoT in industrial applications possibilities. What is the IoT Implementation Engine? The use of IoT has been increasing for a while. By 2025, there will be 37 billion industrial IoT connections, predicts research from Juniper Research. What is the cause of this rapid adoption? Explore now. Asset management systems built on the Interne...
Post a Comment
Read more