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

Popular posts from this blog

3 Best Reasons to Use CAFM System for Your Business

  For companies and organizations, facility management is crucial in running their business successfully. Facility management involves monitoring, optimizing and maintaining assets, including equipment, devices, and infrastructure. CAFM, or computer-aided facilities management system, is changing the way facility management is done in a company. The software is used by facility managers to reduce costs, improve efficiency, and streamline processes. The CAFM system can be used in asset management in various industries, such as hospitals, manufacturing plants, office buildings, etc. The software comes with a user-friendly interface, assisting facility managers in planning, executing, tracking, and monitoring diverse business components. Here are some of the best reasons to use  computer aided facilities management system   in your business. Centralized Data Management  In the conventional method, facility management requires handling a huge amount of data spread across...

3 Reasons Why Asset Management Software is Vital for Improving Work Productivity

Asset management encompasses the strategies and practices employed to effectively manage and maintain business assets. Tracking and monitoring company assets play a vital role in saving valuable resources, including time and money. Implementing asset management software offers the convenience of streamlined asset management processes and brings forth various benefits that contribute to enhanced work productivity.  Mentioned below are three reasons why utilising asset management software is crucial for improving productivity.  1. Asset Tracking  One primary advantage of utilising asset management software is the convenience provided to business managers in tracking and monitoring all company assets. This software enables managers to efficiently locate assets, monitor their usage, and track any modifications made to them. The valuable data obtained from the management software facilitates seamless asset recovery and enhances overall returns for the business. 2. Easy Handlin...

How to Set Up an Asset Management System - 3 Key Steps

The need for an asset management system in an organization has rapidly increased in the past few years. This is primarily due to its beneficial characteristics that allow a business to flourish in any industry. Asset management software helps in monitoring each asset, be it physical or virtual, throughout its lifecycle. Besides this, it helps in maximizing the potential of every asset that your company owns. Here are 3 key steps that can help you set up a reputed asset management system in your organization:  Get Your Team On Board  If you wish to set up a reliable asset system, it would be wise to get your team on board. This is an essential step because if your fellow team member or management department is not sure about its benefits, then it might get underutilized. It is your responsibility to educate all employees about the advantages of an asset management system. By doing this, you might even get a few suggestions and ideas on how to initialize it in a better way....