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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 pr...

In today’s world, advancements in technology have affected almost every sphere of life, and the same holds true for asset management. Asset lifecycle management today is all about being able to optimise the profit that one may generate with the help of their assets in its lifecycle. The IBM Maximo asset management software provides you the proper asset management tools that help in the achievement of optimal returns. Also playing a major role in service management, IBM Maximo provides users with essential insights that are required to operate and maintain assets. Furthermore, it enables you to optimise the asset’s performance and lifecycle, which leads to reduced downtime. Here are some of the most notable benefits that the implementation of the IBM Maximo  Asset Management Softwar e offers to organisational processes. 1. Monitor Equipment and Operational Performance The IBM Maximo software delivers remote AI (Artificial Intelligence) powered monitoring. It relies on the biometric...

Asset lifecycle management is a process with an objective of maximising the cost-effectiveness and efficiency of assets during their lifespan. It is actually a type of business approach. An asset lifecycle process attempts to break down the different stages of an asset’s life. With this, a business gets to examine its usage, when it needs to be replaced, and so on. Read on to know more about asset lifecycle management and its stages in more detail: Why plan the process of asset lifecycle? If you take the example of an average business that is mid-sized, it generally has a lot of assets. This is inclusive of fixed assets like IT hardware and company vehicles or less tangible assets such as software licenses and intellectual property. So, it is essential for such a business to have tools that help evaluate efficiency and cost-efficiency of assets on the register. The key stages of asset lifecycle management  These are the five key stages of asset lifecycle management: A...