What is meant by Asset management?

"Asset management" refers to the management and monitoring of a company's assets or resources, including physical assets such as machinery, equipment, vehicles, and buildings, as well as intangible assets such as software licenses, patents, and intellectual property. The goal of asset management is to optimize the use, condition, value, and profitability of assets throughout their entire lifecycle.

Typical functions of software in the "asset management" domain include:

Asset capture and documentation: The software allows users to capture, categorize, and document all of a company's assets, providing detailed information on each asset such as location, owner, description, maintenance history, and value.
Inventory tracking: The software provides features for tracking the inventory of assets across various locations, including inputs, outputs, movements, and inventory changes over time.
Maintenance planning and management: The software supports planning, monitoring, and management of maintenance activities for physical assets, including preventive maintenance, repairs, inspections, and calibrations, to maximize uptime and minimize downtime.
Contract and license management: The software enables companies to track and manage contracts, licenses, and agreements related to their assets, including renewals, terminations, license usage, and compliance with license terms.
Valuation and depreciation: The software offers tools for assessing the value of assets and calculating depreciation over their lifecycle to track the financial status and profitability of assets.
Risk management: The software allows companies to identify, assess, and manage risks associated with their assets, including security risks, compliance risks, and financial risks.
Reporting and analysis: The software generates reports, dashboards, and analyses that provide insights into the performance, efficiency, costs, and utilization of assets to make informed decisions and identify optimization opportunities.