Your assets are the centerpiece of your organization. In today’s economic environment, there is no room for downtime, losses in production, or poor quality. Though maintenance teams are recognized for their ability to keep assets running, businesses try to squeeze as much value out of their assets as possible. Therefore, organizations must practice asset management.

In the finance industry, asset management is related to managing investments. When related to an industrial environment, asset management is the process of maximizing the value an asset provides to an organization throughout its entire lifecycle, in the most cost-effective manner. For this asset management definition, “assets” include any physical items such as equipment, buildings, vehicles, tools, and property.

Maintenance management is necessary for effective asset management, especially in asset-intensive industries such as oil and gas, power and energy, and water and wastewater. Because of its impact on the organization, there must be a system in place for tracking and managing vital asset information.