Asset management involves the systematic process of acquiring, operating, maintaining, upgrading, and disposing of assets in order to maximize their value while minimizing costs and risks. Assets can include physical assets such as equipment, machinery, and infrastructure, as well as intangible assets such as intellectual property, patents, and software licenses. Effective asset management aims to optimize the lifecycle of assets, ensuring they are utilized efficiently, perform effectively, and remain aligned with organizational goals and priorities. Key components of asset management include asset inventory and classification, condition assessment, performance monitoring, risk management, and strategic planning.
