Asset management is a procedural way of developing, monitoring and maintaining valuables for a group or individual property. It involves managing both tangible assets example buildings and intangible assets such as financial assets. For one to have maximum profit returns it is advisable to maintain your property or assets professionally. There are four main types of asset managements:
- Financial Asset Management—this involves employing an expertise to govern investment funds and clients’ accounts. It also entails providing recommendations depending on the financial flow of a particular client.
- Infrastructure Asset Management—this involves managing, engineering, and economic expertise applied to the tangible or physical property with an objective of providing best service delivery. It includes maintaining, designing, constructing, repairing and modifying of physical infrastructure.
- Public Asset Management—also known as corporate asset management. This involves handling public property to achieve organizational goals.
- Enterprise Asset Management—this is governing information technology, digital and, electronic media of an organization.
Effective asset management is essential to a company this enables no equipment is stolen or lost and ensuring compliance with insurance and government. Either tangible or intangible management assets or long term or short term assets management it is very crucial to employ the best managerial skills in the market for smooth and efficient running of an organization. Below are top best five asset management.
1. Hire a qualified or trained manager—this is one of the most important aspects to consider for best service delivery. For a successful and smooth run of a company or private property, it is very vital to hire a professional to run the management. Hiring an expertise ensures accurate data recording, best ideology implementation, excellent service delivery from the juniors and the company as a whole to the consumer or client. It is also advisable to have a qualified senior overall manager mostly known as the chief executive officer who then has juniors in the different departments of the organization.
2. Choose appropriate asset management software tools—while governing property it is wise to have a software that fits your company as opposed to the organization getting used to the software in place. This enables easy data recording, provides backup information in case the handwritten information or data is misplaced, makes it easy for references and allows efficient flow of data. Employing a software management helps reduce corruption, loss of property and keeps every employee in check and accountable of every transaction made. It is also a cheap and easy method of asset management skill.
3. Implement monitoring and evaluation procedures— regular and random monitoring of management cycle ensures all employees are put in check at any time during work hours, and different departments are following the agreed process and rules. It also motivates the employees to be dedicated and be honest, reduces the risk of corrupt dealing in the company, absenteeism of workers and loss of goods and property of the company. It also eradicates blame games among employees or different departments and disciplinary action taken to those caught in unlawful dealings as oppose to punishing everyone in the firm.
4. How long will the asset last—once a company or an individual decides to have property, the next important issue to address is how long the asset will last. Either long term or short term assets, it is appropriate to have the best management to achieve the desired goals and service delivery to the consumer. For the long-term investment property apartment for tenants, the landlord should ensure they employ the best long-term managerial skills to ensure their investment is making profit and the tenants are not complaining of poor services delivery.
5. Define what is needed—this is a very crucial aspect to consider. More often, companies or organizations rush into hiring human resources skills without really ironing out what they need to comprise in their managerial asset posts. This lead to hiring the best skills for the wrong job hence poor service delivery and mismanagement. It is advisable before recruiting for any position to discuss the person’s to hire based on their expertise, qualification, level of education, experience and most of all have a good public relation. This ensures the post is filled the most competitive individual for the job.