Tag: assets

What is asset management? It is a business process and a decision making structure that covers various things in order to come up with cost effective investment decisions. For this to work, you need to practice good human resource management by hiring the right people with the right qualifications to get the job done.

This job falls to the human resources department as they are, after all, the ones in charge of hiring. In the past, the people who worked in this department simply gave the employees their paychecks. But that is not the only thing they should do. They are supposed to train and develop the employees so they feel that they are part of something bigger.

Psychology is important in choosing people for this department. You can’t afford opionated, judgmental people. You can’t afford bullies. You can’t afford sexual predators. And the list can be much longer, including alcoholics and drug abusers, etc. At this point someone might ask, “So who’s left?”

The professionals who are supposed to do this should see themselves as two things. First as a strategic partner and second, a agent for change. Strategic partner because without them, a company will not prosper. A changing agent because it is through them that the employees can become better individuals.

With that, you can say that human resource management is the bridge between the administration and the employee. For a company to practice true human asset management, their human resource department has to do the following:

First, they must have an active role in organizational planning. To make this happen, they must be given the power to dictate what is needed in the planning phase including the necessary resources.

The human resource department should be able to recruit employees that are best suited for the organization by being given a free hand as to how this will be achieved. This includes the selection process which involves the testing and the administering component.

Human asset management can only be effective if the human resource department is able to produce change. This is done by seeing what needs to be improved on in an employee and then coming up with programs that will help him or her to make the desired changes. This includes, of course, facilitating and overseeing the training. If this was never done before, it should be evaluated to see if there are any flaws to be avoided in the future.

Letís not forget the basics such as traditional personnel administration including administering wages and benefits, time management, employee cost management as well as employee performance review and appraisals.

Human asset management is serious business because how well the company does depends on the people they hire to fill various positions. If they hire someone and he or she is not qualified, problems will occur. Niether can you afford to reject a qualified person because of some minor personality quirk or Government efforts to blackball them. If the company has a high turnover, money is also wasted because of the time, training and money that were invested in that person.

To keep employees happy and motivated, they also have to come up with programs that will enhance their skills even if they should be tempted by offers from competitors.

Asset management is a combination of different things. These include cash, bonds, stocks, property and people. If you want your business to prosper, you must have an effective human resource management team in place that will take care of it. Otherwise, there will be problems within the organization. People will quit and when your competitors see that, this can be used to their advantage to the point that they may even take over your business.

These days, asset management has taken a turn for the better. And this is to the advantage of most people who are involved in asset management. There are many advantages to asset management, and they continue to multiply in the 21st century. In fact, they are even taking a turn for growing exponentially. Here are some of the advantages that are uniquely available to asset managers in the 21st century.

More upgraded techniques of managing:

Managing is made easier now, when you come to evaluate the available technology. But the natures of operations and output demands have become just as complex. So the changes are hardly felt. The upgraded techniques are still advantageous in the sense that they are able to keep up with the demands that are imposed in this technological age.

It takes a team, not an individual:

Since the demands are much higher for asset management these days, it takes a team to be able to build it up. So, having an individual do the asset management may not be exactly the best option. A person will still need assistants especially if it is a big company. Now the good thing about having a team work with the management of assets is that there can be constant monitoring and less excuse for lapses in the updates or inventories. If properly synergized, the different assets of the team members can all work together for the good of asset management.

Technology tools:

Tools of technology make the work much faster and more convenient. What one could have done in the past by physically transporting one’s self from one department to another may be done by group messages and computer networks. Plus, monitoring is also much greater at lower increments and friendly to the different people tasked to manage the assets of the organization.

Evaluation at smaller increments:

The evaluation at smaller increments helps detect subtle changes in the liquidation of different company assets. The more frequent the monitoring, the better the quality of outputs. The good thing is that smaller increments can always be adjusted in case there are other things needed to be accomplished within the company. Also, smaller increments ensure that problems that arise will be quickly identified and managed.

Accuracy is enhanced:

Given the metrics from the asset management tools, the accuracy is enhanced and it gives more room for other tasks. Better accuracy is now within reach since it is measured by high technology gadgets. There will be less room for estimations and other inaccurate means of obtaining actual statistics. This will render more integrity to the asset management plan.

Sometimes pen and paperless:

As the case is currently operating in different countries, the environments are already pen and paperless in general. There are more people who find the convenience of storing data in less bulky packages. There will also be no need for hassles in the form of archived documents which are hard to classify.

Asset management is definitely better these days than in the past. While people may have to adjust to a new or updated technology, it is still the best option when it comes to effectively managing assets. Old techniques may still work, but when there is a better option presented for the new users of asset management, why not take the opportunity?

Volatile as the economy may be, asset management may still stand and survive to keep your company in top shape. Organizations and companies with proper asset management tend to go farther in terms of productivity and results. The good thing is that asset management is a holistic effort of the components, and is something that is really meant to be shared within the bounds of the company. You donít need to outsource asset managers to do it for you if you know how to go about it. Here are some strategies that will ensure that your asset management will withstand any economic storms.

Asset Management Strategy 1: Go for the solid assets

By solid assets, we mean assets that are not easily threatened by changes. If you have some stocks, which are highly volatile in nature, have some investments on established entities as well. This may oppose the “Nothing ventured, nothing gained” adage but a certain measure of security is still vital for success.

Asset Management Strategy 2: Ensure support from the higher ups

The higher officers of your company must support your endeavor to manage the assets of the company if it is to materialize fully. The support will also prompt other members in the company to be mindful of the undertaking.

Asset Management Strategy 3: Set your priorities

You must always have an outline. What are your priorities? If your priorities are to establish oneís security, you might have to be more rigid with your asset management tactics. On the other hand, if you are planning to venture out and expand your company, you may have to manage your assets in a way that it is more open for change and risk. However, you must make risks that are calculated and make sure that you can bounce back should things go badly.

Asset Management Strategy 4: Easy does it

Make changes gradual, if you are to introduce them. Donít shock the system with revolutionary changes. In order for it to last longer, there needs to be at least a period of transition for any undertaking. The same thing goes with asset management.

Asset Management Strategy 5: Determine patterns and learn from them

If there have been instances that occur again, make sure that the current system is able to learn from its past mistakes. This self-learning quality is one of the ways in which you can ensure that the asset management system will be able to endure even the toughest economic shakings. It would be completely useless otherwise.

Asset Management Strategy 6: Get the best tools available to you

If you are talented in managing assets but undermanned when it comes to resources, you may be in for a losing trend. The technology today enables you to manage everything from the desk and without much hassle. So make the best use of the technology when it is made available for you.

Asset Management Strategy 7: Review the facts regularly

Regular review is the lifeline of asset management. If your last inventory was a decade ago, then your assessment may not be at par with the demands in a company over time. Update the inventories, keep stock and review the statistics regularly. Set up systems for this. Any changes in inventory should be promptly entered in your database. In that way, should hard times come, you will find that you have a ready answer because you know your status fully well.

The traditional definition of asset management is that it is a well-organized process of maximizing the utility of assets for a long period of time with the objective of providing benefits to the community. It involves engineering and business concepts in that it maintains the quality and usability of assets through an engineered framework. Today, it has greatly progressed in the way it gets the job done. In this article, you’ll find an overview of the process of managing assets and how it has evolved to meet the public’s needs in the 21st century — a digital age.

Functions of Basic Management of Assets:

If you work in the field of managing assets, you’ll be expected to work on an asset from full to zero potential. This means that you are responsible for seeking out the necessity for such an asset based on public demand, initiating and maintaining the operation of the asset throughout the time of its usability, as well as the termination of the asset when it has no more use or provides no benefits to the community or to the company.

Digital Management of Assets in a Business:

Manual management of assets may sound like a tedious job considering that it must be looked after from beginning to end. With that in mind, one of the many brainchilds of the digital age is digital asset management. It has become a useful tool especially for big and branched out organizations that have resorted to electronic management of data and files for a more efficient time schedule in the workspace.

This doesn’t mean that only multi-national corporations and worldwide franchises can use the digital process. Even small businesses can utilize this kind of software to cut on labor costs and other expenses that are unnecessary and take up a lot of time. After all, what’s a digital age without adhering to the times?

In the context of a business, for example, DAM or digital asset management essentially includes uploading and storage of files, backing up files for safety, and renaming and organizing files in folders for easy retrieval. They’re easy for computers but tedious and somewhat boring for people to do all day.

There are different kinds of software that businesses and organizations employ for DAM, but are too complicated to explain here without needing computer software jargon. The most important thing to know is that DAM is one of the necessary business strategies to utilize considering the increasing demands of consumers today.

DAM helps a company run more smoothly with automated protocols and quicker responses. They are able to acquire, maintain and dispose of assets at a faster and more efficient pace. Press kits, sales kits, marketing and advertising data, presentations and videos are easier to get with DAM because of its archiving features and multimedia libraries.

Having DAM to sort out all the data files mentioned previously can cut off a big chunk off the company’s time. Now there is more time for businesses to focus on brainstorming for marketing and advertising, optimizing profits and community benefits, among others.

Essentially, DAM helps not only to set the wheels in motion but also to set the pace at full speed, thanks to the continually developing software in cyberspace. More and more businesses, regardless of size or sector, are beginning to see the advantages of investing in digital asset management software for a better and more efficient approach to data management.