5 Key Stages Of Asset Management Life Cycle
Assets are the strength of every company. Knowing what you have, where it is and its condition helps in planning for future assignments and meeting business requirements. Earlier, rudimentary asset management was done by the people using traditional methods. Why fix what ain’t broken? As times have changed, it became more and more obvious that the traditional method of just keeping the asset in working condition was not enough. Mass production led to the realisation that an asset when not in use had to be stored properly so that it could be brought back into the production line as and when demand increased. Changing laws for environment safety forced business owners to accept that an object could not just be thrown out anymore. It had to be processed and made safe for disposal and scrap. This led to the modern concept of asset management.