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IDC reported that downtime can be reduced by 10%, and person-hours on recovery can be reduced by 22% for businesses that practice good asset management. Good asset management can reduce an average help desk call by 25%. Getting staff back to work quickly and keeping them working efficiently is critical to the success of most organizations.
Realizing the importance of asset management in any companys performance has led to newer advanced strategies in this field of trade. Entire business management consists of a host of issues comprising of cost management, capital budgeting, expense accounting, financial planning and reporting and many other similar topics.
Asset Management Resource: Tracking and insuring the product is also a way of asset management. The product is an asset to the business and essential for its survival and for financial stability. So, maintaining and managing this product is of the up most importance.
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In case of online asset management applications for manufacturing companies, trans-receivers are embedded in critical pieces of equipment, which communicate with the asset management application allowing maintenance personnel to track the functioning of the equipment in real time, taking preventive maintenance measures and quickly attending to breakdowns. Online asset management applications also help companies manage their inventory from any location by simply using a Web browser.
Asset management involves a number of processes, which are all designed to increase the productivity of companies or individuals. Asset management services include planning, procurement, accounting for daily operating costs through disposal; tracking physical location of these assets; and accounting tasks such as amortization and depreciation. Asset management also establishes contact with suppliers, which make it easier for companies to contact these suppliers for service, warranties and replacement.
Retirees who turned to asset management services usually employed asset management advisors or firm to manage their retirement plan for day-to-day management, living expenses, even health care, and may even include travel options as well. Availing asset management services would be a good option for retirees who sought to stretch their retirement fund without having to pool their finances with other investors the way that mutual funds do.
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