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The Importance of Asset Management for Companies, Here Are Its Objectives

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Every company typically owns and manages assets for both internal and external needs. These assets originate from past periods to be used in the present and future. To manage them, companies usually have dedicated divisions to handle asset management. This is aimed at ensuring proper stewardship in their governance.

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However, some companies still do not pay much attention to the extent of the assets they possess. Yet, every asset, regardless of its form, holds a value that can be monetized. If every company understood how crucial asset management is, they would surely take good care of them.

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To encourage companies to be more attentive to asset management, below is a comprehensive explanation of the definition, cycle, objectives, and the importance of asset management.

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Definition of Asset Management

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Several experts, particularly those focusing on management, have expressed their views on asset management, including:

• Danylo and Lemer (1999)
  According to Danylo and Lemer, asset management is the methodology of distributing assets to be used efficiently to meet specific objectives.
• Gima Sugiama (2003)
  According to Gima Sugiama, asset management is the art of managing asset wealth. This art of management encompasses planning, auditing, maintenance, disposal, and transfer of inappropriate assets.

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So, what is the general understanding of asset management?

It is essential to understand that asset management is the process of efficiently managing assets owned by a group or individual to meet specific objectives.

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Benefits of Asset Management

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There are many benefits to be gained from managing asset management, including:

• Enhancing Security
  If your company falls into the medium to large category, implementing asset management is essential. Companies usually have special divisions to manage them to ensure they are genuinely secure and not lost.
• Preserving Asset Value
  With careful planning and good security, companies need not worry about assets losing value or being damaged. If managed properly, believe that asset value remains high or even higher than before.
• Ease in Budgeting
  With proper asset management, it is easy for the finance division to prepare budgets. This is known from the existing asset conditions, so the finance division does not have difficulty in budgeting.
• Reducing Excessive Purchases
  One thing to understand about good and proper asset management is not to be extravagant in spending. If the assets are still usable, they should be managed and maintained properly and effectively.
• Risk Management
  Assets may indeed be safe, but no one knows the future. Therefore, in addition to asset management, companies also need to prepare risk management so that the company is not shaken if the economic conditions are not under control.

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Objectives of Asset Management

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After understanding the five benefits related to asset management, companies need to know what its objectives are:

• Securing Assets and Funds
  It cannot be denied that with proper asset management, the company's sustainability can be guaranteed. The company can take preventive measures to prevent asset values from declining and use budgets more efficiently.
• Managing Asset Value in the Long Term
  This is what needs to be learned in managing asset value. Business owners or companies need to be aware that asset values ​​can rise or fall. When managed properly, the company will be secure.
• Knowing the Status and Condition of Assets
  When companies plan and maintain assets, that is when they know the status and condition of assets. The company will know how to maintain and improve assets better.
• Maximizing Asset Profits
  With proper asset management, companies can manage their finances well. The company is more careful before buying assets in the future. Well-maintained assets can bring profits to the company.

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Asset Management Cycle

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There are stages or cycles in managing asset management, including:

• Needs Planning for Assets
  In the first cycle, the division responsible for managing assets needs to explain the asset requirements both for the short and long term. The aim is to minimize losses and increase company profits.
• Asset Procurement
  If the requirements are known, the next step is asset procurement. The company can do it themselves or use third parties.
• Legal Asset Audit
  In the third cycle, it needs to be examined how the ownership status, procurement procedures, and asset transfers are. Additionally, it is important to find solutions if assets encounter problems.
• Asset Maintenance
  After the procurement and audit processes are complete, what needs to be done is asset recording and maintenance so that the company knows which assets are needed for the present and future.

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When understanding how important asset management is for companies, it is necessary to have a special division to manage them to be efficient and effective.

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