So, let’s have a look at the asset management definition,

In the first case, a financial services company or an advisor provides asset management by coordinating and overseeing a client’s financial portfolio, such as insurance, investments, accounts, budgets, and taxes.

Asset management vs wealth management is a common confusion that most of the individuals have, but for your knowledge, let me inform you that wealth management is a broader perspective and asset management is a part of it.

The best asset management system is setting up maintenance tasks based on the criticality of assets that are equipped to bring operations to a grinding halt in case of failure. When maintenance is prioritized on the basis of risk, it becomes easier to allocate resources precisely while avoiding the associated consequences of sudden failures.

Here we have listed some of the questions that you need to ask before crucial asset management:

1. What assets you have?

You need to know the assets you have, as a reliable and comprehensive asset register is the center of all asset management activities. You should record some key information such as,

• All assets should be recorded with their location
• Condition of asset condition and any risks posed if they fail
• Accounting for asset depreciation and replacement

Entering this critical information into the system for the first time can be challenging. Utilizing a mobility solution firmly integrated with your EAM system that is designed to completely enable asset management for maintenance workers while they’re in the field, can help this to be rapidly addressed. Field workers are able to collect data where the asset is located and perform the first inspection to provide the basis for ongoing maintenance.

2. What is your risk of an asset-related disaster?

Determining the level of risk of a failure related to assets is of extreme importance. Failure of assets can mean subs"