Anthony Wolny
2 minutes length
Posted: 2nd April 2020

What is asset management?

what is asset management

Businesses of all shapes and sizes purchase, replace and acquire new assets every day.

As there is such a regular flow of assets entering and leaving the business, the pressure is constantly rising for professionals to ensure accurate and correct records.

But, while asset management is such a crucial business task, uncertainty and confusion still surround it.

To support, we’ve put together this blog, covering the basics of asset management.

What are assets?

“An asset is something a business uses to create income, meet debts, grow wealth and certainly to attract and retain customers.” – Carlton Sharpe-Buckley, Product Specialist, IRIS

Assets can be a variety of capital items that devalue over time, including:

  • Land
  • Building
  • Furnishings
  • Large IT purchases

From our experience, assets are typically valued over £1000 but this isn’t a fixed sum and it’s usually determined by each organisation.

What is asset management?

 “Asset management can be a strategic differentiator for companies that seek to actively balance investment, revenue to expense, and return.” – Shannon Kalvar, Research Manager, IT Service Management and Client Virtualization, IDC

Asset management is a fundamental way for organisations of any size to accurately record their assets and the value of those assets.

The best practice is for businesses to record all their assets into a database, continuously assessing purchases, movement, deterioration and general usage.

Inaccurately reporting information on fixed assets can have a severe impact on your business, increasing the cost and resources required to run your business.

The beginner’s guide to asset management

Are you looking for more information regarding asset management?

We’ve created a beginner’s guide, taking an in-depth look into:

  • The fundamental processes required
  • Why you need asset management
  • The top benefits and challenges
  • What solutions are available

Click here to download the guide and discover how you can save time and resources while also guaranteeing compliance.

How can IRIS help?

Our solution, IRIS Assets, supports a vast range of organisations with their asset management responsibility, offering a modern alternative to traditional spreadsheets and paper processes.

IRIS Assets is the complete asset management and compliance software package, featuring a fully integrated mobile app.

It provides true visibility of all your assets and acts as a powerful tool for control, analysis and forward planning.

For more information on how IRIS Assets can revolutionise your processes, click here.