Importance and Best Practices for Physical Asset Management
Physical asset management is an important activity that helps organizations in keeping their assets. If an organization does not take care of its assets physically, asset performance will start decreasing & asset failure can occur. In today’s marketplace, no organization can bear mistakes as it can be lethal for business. In today’s world businesses are so competitive and they need to be competitive otherwise competitors can take over. That is why physical asset management is significant so that their assets are maintained, and their performance always stays on top. What Exactly Is Physical Asset Management? Physical asset management is the management of fixed assets such as equipment, vehicles, machines, HVAC, chillers, etc. Physical asset management is a systematic approach for better management of assets. The purpose of physical asset management is to prolong asset life and keep these in good condition. Another objective of physical asset management is to better manage asse...