√ Understanding Asset Management, According to Experts, Its Goals and Cycles
Understanding Asset Management, According to Experts, Objectives and Cycles - On this occasion Regarding Knowledge will discuss Asset Management. This discussion explains the meaning of asset management, according to experts, its objectives and cycles briefly and clearly. For more details, see the following article.
Understanding Asset Management, According to Experts, Objectives and Cycles
Asset management is asset management that is related to technical, financial assessments and good management practices. Asset management is very necessary to be able to decide what is needed to achieve business goals. As well as to obtain and maintain assets throughout their lifetime until disposal.
Understanding Asset Management
The definition of asset management is a decision-making process and its implementation in accordance with the acquisition, use and distribution of an asset.
Apart from that, there are also those who state that asset management is a systematic process that has the aim of being able to maintain, renew and operate assets economically through acquisition, creation, operation, maintenance, rehabilitation and disposal of assets so that objectives can be achieved effectively and efficient.
Asset Management According to Experts
In order to better understand what asset management is, you can refer to several expert opinions, including:
According to Gima Sugiama (2013)
According to Gima Sugiama, asset management is a science and art to guide wealth management which includes a process of planning asset needs, acquire, inventory, legal audit, assess, operate, maintain, renew or write off, and transfer assets effectively and efficient.
According to Dolli D. Siregar (2004)
According to Dolli D. Siregar, Asset management is a profession or skill that is not yet fully developed or popular in government circles or in work units or agencies.
According to Kaganova and McKellar
According to Kaganova and McKellar, Asset management is the process of making decisions and implementing them in accordance with the acquisition, use and distribution of these assets.
According to Danylo and Lamer (1999)
According to Danylo and Lamer, Asset management is a methodology for efficiently and fairly allocating resources between valid and competitive goals and objectives.
United States Department of Transportation
According to him, asset management is a systematic process for maintaining, renewing and cost-effectively operating physical assets.
Asset Management Objectives
Basically, the purpose of asset management is to help companies make the right decisions. So that assets can be managed effectively and efficiently. The objectives of asset management are as follows:
- In order to ensure the ownership status of an asset.
- To take an inventory of your wealth and the useful life of your assets.
- In order to keep the asset value high and have a long life span.
- In order to minimize costs over the life of an asset.
- In order to ensure that the asset can/can produce maximum profits.
- In order to achieve optimal use and utilization of assets.
- In order to safeguard assets.
- To be a reference in preparing a balance sheet in accounting
Asset Management Cycle
In implementing asset management, there are 8 (eight) stages that must be carried out so that the cycle can be formed. Below are the stages of asset management, namely as follows:
Asset Requirements Planning
Asset Requirements Planning is the initial stage of the asset management process where planning is carried out regarding what is needed to manage assets. For example, the need for procurement, inventory, maintenance, and so on.
Asset Procurement
Asset Procurement where at this stage asset procurement activities/activities are carried out, for example goods or services obtained at their own or another party's expense.
Asset Inventory
Asset Inventory where at this stage there is a series of activities/activities in the form of identification quality and quantity of assets, whether physically/non-physically or legally/ legal. Each asset is documented and given a specific code for the purposes of managing that asset.
Legal Asset Audit
Legal Audit of Assets, where at this stage an audit is carried out regarding the status of assets, procurement systems and procedures, transfer systems and flows. Apart from that, identification of possible legality problems is also carried out at this stage and at the same time preparing solutions.
Asset Operation and Maintenance
Operation and Maintenance of Assets, where at this stage each asset owned is used to carry out tasks and work in accordance with its function to achieve company goals.
Asset Valuation
Asset Appraisal, where at this stage the asset management determines the value of the assets owned so that a company knows clearly the value of assets owned, transferred or otherwise abolished.
Asset Removal
Asset Write-Off, at this stage the company will assess any assets that are deemed unprofitable and will be written off. This process is divided into 2 (two) parts, namely:
Asset transfer is the transfer of rights and/or responsibilities, authority and utilization of one work unit to another work unit within one's own environment. For example, capital participation, grants, and others.
Asset destruction is an act of destroying or destroying assets to reduce them because they are considered to be no longer usable.
Asset Renewal
Renewal of Assets, where in many cases assets are considered unproductive, can be renewed. So it can be used again until its economic life ends. This renewal or rejuvenation is carried out in the form of repairs or replacement of spare parts so that the asset can/can work in its original condition.
That's the explanation about Understanding Asset Management, According to Experts, Objectives and Cycles. Hopefully it can be useful and broaden your insight. Thank you.
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