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CRM 101: Customer Relationship Management for Beginners
Customer Relationship Management, abbreviated “CRM,” is the term for a business strategy that is designed to improve customer service. CRM is also designed to increase customer satisfaction and gain new customers, thus increasing a business’...
Indie Artist Management: Economic Realities & Insightful Strategies
Three personal managers of independent artists outline pathways for success in an increasingly competitive marketplace - a Los Angeles Music Network program, reported by Scott G (The G-Man). "An artist's music must be something I love," stated...
Simple Time Management Skills Generalized
Time management skills are simple. The problem is all of us are
different, and each of us has to learn which skill works best
for us. Often when we fail, we feel discouraged, depressed,
stressed, and our confidence is affected. Failure is a...
The Benefits of Using Seminars and Small Business Management Courses to Build Your Accounting, Consulting or Tax Practice
There are many benefits of using seminars and small business
management courses to help build your accounting, consulting or
tax practice. The primary reason is to build a reputation within
your market - capital that you can profit from on an...
Time Management Prioritized
Self-awareness is important to manage time productively since
our goals are the focus we need to put into practice our plans
to make them work. Prioritizing your plans can reduce your
risks, as well as help manage your time. Time is valuable,...
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Asset Management 101
Asset management is the method that a company uses to track
fixed assets. It is the process of controlling assets throughout
their lifecycle - from procurement, through daily operations,
and finally disposal. Factory equipment, desks, chairs,
computers, and property are some examples of such assets.
Broadly speaking, asset management involves tracking the
physical location of assets, managing demand for scarce
resources, and accounting tasks such as amortization. Issues
that are part of asset management include asset value and
depreciation; purchasing requests, orders, and asset receipts;
licenses, leases, maintenance, and other contracts; vendor
performance, service levels, and warranties; departmental and
user data; and physical asset attributes. One of the purposes of
going all these lengths and putting in effort to organize all
this information is to keep track of important information such
as how much the asset costs, whom it was purchased from, who is
using it, where it is physically located, which department code
the cost should be assigned to, which vendor should be called
for support, when the lease expires, when it should be retired,
what the depreciation rate is, etc. This, in turn, provides the
basis for managing and optimizing an
Associated Websites
organization's entire asset
portfolio.
When we speak of property management as part of asset
management, it includes property selection, implementation of
policies and performance standards for that property, and
monitoring of its performance in relation to the owner's
objectives.
Generally, there are four broad stages of the asset lifecycle:
Planning and procurement: This involves planning, ordering, and
receiving the technology. Operations: This includes managing the
day-to-day operations of the assets to maximize productivity.
Financial management: It involves ensuring accurate tax,
depreciation, and other costs. Disposal: Once it is time for
disposal, you are required to remove the asset from the
enterprise in compliance with environmental regulations.
Various tools are available for asset management. However, it is
important to realize that asset management is primarily a
process, and the tools aspect is just a small aspect of it.
Since every organization is unique, with its own unique needs
and strategies, the ideal asset management process for each
organization differs.
About the author:
Chris Tolamalu is interested in asset
management.
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