Asset management System
Asset management refers to the process of developing, operating, maintaining, and selling assets in a cost-effective manner. Most commonly used in finance, the term is used in reference to individuals or firms that manage assets on behalf of individuals or other entities.
Asset management for manufacturing companies concerns the entire lifecycle of plant assets, such as equipment, parts, production lines, and the plant buildings themselves. It includes making decisions about asset use, asset investment and disinvestment policies, and managing the asset portfolio.