Question

Are there any industry specific issues relating to assets management? (e.g. Cash, AR, Inventory, PPE, intangibles etc.)

What do you look for when answering this question?

Answer 1

The International Organization for Standardization published its management system standard for asset management in 2014.[3] The ISO 55000 series provides terminology, requirements, and guidance for implementing, maintaining and improving an effective asset management system.

Physical asset management: the practice of managing the entire life cycle (design, construction, commissioning, operating, maintaining, repairing, modifying, replacing and decommissioning/disposal) of physical and infrastructure assets such as structures, production and service plant, power, water and waste treatment facilities, distribution networks, transport systems, buildings and other physical assets. The increasing availability of data from asset systems is allowing the principles of Total Cost of Ownership to be applied to facility management of an individual system, a building, or across a campus. Physical asset management is related to asset health management.

Infrastructure asset management expands on this theme in relation primarily to the public sector, utilities, property and transport systems. Additionally, Asset Management can refer to shaping the future interfaces between the human, built, and natural environments through collaborative and evidence-based decision processes

Fixed assets management: an accounting process that seeks to track fixed assets for the purposes of financial accounting

IT asset management: the set of business practices that join financial, contractual and inventory functions to support life cycle management and strategic decision making for the IT environment.

Digital asset management: a form of electronic media content management that includes digital assets