Asset Tracking and Inventory Management:
This involves establishing a comprehensive asset register, recording details such as asset type, location, condition, maintenance history and other relevant information. It helps in tracking assets, preventing loss and ensuring accurate financial reporting.
Lifecycle Management:
This aspect involves evaluating the lifespan of assets, determining when to repair or replace them and developing strategies to maximize their value over time. It may include conducting feasibility studies, calculating depreciation and making informed decisions on asset disposal.
