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Asset management is defined as maintaining a desired level of service at the lowest life cycle cost. In simple terms, it provides a means of determining the best way to spend your limited dollars to achieve the maximum impact.

An asset management system is a process a company uses to manage all of its assets across the business. These assets can be tangible or intangible. They can include personnel, buildings, software and hardware, inventory, monetary assets, and anything vital to the business's day-to-day running.

ISO 55001 is an asset management system standard, the main objective of which is to help organizations manage the lifecycle of assets more effectively. By implementing ISO 55001 organizations will have better control over daily activities, achieve higher return with their assets, and reduce the total cost of risk.

The main purpose of an asset management system is to help organizations improve their visibility of a wide variety of asset data, understand where investment may be need in future capex planning, and automate manual processes to increase staff productivity.

SAP Service and Asset Manager is an intuitive mobile app running in the cloud that helps you to transform asset and field service management operations by enabling field technicians to access, capture, and work with asset and operational data on their devices.

The purpose of an asset management system, or asset system, is to help companies keep track of fixed assets like IT equipment, industrial or manufacturing resources, vehicles, and other tools related to an organization's ability to run operations and earn profit.