As the demand for more effective handling methods is burgeoning, asset management systems are gaining traction across industries. The asset management systems market is expected to grow at a CAGR of 10.3% from 2020 to 2025. Globally, industries have the realization to keep equipment downtime to a minimum for achieving efficient asset performance. These solutions allow firms to monitor their assets and use them rationally to eliminate unnecessary costs.
An asset management system officially records all the firm’s assets and keeps track of them, from their procurement to sale. These assets can be both fixed and current or tangible and intangible. An asset management system provides managers and stakeholders with all the information regarding an asset. This also allows them to calculate whether optimum utilization of an asset is taking place or not.
Incredibly, around 1.1 trillion dollars of working capital is tied up in inventory – that’s equivalent to 7% of the US GDP!
The inventory does make up a large part of the capital expenditure, and it’s critical for firms and businesses to streamline their asset management processes. Let’s discuss further.
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