Keeping track of your company’s assets is an important task that can save you money and time. A firm must be able to manage its Assets under Management through Asset Management Services and use them to get the maximum possible returns.
In this article, we will discuss what is asset management and its three major types: Digital asset management, credential asset management, and IT asset management.
So, let's start!
What is asset management
What is Asset Management?
Asset management is the process of gradually building up overall wealth through the purchase, upkeep, and trading of investments with the potential for appreciation.
Professionals in asset management manage a company's assets on behalf of their clients, putting their client’s interests ahead of their own, with a duty to preserve good faith, and trust and aiming to boost profits over time while mitigating risk.
3 Major Types of Asset Management
1. Credential Asset Management
Credential asset management refers to a more conventional understanding of managing assets. The asset manager's role is to determine Assets under Management (what investments to make, or avoid, to realize the client's financial goals within the limits of the client's risk tolerance). The investments may include stocks, real estate, commodities, alternative investments, mutual funds, etc.
2. IT Asset Management
IT asset management includes the management of hardware and software. It includes company-owned devices, i.e., computers, routers, etc. It provides security, saves time and money, and maintains a strong technological footing for the future. It involves a system for storing, retrieving, and sharing online and in-house information.
3. Digital Asset Management
Digital asset management (DAM) is a crucial aspect of asset management and every organization needs it utmost. So, what is digital asset management?
It is a system that helps companies to store, organize, find, retrieve and share their entire digital content catalog at one place. Eventually, the best DAM systems organize your digital assets in a way that increases their value for your brand.
Its properties help you set expiration dates for asset licensing, automate workflows, and set different user access levels for files, folders, and projects. Electronic Shelf Label is an example of DAM.
Wondering what is an electronic shelf label?
ESL is a digital wireless display system that is used by stores to show the entire detail of a product digitally in an eco-friendly way and also save the employees time and money.
So, what if you have an ESL digital asset management System?
Your asset management can be smarter with Electronic Shelf Labels.
Yes! You read it right. If anyone applies ESLs to their stores, they will be directly connected to their store's machines.
For example, with the growth of ESL, other industries have also seen its importance. It helps companies to improve office productivity, helps hospitals update patient information in real time, and has many other advantages.
Below Mentioned Diagram Shows How It Works
How ESL system working
Conclusion
So, these are the three major types of asset management that will help your business to take care of your assets. However, if you are searching what is the best digital asset management system, then choose electronic shelf labels.