Asset means the value owned by an entity. The process of handling (i.e. management of) assets widely termed as Asset Management. As management provides ease of collection, processing, analysis and maintenance of extensive information about various types of assets. Hence, Asset Management can be termed as a systematic process of maintaining, upgrading and operating physical assets cost-effectively with an approach focused on:
- Extract more return with same input
- - An asset manager assumes responsibility for taking every investment opportunity with to achieve the best possible results in increasing the value of entrusted funds 
- Increase Asset utilization and reduce maintenance cost 
- - Total labor, benefits and overtime cost of maintenance technicians and support personnel
- - Total labor, benefits and overtime cost of production and other personnel that help maintenance during repair operations
- - Total cost of maintenance materials, including express freight, short lead time premiums, etc.
- - Total cost of maintenance supplies and the maintenance portion of production supplies.
As cost and time in managing assets reduces it leads to increase in productivity
Asset Management and GIS
GIS and Asset Management go hand in hand as they have many similarities as far as their capabilities, approach and limitations are concerned.
|Combine engineering principles with Sound business practices||Yes||Yes|
|Logical and Organized||Yes||Yes|
|Centralized data storage||Yes||Yes|
|Ease of use||Yes||Yes|
|User friendly output||Yes||Yes|
|Handle dynamic information||Yes||Yes|
|Support multiple data formats||Yes||Yes|
|Useful for general purpose||Yes||Yes|
|Possible to adapt for specific purpose||Yes||Yes|
|Require skilled personnel||Yes||Yes|
|Expensive||Most of the Time||Yes|
|High cost of collecting and data gathering||Based on approach||Depends on type of assets being mapped|
|Realization of benefits||Can be immediate to long term||Usually long term|
Possible fields for implementing GIS in Asset Management
|Street Assets||Benches, street lights, traffic signals, signposts, garbage cans, fire hydrants, bus stops, bridges, overpasses and underpasses, tunnels, culverts, and guardrails|
|Pipeline Network||Water supply system, gas pipeline, oil pipeline, and steam pipelines|
|Drainage Network||Rivers and canals|
|Utility Network||Electricity, cable, telephone, and computer cables|
|Transport Network||Railways, roadways, rivers, airways, and shipping|
|Fleet Assets||Garbage trucks, ambulances, police vehicles, fire tenders, transport vehicles, construction equipment, and other vehicles|
|Building Assets|| Government offices, public buildings, educational buildings, public
safety buildings, historic buildings, and sporting facilities
|Natural Assets||Oil & Gas, Mining|
|Other public Assets||Beach facilities, religious facilities, monitoring stations, water and sewerage treatment plants, water wells, springs, reservoirs, dams, parks and playground equipment, trees, and car parks|
Various fields where GIS is suggested or used for Asset Management are summarized below:
- "Using GIS for Asset Management in Trinidad and Tobago". http://www.apett.org/journal/jun411/05-Ramlal.pdf.
- "Asset Management –Increase margin on return". http://www.ilirika.com/asset_management/advantages.aspx.
- "Efficient asset utilization". http://www.reliableplant.com/Read/9402/strategic-asset-management.