The strategic and operational oversight of physical assets, including land, buildings, and equipment, encompasses a wide range of activities. These activities include acquisition, maintenance, utilization, and disposal, all aimed at maximizing value and minimizing risk. For example, a commercial real estate company might implement sustainable building practices to reduce operating costs and enhance the property’s market appeal.
Effective stewardship of these assets is crucial for organizations and individuals to achieve their financial and operational objectives. Historically, asset management focused primarily on physical condition and cost control. However, contemporary best practices incorporate broader considerations such as sustainability, risk management, and technological integration. These advancements reflect a growing awareness of the interconnectedness between asset performance and overall organizational success.
