What are 3 methods that are used to manage asset management?

Asset management (AM), also known as asset optimization, is the management of all types of assets. The primary functions of asset management are to maximize revenue, minimize costs and produce competitive advantage. There are 3 methods that are used to manage asset management:

• Manual asset management: refers to the process of tracking, monitoring, and maintaining an organization’s assets without the use of technology or software. This method typically involves manual record-keeping and manual tracking of the assets’ information, such as their location, usage, and maintenance history. It can be time-consuming and prone to errors and may not be efficient for organizations with a large number of assets.
• Technical asset management: This method focuses on the technical aspects of managing assets, such as selecting, designing, and implementing systems and tools to support the management process.
• Financial asset management: This method involves creating a comprehensive plan for managing an organization’s assets, taking into account factors such as risk, return, and cost.