Asset Management Section Review
Asset Management - is the process of effectively managing and maintaining an organizations
assets throughout the asset lifecycle.
Asset Planning and Acquisition – The first step in asset planning and acquisition is to understand
the organization's needs.
Asset Inventory and Documentation – The first step in asset inventory and documentation is to
identify the assets that need to be included in the inventory.
Asset Maintenance and Repair – These are activities and processes involved in keeping assets in
good working condition, addressing any issues or damage.
Asset Depreciation and Asset Valuation – to factors such as wear and tear, obsolescence, or
the passage of time.
Asset Risk Management - Asset risk management is the process of identifying, evaluating, and
addressing potential risks that could affect an organization's assets
Asset Disposal & Retirement Are the processes involved in removing and retiring assets from an
organization’s inventory or operations
Asset Types
Physical - buildings, equipment, vehicles, furniture, land, tools and Equipment, security systems,
electrical systems, HVAC systems and other infrastructure.
Human Capital (People) – Employees, technical staff, contractors and skilled labor.
Information – Customer Data, Databases, custom developed software applications Confidential
Data, Documentation and manuals, contracts and legal documents.
Financial Assets – cash, investment funds, loans and receivables and insurance policies.
Intellectual Property – Patents, Trademarks, Copyrights, trade secrets and industrial designs.
Hardware Assets
Network Appliances – routers, switches, bridges, firewalls, load balancers, proxy servers,
intrusion detection and prevention systems and wireless access points
Servers
Desktop / Laptop Computers
Equipment – machinery and manufacturing Equipment, Office Equipment, vehicles, and IT
Technology Equipment.
Data Assets
Software Applications: include Inhouse developed software applications.
Databases: Containing a variety of information types
Customer Data: Information about customers, including demographics, contact details, purchase
history, preferences, and interactions with the organization.
Financial Data: Data related to financial transactions, budgets, revenue, expenses, and financial
performance.
Employee Data: Information about employees, including personal details, job roles, performance
evaluations, training records, and payroll data.
Research and Development Data: Data generated from research and development activities,
including experimental results, scientific findings and intellectual property documentation.
Data Asset Management involves:
Defining Data Ownership – all assets should be assigned to an asset owner
Data Access - ability to retrieve, manipulate, and interact with data
Data Security – is the protection of information from unauthorized access
Data Availability - accessibility and usability of data when needed by authorized users or systems.
Asset Acquisition and Procurement – Asset acquisition refers to the process of obtaining or
obtaining ownership of assets for an organization.
Asset Procurement - is a specific subset of asset acquisition. It focuses on the activities and
processes involved in sourcing, purchasing, and obtaining assets for an organization.
Supplier Identification and Evaluation - Suppliers must be identified and evaluated based on the
needs for the asset.
Proposal Evaluation - proposals should be evaluated taking into account product factors such as
price technical capabilities quality delivery schedules and company financial stability.
Supplier Selection - after taking all factors into account, the organization selects the most
suitable supplier to proceed with the purchase.
Contract Negotiation - Once the supplier(s) are selected, the organization enters into contract
negotiations with the chosen supplier(s).
Order Placement / Procurement
The organization initiates the procurement process.
Order Receipt and Inspection
Upon delivery or completion of services, the organization receives the assets or services from the
supplier(s).
Asset Inventory & Classification
An ASSET INVENTORY includes the following information:
Asset Identification - is the process of identifying and cataloging the tangible and intangible assets
owned or controlled by an organization.
Asset Description
Includes the asset manufacturer, name, type, model, serial number & specifications.
Asset Location
A specific address, building & building location.
Acquisition information
Vendor the asset was purchased from, purchase date, purchase price and warranty information
Depreciation & Value
depreciate value over time, information about depreciation rates, useful life, and current value
Maintenance & Service History
A record of maintenance and repair dates and reasons
Use & Assignment
Includes asset utilization and assignment to employees, departments, or projects.
Asset Disposal
Including the method of disposal and disposal date
Network Enumeration – is process of gathering information about a computer network to identify
and map its components, such as devices, hosts, services, and their interconnections.
Software Enumeration - is the process of identifying and documenting the software applications
and versions installed on a computer system or network.
Asset Classification - refers to the categorization and grouping of assets based on certain
criteria or characteristics.
Asset Lifecycle - The asset lifecycle refers to the different stages that an asset goes through, from
its acquisition or creation to its disposal or retirement.
Asset Planning & Budgeting – requires Planning Asset Procurement based organizational
strategic goals.
Acquisition / Procurement – asset acquisition, also known as procurement, refers to the process
of acquiring new assets or replacing existing ones to meet the needs of an organization.
Assignment / Accounting – registers and assigns the asset to where it will be deployed in the
enterprise.
Use & Optimization – Asset assignment in accounting refers to the process of allocating or
transferring ownership or responsibility of assets within an organization.
Decommissioning – Asset decommissioning refers to the process of retiring or removing assets
from active use at the end of their useful life or when they are no longer needed or viable.
Data Sanitization – Asset data sanitization, also known as data wiping or data erasure, refers
to the process of securely and permanently removing sensitive or confidential data from
electronic devices or storage media.
Disposal – Asset disposal refers to the process disposing of assets that are no longer needed or
viable for an organization.
Change Management - involves planning, implementing, and managing changes to processes,
systems, structures, and behaviors within an organization.
