Asset management is simply the tracking of company owned property (assets). The goal is to know where these items are located, how they are used, and when changes are made to them. The reasons for wanting to track assets are numerous but these are a few that stand out: 1. Increase Workplace Efficiency 2. Reduce Time Spent locating assets 3. Reduce Money Wasted replacing misplaced or misused assets From AD HOC to Havoc Your department’s asset management process should align well within your organization’s overall asset management strategy. Many teams take an AD HOC approach to asset management where they evaluate their needs only in time of need with limited information. This type of approach can cause havoc especially for larger organizations. An AD HOC approach wastes valuable time and can require an abundance of resources at the drop of a dime. Investing in a plan will eliminate wasted time and energy dealing with the nuances of “winging it.”