Market Focus

Asset management is a methodology, which an organization uses to track fixed assets. Asset Management processes control assets throughout their lifecycle - from procurement, through daily operations, and finally disposal. Equipment, desks, chairs, computers, vehicles, and property are some examples of assets. Asset management involves tracking the physical location of assets, managing demand for resources, as well as accounting tasks such as amortization.

Issues that are part of asset management include asset value and depreciation; purchasing requests, orders, and asset receipts; licenses, leases, maintenance, and other contracts; vendor service levels, and warranties; departmental and user data; and physical asset attributes.

One of the purposes of applying asset management is to keep track of important information such as how much an asset costs, whom it was purchased from, who is using it, where it is physically located, which department the cost should be assigned to, which vendor should be called for support, when a lease expires, when an asset should be retired, what the depreciation rate is, and so on. This, in turn, provides the basis for managing and optimizing an organization's entire asset portfolio.

Generally, there are four broad stages of the asset lifecycle:

Planning and procurement

This entails planning, ordering, and receiving

Operations

Managing the day-to-day operations of the assets to maximize productivity

Financial management

Involves ensuring accurate tax, depreciation, and other cost impacts

Disposal

Orderly processing of assets as they reach end-of-life, or as they are sold

Lockwood provides a variety of tools to assist with asset management. However, it is important to realize that asset management is primarily a process, and the tools aspect is not an end-all. Since every organization is unique, with its own unique needs and strategies, the ideal asset management process for each organization may differ. Lockwood’s “Best Practices” consulting is designed to help refine and optimize internal asset management processes in conjunction with the deployment of automated tools.

Lockwood has many customers in both the public and private sectors and across many vertical markets.

Public Sector

State, County and Local Governments

Public Safety

First Responders

County / City Healthcare

Education

Commercial Sector

Automotive

Consulting & Systems Integration

Electronics

Financial