Asset management refers to the business process whereby a company collects, maintains and manages a comprehensive list of all materials and items (assets) owned by the company. The purpose of asset management is to allow the company to manage the financial aspects of their ownership, such as calculating costs of ownership, inventory of items on hand, spare inventory (parts, replacements, etc.) that may be needed, depreciation, maintenance and insurance.

Asset managment is a specialty which can make or break many companies - from the smallest to the largest, as improper management, purchase and use of a company's assets can quickly impose both hefty and hidden expenses.