What does 'Fixed Asset Management' mean?

The practice of tracking and managing an organization's physical assets and equipment is known as fixed asset management. Vehicles, computers, furniture, and machinery are examples of asset types. Organizations can use improved asset management to keep track of their equipment and vehicles, analyze their status, and maintain them in excellent operating order. They can reduce lost inventory, equipment problems, and downtime while increasing the asset's lifetime value. Servers, transport vehicles, and elevators are examples of fixed assets that demand a significant capital investment. They could account for a considerable amount of a company's net worth. Equipment and vehicle purchases account for up to 40% of investment in some businesses. The better and more efficiently a corporation manages its assets, the better its chances of getting the most out of its investments.