Asset management is the process of tracking assets, monitoring assets, and managing assets. In the asset management process, assets are procured, operated, maintained, and disposed of. It mainly helps in asset lifecycle management. The checklist is very helpful for maintenance as they don't forget any activity. Asset management provides reports automatically and it also allows you to create customized reports. An effective asset management software provides you with alerts and notifications. There are several types of asset management software available in the market.