Asset Management is a systematic approach to understanding, controlling and monitoring physical assets.
Asset Maintenance, on the other hand, refers to all those activities that ensure that assets are maintained in optimal conditions. In other words, Asset Management emphasizes strategy, long-term planning, program supervision and risk management, while Asset Maintenance is characterized by regular maintenance activities that ensure that assets are always operational and in good condition.
The right combination of Asset Management and Asset Maintenance allows companies to effectively minimize costs and maintain profitable production.