DATABASE VS. MANAGEMENT SYSTEM

While many of us had been using the term asset management interchangeably, it is time now for you to dig more into this industry and use accurate terms to help you reflect your requirements and needs with industry professionals.

A database is a collection of information that is organized so that it can easily be accessed, managed, and updated. In one view, databases can be classified according to types of content: bibliographic, full-text, numeric, and images

In computing, databases are sometimes classified according to their organizational approach. The most prevalent approach is the relational database, a tabular database in which data is defined so that it can be reorganized and accessed in a number of different ways. A distributed database is one that can be dispersed or replicated among different points in a network. An object-oriented programming database is one that is congruent with the data defined in object classes and sub-classes.

Computer databases typically contain aggregations of data records or files, such as sales transactions, product catalogs and inventories, and customer profiles. Typically, a database manager provides users the capabilities of controlling read/write access, specifying report generation, and analyzing usage.

Asset management, broadly defined, refers to any system that monitors and maintains things of value to an entity or group. It may apply to both tangible assets such as buildings and to intangible assets such as human capital, intellectual property, and goodwill and financial assets. Asset management is a systematic process of deploying, operating, maintaining, upgrading, and disposing of assets cost-effectively.

The term is most commonly used in the financial world to describe people and companies that manage investments on behalf of others. These include, for example, investment managers that manage the assets of a pension fund.

Alternative views of asset management in the engineering environment are: the practice of managing assets to achieve the greatest return (particularly useful for productive assets such as plant and equipment), and the process of monitoring and maintaining facilities systems, with the objective of providing the best possible service to users (appropriate for public infrastructure assets). This can be referred to either Infrastructure Asset Management that help manage lifecycle of an existing structure through optimizing maintenance strategy based on the condition, funds and importance of structure or Facilities Management System that help asset managers better manage day to day operation of a big facility.

Regardless of which system an owner may opt, it is extremely important to differentiate between different available solutions in the market since each software offers different modules and features. Asset Managers also have to clearly define their requirements and criteria before selecting a system to be implemented for their facilities. Not all Asset Management Systems are alike and never be misled with terminologies – always dig deeper !!

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