Asset Management and COVID-19 in Europe Chevin Fleet How Effective is an Asset Management Strategy? According to a recentstudy, COVID-19's rapid spread was a huge surprise that resulted in a global financial market crash. Thepandemichas crippled global economies with both demand and supply, and several financial markets have fallen by upto 20% from their one-year highs. Asset managers, like other businesses, are experiencing a new normal as a result of the COVID-19 issue. They areassessing their strategy to re- evaluate their portfolios and ensure that they are prepared for the months ahead. The pandemic issue has produced unprecedented chaos, but it will bring positive changes in the industry as asset managers innovate their operations and reassess their strategy in light of the new normal. Companies establish and implement a Strategic Plan for Asset Management at the corporate or business unit levelto increase Asset Utilization and achieve significant financial performance improvements. The following are some of the benefits of a successful Asset Management Strategy:  Accurate analysis of maintenance, repair, and replacement records for equipment.  Fewer unexpected outages as a result of fewer production system and equipment failures.  Increased product quality while lowering expenses associated with product loss or reprocessing.  Increased earnings as a result of the cumulative effect of lower conversion costs and higher production levels. Asset Managers are Planning for the Future Asset managers are in a great positionto prove their worth right now, as businesses struggle to bounce back after the global pandemic and thrive.The asset management system software simplifies and automates the management of hardware and software assets. This software is important for modern businesses that often handle a wide range of software platforms and IT hardware.Everything from the lifespan to licensing, inventories, and compliance can be better managed with it. Sources: https://www.chevinfleet.com/gb/solutions/asset-management-software/ https://reliabilityweb.com/articles/entry/strategic_planning_for_asset_mana gement_an_overview https://www.sheffieldhaworth.com/wp-content/uploads/2020/04/Sheffield- Haworth-Asset-Management-Industry-Update-in-the-wake-of-COVID-19.pdf https://link.springer.com/article/10.1057/s41260-020-00172-3