Final answer:
Asset management in Customer Service Management involves tracking and managing a company's assets including inventory, financial, and contractual information to maximize value and ensure efficiency.
Step-by-step explanation:
In the Customer Service Management space, asset management refers to the comprehensive approach to managing a company's assets, which can include tracking the financial, contractual, and inventory information associated with those assets. It's about understanding what products or services customers are using and ensuring that these assets are accounted for, maintained, and utilized effectively. The goal is to maximize the value of these assets over their lifecycle while providing efficient services to customers.
A well-managed asset base helps companies avoid the asset-liability time mismatch, where there's a gap between when customers withdraw liabilities and when they repay assets. Accurate asset management also ensures a healthy balance sheet, which lists assets and liabilities, thereby contributing to an institution's overall bank capital, or net worth. Even though the term originates from the financial sector, in customer service, asset management also deals with non-monetary items that have value, like barter agreements or physical goods that are analogous to commodity money.