Asset Glossary

Explore our concise glossary of essential terms used
in the world of Asset Management.

Asset Manager

Who is an Asset Manager? Asset Managers are expert practitioners accountable for the holistic administration of physical assets within a...

Asset Users

Who are Asset Users? In the context of asset management, asset users are the people who use assets on a...

Work Order Management

What is Work Order Management? Work order management is the process of efficiently organizing and processing maintenance requests to minimize...

Vendor Asset Management (VAM)

What is Vendor Asset Management? Vendor asset management (VAM) is the process of managing assets that are owned by vendors...

Software Asset Management

What is Software Asset Management? Software Asset Management, commonly referred to as SAM, encompasses a comprehensive set of processes, policies,...

RFID Asset Tracking

What is RFID Asset Tracking? RFID asset tracking is a systematic approach to document and manage all physical assets within...

Real-Time Location System (RTLS)

What Is a Real-Time Location System (RTLS)? Real Time Location System (RTLS) is a technology that accurately determines the real-time...

Physical Verification of Assets

What is Physical Verification (PV) of Assets ? Physical Verification (PV) of Assets is a crucial procedure conducted primarily by...

Net Book Value

What Is Net Book Value? Net Book Value represents the historical cost of an asset, reduced by depreciation, amortization, or...

IT Asset Management

What is IT Asset Management? IT Asset Management (ITAM) is the comprehensive process of monitoring and overseeing an organization’s IT...

IoT-Based Asset Tracking

What Is IoT-Based Asset Tracking? IoT-based asset tracking combines the power of IoT devices and digital systems to monitor and...

Hardware Asset Management

What is Hardware Asset Management? Hardware Asset Management (HAM) encompasses the processes, tools, and strategies involved in managing the physical...

Fixed Asset Register

What is a Fixed Asset Register? A Fixed Asset Register is a comprehensive record of all the fixed assets owned...

Fixed Asset Management

What is Fixed Asset Management? Fixed Asset Management is a critical process of monitoring, tracking, and maintaining a company’s physical...

Estimated Useful Life

What is Estimated Useful Life? Estimated Useful Life (EUL) refers to the anticipated duration or period of time during which...

Enterprise Asset Management (EAM)

What is Enterprise Asset Management (EAM)? Enterprise Asset Management (EAM) is a comprehensive approach that combines software, systems, and services...

Depreciation

What Is Depreciation? Depreciation is an accounting method used to distribute the cost of a tangible or physical asset across...

Depreciation Method

What is a Depreciation Method? A depreciation method is a system used to allocate the cost of a tangible asset...

Beacon-based Tracking

What is Beacon-based Tracking? Beacon-based tracking leverages Bluetooth Low Energy (BLE) beacons to pinpoint the location of objects or individuals...

Asset Transfer

What is Asset Transfer? Asset transfer, specifically in the context of fixed assets, refers to the process of relocating or...

Asset Tracking

What is Asset Tracking? Asset tracking, often referred to as asset management, involves the systematic monitoring and recording of an...

Asset Tracking Software

What is Asset Tracking Software? Asset Tracking Software is a category of specialized technological solutions designed to empower businesses and...

Asset Tracking Automation

What is Asset Tracking Automation? Asset tracking automation is the process of using advanced technologies and software solutions to monitor,...

Asset Tagging

What Is Asset Tagging? Asset tagging is the process of affixing tags or labels to assets to identify each one...

Asset Salvage Value

What Is Asset Salvage Value? Asset Salvage Value is the projected residual value of an asset once its depreciation has...

Asset Retirement

What Is Asset Retirement? Asset retirement refers to the process companies undertake to account for the removal of assets from...

Asset Reconciliation

What is Asset Reconciliation? Asset reconciliation is a meticulous procedure employed to verify the continued use of allocated fixed assets....

Asset Lifecycle Cost

What is Asset Lifecycle Cost? Asset Lifecycle Cost is a methodology that provides an estimate of the total capital, operating,...

Asset Lifecycle Management

What is Asset Lifecycle Management? Asset Lifecycle Management (ALM) is a comprehensive technique employed by organizations to optimize the usability...

Asset Inventory

What is Asset Inventory? Asset inventory is the systematic process by which an organization catalogs and documents all the assets...

Asset Geofencing

What is Asset Geofencing? Asset Geofencing utilizes technologies like GPS or RFID to establish virtual boundaries, often referred to as...

Asset End-of-Life Management

What is Asset End-of-Life Management? Asset End of Life Management is a strategic process that encompasses planning, executing, and coordinating...

Asset Componentization

What is Asset Componentization? Asset componentization is a strategic approach frequently employed for property, plant, and equipment (PP&E) in accounting....

Asset Barcoding

What is Asset Barcoding? Asset barcoding is a streamlined and cost-effective method used by businesses of all sizes to manage...

Asset Auditing

What is Asset Auditing? Asset auditing is a critical process for organizations, aiming to verify and maintain the accuracy and...

Asset Assignment

What is Asset Assignment? Asset assignment is the process of allocating or transferring the ownership, responsibility, or usage rights of...

Amortization

What is Amortization Amortization is a financial accounting practice applied to intangible assets and loan repayments. It involves spreading the...

Agent Based Discovery

Agent-based discovery is one of the ways IT assets can be discovered within a network.

Fixed Asset

What Is a Fixed Asset? Fixed assets are tangible, long-lived assets used by a company in its operations, such as...

Computerized Maintenance Management System (CMMS)

What is a Computerized Maintenance Management System (CMMS)? A Computerized Maintenance Management System (CMMS), sometimes referred to as a Computerized...

Cash Generating Unit (CGU)

What is a Cash Generating Unit (CGU)? A Cash Generating Unit (CGU) holds a pivotal role in financial reporting and...

RFID Readers

What are RFID Readers? RFID readers, often referred to as interrogators, are the essential components of RFID systems. These devices...

Noncurrent Assets

What are Noncurrent Assets? Noncurrent assets, also known as long-term assets or fixed assets, are essential components of a company’s...

Ghost Assets

What are Ghost Assets? Ghost assets are fixed assets that are either lost, stolen, unusable, or no longer owned by...

Asset Tags

What are Asset Tags? Asset tags are identification tags attached to assets, which can be categorized into two primary types:...

Written-Down Value

What is Written-Down Value? Written-Down Value represents the value of an asset after considering depreciation or amortization. In essence, it...

Straight Line Depreciation

What is Straight Line Depreciation? Straight-line depreciation is a systematic way of reducing the value of an asset uniformly over...

Property, Plant, and Equipment (PP&E)

What is Property, Plant, and Equipment (PP&E)? PP&E, often referred to as fixed or tangible assets, are the physical assets...

Network Inventory

What is Network Inventory Network inventory is essentially a catalog of all devices linked to a network. These devices can...

Mobile RFID Reader

What is a Mobile RFID Reader? A Mobile RFID (Radio Frequency Identification) Reader is a portable device designed to wirelessly...

Leased Assets

What are Leased Assets? Leased assets refer to assets that an owner rents or leases to another party in exchange...

Lease Accounting

What is Lease Accounting? Lease accounting is the systematic process that organizations follow to record the financial consequences of their...

Handover Takeover (HOTO)

What is Handover Takeover (HOTO)? Handover Takeover, commonly abbreviated as HOTO, refers to the structured process of transferring duties, responsibilities,...

Fixed RFID Reader

What is Fixed RFID Reader? A Fixed RFID (Radio Frequency Identification) Reader is a device used to wirelessly communicate with...

Facility Management

What is Facility Management? Facility Management involves the day-to-day activities required to ensure that a physical environment supports an organization’s...

Endpoint Management

Definition: Endpoint Management Endpoint management (EPM) is a broad term that encompasses the monitoring, management, and security of end points,...

Digital Vs Physical Assets

What are Digital and Physical Assets? In our increasingly digitized world, the concept of assets has evolved significantly. While traditional...

Configuration Management Database (CMDB)

What is Configuration Management Database (CMDB)? A Configuration Management Database (CMDB) is a critical tool in the realm of IT...

Asset Management Vs. Inventory Management

What is Asset Management vs. Inventory Management? When it comes to managing company assets, most business leaders are aware of...

Asset Utilization

What is Asset Utilization? Asset utilization is a critical metric in business that assesses how efficiently an organization is using...

Asset Tracking Policy

What is Asset Tracking Policy? An asset tracking policy is a comprehensive document that outlines the procedures and processes for...

Asset ROI (RoFA)

What is Asset ROI (RoFA)? Asset Return on Investment (Asset ROI) or RoFA (Return on Fixed Assets) measures how much...

Asset Requisition

What is Asset Requisition? Asset requisition, sometimes known as a purchase order request, initiates the procurement process for assets within...

Asset Maintenance Management

What is Asset Maintenance Management? Asset Maintenance Management, often abbreviated as AMM, is a strategic approach to managing the maintenance...

Asset Insurance

What is Asset Insurance? Asset insurance, often referred to as property and casualty insurance, is a type of financial protection...

Asset Impairment

What is Asset Impairment? Asset impairment refers to a situation where the market value of an asset falls below its...

Asset Identification

What is Asset Identification? Asset Identification is a crucial process that enables organizations to uniquely identify various assets within their...

Asset Contract Management

What is Asset Contract Management? Asset Contract Management is a strategic approach that organizations employ to efficiently handle their contractual...

Asset Availability

What is Asset Availability? Asset availability, often referred to as equipment availability, is a critical metric that assesses whether machines...