Asset Glossary
Explore our concise glossary of essential terms used
in the world of Asset Management.
Agent Based Discovery
Agent-based discovery is one of the ways IT assets can be discovered within a network.
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Amortization
What is Amortization Amortization is a financial accounting practice applied to intangible assets and loan repayments. It involves spreading the…
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Asset Assignment
What is Asset Assignment? Asset assignment is the process of allocating or transferring the ownership, responsibility, or usage rights of…
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Asset Auditing
What is Asset Auditing? Asset auditing is a critical process for organizations, aiming to verify and maintain the accuracy and…
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Asset Availability
What is Asset Availability? Asset availability, often referred to as equipment availability, is a critical metric that assesses whether machines…
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Asset Barcoding
What is Asset Barcoding? Asset barcoding is a streamlined and cost-effective method used by businesses of all sizes to manage…
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Asset Componentization
What is Asset Componentization? Asset componentization is a strategic approach frequently employed for property, plant, and equipment (PP&E) in accounting.…
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Asset Contract Management
What is Asset Contract Management? Asset Contract Management is a strategic approach that organizations employ to efficiently handle their contractual…
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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…
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Asset Geofencing
What is Asset Geofencing? Asset Geofencing utilizes technologies like GPS or RFID to establish virtual boundaries, often referred to as…
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Asset Identification
What is Asset Identification? Asset Identification is a crucial process that enables organizations to uniquely identify various assets within their…
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Asset Impairment
What is Asset Impairment? Asset impairment refers to a situation where the market value of an asset falls below its…
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Asset Insurance
What is Asset Insurance? Asset insurance, often referred to as property and casualty insurance, is a type of financial protection…
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Asset Inventory
What is Asset Inventory? Asset inventory is the systematic process by which an organization catalogs and documents all the assets…
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Asset Inventory Tracker: Streamline Your Asset Management
As enterprise investments in assets grow and assets become more mobile and diverse, efficient management becomes crucial for operational success.…
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Asset Lifecycle Cost
What is Asset Lifecycle Cost? Asset Lifecycle Cost is a methodology that provides an estimate of the total capital, operating,…
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Asset Lifecycle Management
What is Asset Lifecycle Management? Asset Lifecycle Management (ALM) is a comprehensive technique employed by organizations to optimize the usability…
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Asset Maintenance Management
What is Asset Maintenance Management? Asset Maintenance Management, often abbreviated as AMM, is a strategic approach to managing the maintenance…
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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…
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Asset Manager
Who is an Asset Manager? Asset Managers are expert practitioners accountable for the holistic administration of physical assets within a…
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Asset Requisition
What is Asset Requisition? Asset requisition, sometimes known as a purchase order request, initiates the procurement process for assets within…
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Asset Retirement
What Is Asset Retirement? Asset retirement refers to the process companies undertake to account for the removal of assets from…
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Asset ROI (RoFA)
What is Asset ROI (RoFA)? Asset Return on Investment (Asset ROI) or RoFA (Return on Fixed Assets) measures how much…
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Asset Salvage Value
What Is Asset Salvage Value? Salvage value is the estimated residual value of an asset at the end of its…
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Asset Tags
What are Asset Tags? Asset tags are identification tags attached to assets, which can be categorized into two primary types:…
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Asset Tracking
What is Asset Tracking? Asset tracking, often referred to as asset management, involves the systematic monitoring and recording of an…
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Asset Tracking Automation
What is Asset Tracking Automation? Asset tracking automation is the process of using advanced technologies and software solutions to monitor,…
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Asset Tracking Policy
What is Asset Tracking Policy? An asset tracking policy is a comprehensive document that outlines the procedures and processes for…
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Asset Tracking Software
What is Asset Tracking Software? Asset Tracking Software is a category of specialized technological solutions designed to empower businesses and…
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Asset Transfer
What is Asset Transfer? Asset transfer, specifically in the context of fixed assets, refers to the process of relocating or…
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Asset Users
Who are Asset Users? In the context of asset management, asset users are the people who use assets on a…
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Asset Utilization
What is Asset Utilization? Asset utilization is a critical metric in business that assesses how efficiently an organization is using…
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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…
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Cash Generating Unit (CGU)
What is a Cash Generating Unit (CGU)? A Cash Generating Unit (CGU) is the distinct segment of a business entity…
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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…
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Configuration Management Database (CMDB)
What is Configuration Management Database (CMDB)? A Configuration Management Database (CMDB) is a critical tool in the realm of IT…
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Depreciation
What Is Depreciation? Depreciation is an accounting method used to distribute the cost of a tangible or physical asset across…
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Depreciation Method
What is a Depreciation Method? A depreciation method is a system used to allocate the cost of a tangible asset…
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Digital Vs Physical Assets
What are Digital and Physical Assets? In our increasingly digitized world, the concept of assets has evolved significantly. While traditional…
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Endpoint Management
Definition: Endpoint Management Endpoint management (EPM) is a broad term that encompasses the monitoring, management, and security of end points,…
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Enterprise Asset Management (EAM)
What is Enterprise Asset Management (EAM)? Enterprise Asset Management (EAM) is a comprehensive approach that combines software, systems, and services…
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Estimated Useful Life
What is Estimated Useful Life? Estimated Useful Life (EUL) refers to the anticipated duration or period of time during which…
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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…
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Fixed Asset
What Is a Fixed Asset? Fixed assets are tangible, long-lived assets used by a company in its operations, such as…
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Fixed Asset Register
What is a Fixed Asset Register? A Fixed Asset Register is a comprehensive record of all the fixed assets owned…
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Fixed RFID Reader
What is Fixed RFID Reader? A Fixed RFID (Radio Frequency Identification) Reader is a device used to wirelessly communicate with…
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Ghost Assets
What are Ghost Assets? Ghost assets are fixed assets that are either lost, stolen, unusable, or no longer owned by…
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Handover Takeover (HOTO)
What is Handover Takeover (HOTO)? Handover Takeover, commonly abbreviated as HOTO, refers to the structured process of transferring duties, responsibilities,…
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Hardware Asset Management
What is Hardware Asset Management? Hardware Asset Management (HAM) encompasses the processes, tools, and strategies involved in managing the physical…
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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…
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IT Asset Management
What is IT Asset Management? IT Asset Management (ITAM) is the comprehensive process of monitoring and overseeing an organization’s IT…
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Lease Accounting
What is Lease Accounting? Lease accounting is the systematic process that organizations follow to record the financial consequences of their…
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Leased Assets
What are Leased Assets? Leased assets refer to assets that an owner rents or leases to another party in exchange…
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Mobile RFID Reader
What is a Mobile RFID Reader? A Mobile RFID (Radio Frequency Identification) Reader is a portable device designed to wirelessly…
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Net Book Value
What Is Net Book Value? Net Book Value represents the historical cost of an asset, reduced by depreciation, amortization, or…
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Network Inventory
What is Network Inventory Network inventory is essentially a catalog of all devices linked to a network. These devices can…
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Noncurrent Assets
What are Noncurrent Assets? Noncurrent assets, also known as long-term assets or fixed assets, are essential components of a company’s…
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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…
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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…
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RFID Asset Tracking
What is RFID Asset Tracking? RFID asset tracking is a systematic approach to document and manage all physical assets within…
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RFID Readers
What are RFID Readers? RFID readers, often referred to as interrogators, are the essential components of RFID systems. These devices…
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Software Asset Management
What is Software Asset Management? Software Asset Management, commonly referred to as SAM, encompasses a comprehensive set of processes, policies,…
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Straight Line Depreciation
What is Straight Line Depreciation? Straight-line depreciation is a systematic way of reducing the value of an asset uniformly over…
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Vendor Asset Management (VAM)
What is Vendor Asset Management? Vendor asset management (VAM) is the process of managing assets that are owned by vendors…
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Work Order Management
What is Work Order Management? Work order management is the process of efficiently organizing and processing maintenance requests to minimize…
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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…
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