Glossary

Asset tagging is the process of assigning and affixing unique identifiers to physical assets for the purpose of tracking, managing, and maintaining them throughout their lifecycle.

The Asset Lifecycle refers to the stages that an asset goes through from its initial acquisition or creation to its final disposal, encompassing all phases of its use and management within an organization.

Barcode scanning is the process of using optical technology to read and interpret data encoded in the form of parallel lines and spaces of varying widths, known as barcodes.

Check-in/Check-out is a process in asset management where assets are temporarily assigned to or returned from users, tracking the movement and usage of assets within an organization.

Cloud-based Asset Management refers to the practice of using cloud computing technology to track, manage, and optimize an organization's assets through internet-accessible software platforms.

Depreciation is an accounting method used to allocate the cost of a tangible or physical asset over its useful life or expected lifetime. It represents how the value of an asset decreases over time due to use, wear and tear, or obsolescence.

A digital twin is a virtual representation of a physical object, system, or process that serves as the real-time digital counterpart of a physical asset or system in the realm of asset management.

Fixed assets, also known as tangible assets or property, plant, and equipment (PP&E), are long-term physical assets that a company owns and uses in its operations to generate income over more than one accounting period.

IT Asset Management (ITAM) is a set of business practices that combines financial, inventory, and contractual functions to support lifecycle management and strategic decision-making for the IT environment.

Inventory Management is the systematic approach to sourcing, storing, and selling inventory—both raw materials (components) and finished goods (products). In the context of asset management, it encompasses the tracking and control of all assets an organization uses or maintains.

Predictive Maintenance is a proactive maintenance strategy that uses data analysis tools and techniques to detect anomalies in operation and possible defects in equipment and processes so that maintenance can be scheduled before the equipment fails or performance deteriorates.

Preventive maintenance is a proactive approach to asset management that involves regular, scheduled maintenance activities designed to prevent equipment failures and extend asset lifespan.

RFID (Radio-Frequency Identification) Asset Tracking is a method of automatically identifying and tracking assets using radio waves to capture and read encoded digital data stored in RFID tags attached to assets.

Total Cost of Ownership (TCO) is a financial estimate designed to help organizations assess direct and indirect costs related to the purchase, operation, and maintenance of an asset or system over its entire lifecycle.