Asset Management Terms and Definitions Glossary

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Acquisition Cost:  The cost of an asset before applying sales tax, and before incentives and discounts are taken into consideration.

Active Asset:  An asset that is being used on a daily basis or in regular company operations.

Amortization:  Is a method used for spreading out the expense of an intangible asset over the course of its useful life.

Annual Depreciation (also Annual Depreciation Charge & Annual Depreciation Expense):  Is the amount of depreciation charged against an asset or a group of assets over the course of a financial year.

Asset:  Assets are any resources that a business has invested in for long-term usage, require close tracking, and have a monetary worth that can be calculated.

Asset Accounting:  Is the practice of properly registering and reporting financial transactions in order to manage and oversee fixed assets.

Asset Attributes:  Are properties that are related to an asset type or an asset.

Asset Category (Asset Group):  Asset Group (Asset Category): Fixed assets are divided into seven categories: (1) land, easements, and right-of-ways; (2) land improvements; (3) buildings; (4) ongoing development; (5) infrastructure; (6) machinery and equipment; and (7) registered vehicles.

Asset Checklist:  Is a complete list of all of the assets that you have.

Asset Class:  A collection of assets with a common set of traits. Useful life, salvage value, account code, category, replacement information, capitalization threshold, depreciation mechanism, and depreciation convention are among the information carried by these classes.

Asset Classification Scheme:  Assets are categorized within databases using asset classification schemes.

Asset Cohort:  Are a group of Assets within one Asset Type having similar characteristics

Asset Component:  Is a part of an Asset that contributes to the overall function of the Asset having specific attributes.

Asset Component Checklist:  This consists of a list of component types that may be part of a typical asset of a particular asset type.

Asset Condition:  Is a measure of its physical state and provides an indication as to whether or not service levels are being attained.

Asset Condition Inspection (Asset Condition Survey):  Is the process of examining an asset to determine its condition.                                                                                                                                   

Asset Condition Assessment:  Is the process of routine or infrequent monitoring, evaluation, measurement, and interpretation of the resulting data to show the state of a particular asset and determine whether preventive or corrective action is necessary. Determining an asset’s remaining useful life and its capacity to meet performance standards is an essential component of asset management.

Asset Data:  Information used to identify an asset, including location, status, and physical characteristics.

Asset Disposal Plan:  Is a schedule outlining the expenses and timing of asset disposal. Normally, it is a part of an asset management plan.

Asset Hierarchy:  Is a structure for classifying an asset base into appropriate segments. The hierarchy of assets may be based on asset type, asset function, or a combination of the two.

Asset Identification Label:  Is a plastic tag that can be attached to an asset to help identify it. The tags might or might not have bar codes.

Asset Inventory:  Is a list of assets that contains enough details to physically locate and identify the asset.

Asset lifecycle:  The stages an asset will go through from acquisition to disposal during the course of its useful life.

Asset Management:   Is the process of accurately recording and keeping track of physical assets in order to maximize use and reduce loss.

Asset Management Framework:  Is a group of documents, programs, and procedures that deals with an organization’s asset management obligations.

Asset Management Improvement Plan:  Is a strategy plan that establishes monitoring and management of the activities for improving asset management. It establishes the connection between the annual operations plans and budgets and the asset management strategy. With the help of this strategy, it will be possible to verify and quantify the improvement of asset management processes and procedures at an appropriate rate.

Asset Management Plan (AMP):  Is a strategy created to manage one or more infrastructure asset classes with the goal of running, maintaining, and replacing the assets within the class as efficiently as possible while maintaining a certain level of service.

Asset Management Policy:  Is a high-level document that outlines the asset management strategy that an organization wants to use internally.

Asset Management System\Software:  Is a program used to record and track an asset throughout its lifecycle. Additionally, it frequently includes the ability to integrate with other software programs like Microsoft Excel and can offer capabilities for financial reporting.

Asset Management Strategy:  Is a strategy for establishing asset management practices, plans, processes, and procedures into effect inside an organization and documenting them. The whole asset management activities inside an organization are governed by this high-level but crucial document.

Asset Management System:  Is a process a company uses to manage all of its assets across the business.

Asset Mapping:  Users can get a comprehensive view and data associated with each asset on a floor plan, schematic, site map, or any other image.  

Asset Numbering System:  Is a naming convention to name your assets in your database so they can be quickly identified. 

Asset Portfolio:  A collection of assets and buildings that fall under the same Asset Management System or program’s purview and are managed by the same entity.

Asset Register:  Is a complete listing of a business or an entity’s physical resources.

Asset Replacement:  Is the predicted variation in capital expenditure for asset replacement over time

Asset Replacement Value:  Is a way of auditing maintenance programs by weighing their annual value against that of a complete asset replacement. Maintenance becomes a fraction of the total purchasing cost. The lower this maintenance percentage goes, the more valuable an overall maintenance program is to an organization.

Asset Strategic Plan (SAMP):  Is a document that specifies how the organizational objectives are to be converted into asset management objectives

Asset Sub-Type Class:  Some asset management systems have a field for this. It usually refers to an asset’s function, substance, size, and style and is more detailed than the asset type field.

Asset Sustainability Ratio:  Is an approximation of the extent to which assets managed by a local government are being replaced as these reach the end of their useful lives.

Asset System:  Is a process a company uses to manage all of its assets across the business.          

Asset Tags:  Labels with an adhesive backing that are used to track a physical asset’s location and defined as either:

• Movable Assets:  Include items that are not necessarily part of the building itself, such as furniture, computers, and equipment.
  
• Fixed Assets (Infrastructure Assets):  Is a long-term tangible asset that a firm owns and uses to produce income and is not expected to be used or sold within a year. This can include road signs, bridges, tunnels, water and sewer systems, dams and lighting systems, land, buildings, equipment, and machinery that is attached to a building.

Asset Tracking:  The method you use to monitor and track physical assets. which may include scanning technologies and asset tagging.

Asset Type:  Is a generic naming convention assigned to a group of assets with a similar or identical function. an asset database or asset management system, it is typically a crucial field.

Association of Asset Management Professionals (AMP):  Their mission to create a new era for the practice of maintenance, and reliability in the context of asset management for organizations to enhance the delivery of the triple bottom line of economic prosperity, environmental sustainability, and social responsibility.

Auditor:  A person or firm responsible for performing an official examination of an organization’s financial assets or accounts.

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Balance Sheet:  A statement of the assets, liabilities, and capital of a business or other organization at a particular point in time, detailing the balance of income and expenditure over the preceding period.

CMMS:  Stands for Computerized Maintenance Management Systems which is software that provides facilities and maintenance managers with the tools to organize and track everything from work orders, assets, equipment, preventive maintenance, inventory, workflows, safety compliance, teams, expenses, and other processes.   The overall objective is to streamline processes, improve workflow, manage costs and increase efficiency in maintenance operations.

Capital Asset:  A capital asset is generally owned for its role in contributing to the business’s ability to generate profit. it is expected that the benefits gained from these assets will last longer than a year.

Capital Expenditure (CAPEX):  Is an investment made if it results in the creation of an asset or lengthens the life of an existing asset? (RUL).

Capitalization Threshold:  The minimum cost at which an asset must be recorded in your accounting records is known as the capitalization threshold. The threshold for these regulations may be set by the Government or guidelines established by your organization.

Capital Upgrade:  Is any project that enlarges or improves an asset to accommodate expansion or higher service levels, including the purchase of land. (including a land purchase) that extends or upgrades an asset to cater to growth or additional service levels.

Component:  Is a component of an asset that, for any reason, needs to be identified independently from its parent asset. The reasoning could be due to a differing useful life or maintenance schedule.

Composite Asset:  Is a way of grouping many assets so that their total cost is carried by, and depreciated as one asset. 

Condition-Based Maintenance:  Is a maintenance strategy\technique that monitors the actual condition of an asset to decide what maintenance needs to be done. 

Condition-Based Depreciation (CBD):  Recognizes that depreciation of an asset is a decline in value that is best measured by the cost of restoring it to its “almost” new condition. 

Core Asset Management:  It uses an asset register, maintenance management systems, job/resource management, inventory control, condition evaluation, simple risk assessment, and defined levels of service as its key tools for establishing alternative treatment choices and long-term cashflow forecasts. Priorities are typically defined based on the financial reward from performing the activity (rather than detailed risk analysis and optimized decision-making).

Corrective Maintenance:  Is maintenance that is done after a failure has occurred with the goal of getting the item back to a working condition. (This could involve breakdown or emergency maintenance.)

Credit Memo (Credit Memo):  Is a business document given by a seller to a buyer. The seller typically provides a Credit Memo for the same or a lower amount than the invoice, then returns the funds to the buyer or deducts them from other amounts that are still owed from previous transactions.

Creation/Acquisition Plan:  Is a document that specifies how an organization decides when new assets need to be purchased and existing assets need to be upgraded, the projected costs.

Critical Assets:  Are the organizational resources essential to maintaining operations and achieving the organization’s mission.

Current Asset:  Is an asset that is anticipated to be sold or used within one fiscal year.

Cyclical Maintenance:  Is routine maintenance that takes place on a regular basis.

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Decoder:  Barcode scanners and readers also known as barcode decoders recognize the encoded data, translate it into digital ID numbers using barcodes found on asset labels, and then cross-reference it with a database to determine the contents of the tagged goods they have decoded.

Defect:  Is a flaw in an asset that has the potential to cause the asset to fail earlier than expected. 

Depreciation:  Is a process of spreading out an asset’s cost over its useful life. Although there are many different depreciation methods, the straight-line technique is the most widely applied.

Deprival Value:  Is the amount that a business would lose if an asset could no longer be used,

Digital Asset:  Is anything that is created and stored digitally, is identifiable and discoverable, and has or provides value. 

Disposal:  The process of selling an asset that has served its purpose and has reached the end of its useful life.

Destructible Vinyl Labels:  Asset tags made of destructible vinyl are utilized for interior assets when a high level of protection is required. Security labels are designed to break if they are altered. The resistance of Destructible Vinyl Labels to heat, scuffing, and chemicals range from low to moderate.

Downtime:  The period of time during which a piece of equipment cannot be used (for example, when it is broken or being repaired)

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EAM (Enterprise Asset Management):  Is the process of managing the lifecycle of physical assets to maximize their use; save money; improve quality and efficiency; and safeguard health, safety, and the environment. 

EAN Code; The 13-digit EAN Code, which includes flag digits, is used as the European Article Number for barcodes.

Economic Life:  The economic life of an asset is the period of time during which it remains useful to its owner.

Enterprise Resource Planning (ERP):  Is an effort to connect all of an organization’s computer programs so that, for instance, maintenance software can share data with accounting software, which can exchange data with inventory software, which can exchange data with production software.

Equipment Asset Management Software:  Is a key resource for companies looking to utilize the most convenient way to track their tools and equipment for their business to run successfully. 

Exceptions Report:  Is a report produced by an asset management solution that lists errors or assets that were not found throughout the re-inventory process.

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Facility:  Is a region with a set of assets that are connected in some way. The grounds and infrastructure (such as parking lots and fences) surrounding a single main building could make up a modest facility. A more complicated facility (like a depot or a water treatment plant) could have numerous buildings and/or other kinds of assets.

Facilities Maintenance Management System (FMMS):  Is software enables organizations to manage their entire repair and maintenance program from a web-based dashboard. 

Fair Value:  Is the estimated price at which an asset is bought or sold when both the buyer and seller freely agree on a price

Financial Assets:  Investments in the property and securities of other institutions are represented by financial assets. Stocks, corporate and government bonds, preferred equity, and other hybrid securities are examples of financial assets.

Financial Capitalization Threshold:   Is the minimum cost at which an asset must be reflected in your accounting records and financial statements

Fixed Asset:  A tangible asset that is bought with the aim of long-term usage and is not consumed or sold during the course of business is referred to as a fixed asset. Fixed assets, which include land, buildings, and equipment, cannot be rapidly turned into cash.

Fixed Asset Register:  Is a detailed listing of every fixed asset that has been acquired or built by a business.

Foil Asset Tags:   Made of 100% aluminum with graphics sealed into an anodized layer create a remarkably durable asset label. Combined with A graphic asset label made entirely of aluminum and sealed inside of an anodized layer. These tags will frequently outlive your valuables if they are combined with extremely strong glue.

Found Asset:  Is an asset that was not recorded in an organization’s asset register when it was created but was later discovered to be owned by the organization and recognized.

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GAAP:  Generally Accepted Accounting Principles, also known as GAAP, are a “uniform set of accounting principles, rules, and procedures that firms use to construct their financial statements,” according to Wikipedia.

Geographic Information System (GIS):  Is a solution that integrates Geographic Information System (GIS) technology, and Enhanced Interactive Image Mapping to further enhance the accuracy in tracking and mapping of assets and work orders.

Ghost Asset:  A fixed asset known as a “ghost asset” is one that appears on your financial statement but is no longer in use due to being lost or deemed unusable.

Governmental Accounting Standards Board (GASB):  The board responsible for establishing and regulating standards for local and state governments is known as the Governmental Accounting Standards Board (GASB).

Green Asset:  Is an asset that has a positive environmental impact. Examples include trees, waterways, stormwater treatment plants, etc.

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Hard Asset:  A tangible resource or asset with fundamental value is referred to as a “hard asset.” Examples of hard assets include a fleet of delivery trucks for consumer items, as well as land, real estate, and commodities.

Handhelds (Mobile Device):  Is a small, hand-held computing device, typically having a display screen with touch input and/or a miniature keyboard. These are typically used for asset and inventory management allowing a company to keep track of its assets, saving both time and money.

High-Temperature Asset Tags: High-Temperature Asset Tags: The Extra High Temperature (XHT) technique produces a high-temperature application solution employing tough aluminum barcode labels that can withstand temperatures of up to 1200° F. Work-in-process (WIP) applications are where high-temperature metal labels are most frequently employed.

Horizontal Assets:  Are assets that can be configured or networked for the purpose of moving materials or services from one place to another. Also known as linear assets or frequently referred to as below-ground assets due to the location of most Horizontal Assets below ground.I

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Inactive Asset:  An asset that is rarely used in business operations.

Income Statement: A financial statement detailing a company’s revenues and expenses for the purpose of reporting financial performance over the span of the accounting period.

Infrastructure Asst Management:  Is the discipline of managing infrastructure assets.

Infrastructure Gap:  Is the discrepancy between the price of replacing existing infrastructure assets and the present cost of maintaining those assets.

Installed Solution:  A solution in which data storage servers are located on-site, or in a data warehouse.

Intangible Asset:  Is an asset that lacks physical substance. Examples are patents, copyright, franchises, goodwill, trademarks, and computer software.

Integration:  Software’s capability to properly integrate an asset management system with another program, such as Excel or QuickBooks, to improve the effectiveness and simplicity of the asset tracking process.

Intervention Level:  Is the condition score below which the owner or operator of an asset has decided it should not be permitted to deteriorate, i.e. the time in the asset’s life when it should be programmed for renewal.

Inventory:  Items bought for short-term use that don’t need to be closely tracked. An inventory can be conducted in a variety of ways, including wall-to-wall, by exception, and by random sample.

• Wall-to-Wall:  An inventory management technique in which material enters a plant and is processed through the plant into finished goods without ever having entered a formal stock area.
• Inventory by Exception:  A physical inventory method used to verify and document the existence and location of those items of property whose existence and location have not been verified and documented since the last physical inventory. 
• Random Warehouse Management:  Contrary to traditional storage area management, random warehouse management bases its inventory management on the free location-allocation of parts in the storage areas. This indicates that subject to certain limitations, the parts may be stored in a storage space at multiple locations.

Inventory Accounting:  Is the practice of allocating costs to inventory in order to record it as an asset.

Inventory Control:  Refers to all activities involved in maintaining an organization’s inventory, including ordering, shipping, receiving, tracking, warehousing, and storage.

Inventory Management Software:  A computer-based solution that gives organizations the ability to track all aspects of their inventory.

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Key Asset:   Property of utmost importance to a business that needs more protection through asset labeling and monitoring. To track performance and coordinate maintenance and repairs, major mechanical assets are frequently included in Computerized Maintenance Management Systems (CMMS) software.

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LDAR:  The process that a facility uses to identify and fix leaky parts (such as valves, pumps, etc.) in order to reduce the emission of hazardous air pollutants and fugitive volatile organic compounds.

Length of Symbol:  The number of characters that make up a barcode. Asset tags can have different barcode lengths with different features and symbologies, such as CODE-128, CODE-39, Interleaved 2 of 5.

Level of Service (LoS):   Are the types and amounts of service the system wants their assets to provide to their customers relative to the capabilities and limitations of the assets. Additionally, the Level of Service indicates how a system will operate and maintain its assets to meet customer expectations.

Lifecycle Cost:  Refers to the total cost of ownership for an asset over its lifetime, which includes the costs of planning, designing, building or purchasing, operating, maintaining, renewing, financing, and disposing of the asset.

Lifecycle Cost Analysis:  Is a method for determining which asset option will be the most cost-effective over the long term.

Linear Assets:  These are assets that are defined by length to accurately depict such things as highways, roads, railway tracks, pipelines, or power-lines with their length directly impacting their maintenance.

Liquid Asset:  Is an asset that can be turned into cash easily with minimum capital loss.

Lock-Out Tag-Out:  Is used to keep employees safe from assets that could injure or kill someone if hazardous energy is not correctly managed. 

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Magnetic Labels:  Durable magnetic labels are useful for rack labels since they can be readily moved as needed and are frequently utilized as inventory labeling solutions.

Maintenance:  Is any activity taken to maintain an asset’s ability to provide the expected level of service until its scheduled replacement, renewal, or disposal.

Maintenance Management:  Is the management and organization of maintenance activities. 

Maintenance Planning:  Is the process of deciding which maintenance tasks need to be performed, how they will be completed, and which parts and tools are required.

Maintenance Program:  Is a document that describes the specific maintenance tasks and their frequency of completion, necessary for the continued safe operation of those aircraft to which it applies.

Margin Size:  The quiet zone, which has a minimal amount of white space on both sides, is a feature of barcodes. That area is used by scanners to synchronize barcodes.

Metal Stickers:  Metal stickers are a crucial component of asset tracking systems, which allow businesses to accurately record and keep track of moveable assets as they travel across the business.

MIL-STD-130:  A comprehensive set of guidelines and regulations for the identity marking of U.S. military property is found in Military Standard 130 (MIL-STD-130).

Mobile Solution:  A solution for asset management supported by the use of scanning technologies.

Modern CMMS:  Is a software solution that helps teams create, prioritize, access, and measure all of their maintenance work orders and assets in a single system.

Modern Equivalent Asset:  Is a notional asset with which an existing asset’s service potential would be restored on deprival using the most recent technology available in the normal course of business.

Monitored Expensed Assets: These are fixed assets that have been classified as “theft sensitive” by authorized staff. Their initial cost was less than $5,000 but more than $150 (including ancillary charges). Technology, cleaning, and grounds-keeping equipment are often included, though it might encompass any asset class. It is tracked throughout the fixed asset’s useful life and given a DPS barcode label for identification.

Movable Assets: These assets are considered furniture and equipment that are not part of a building. An example of the most common business items are computers.

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Narrow Bar:  In Binary Level Codes, the narrowest of two black bars with various widths. Wide Bar refers to thicker bars.

National Asset Management Assessment Framework (NAMAF):   Is a methodology for assessing the maturity of a Council’s Asset Management practices and processes. 

National Property Management Association (NPMA):  Is an organization that is committed to offering resources and support to property managers.

Network Asset:  Is thought to be a component of a network. Network assets are connected resources that depend on one another to deliver a service. The system might not operate to its full potential if a network asset is withdrawn.

Non-Current Asset (Long-Term Asset):   A company’s long-term investments that are not easily converted to cash or are not expected to become cash within an accounting year.

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Obsolescence:  Is the condition that exists when an asset is no longer desired, even if it might still be in good operating condition. When a substitute becomes available that is better in one or more ways, obsolescence frequently results.

Operation:  Is the process of using an asset. Asset operation regularly uses resources and energy.

Operating Lease:  An operating lease is a legal arrangement that permits the use of property without transferring ownership.

Operational Service Level:  Is a service level connected to an asset’s operation.

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P&ID:  A schematic used in the process industry that displays all pipework, together with the physical order of the equipment, instrumentation, reducers, valves, and control interlocks.

Passive Asset:  Is used to describe underground assets like water and sewer mains.

Pattern of Consumption:  The rate at which the service potential of an asset is used up is represented graphically by a consumption pattern.

Periodic Maintenance:  Is similar to, but more extensive than routine maintenance. Programmed upgrades, Programmed painting, and Programmed clearing are frequently used in periodic maintenance.

Planned Maintenance:  Is maintenance planned, coordinated, and completed according to a predefined schedule using records.

Pole Tags:  Are used in conjunction with automated utility pole repair programs that include Metalphoto® asset labels and GIS mapping activities

Polyester Asset Labels:  Have a shielding overlaminate to protect against abrasion and chemicals. Also available are Security Labels made of tamper-evident polyester that leave a permanent void pattern on the label when removed from any surface.

Property ID:  Inventory and company assets are identified through property labeling in order to reduce theft and streamline operations.

Predictive Maintenance:   Is a process designed to help determine the condition of in-service equipment in order to estimate when maintenance should be performed.

Preventive Maintenance:  Is maintenance carried out at predetermined intervals, or corresponding to prescribed criteria, and intended to reduce the probability of failure or the performance degradation of an item.

Proactive Maintenance:  Is targeted maintenance programmed in response to measurements indicating a heightened possibility of failure.

Property Manager:  A professional who is responsible for effective, efficient management of assets, including company equipment and materials

Purchase Order (PO):  Is a commercial document that a buyer issues to a seller outlining the kinds, amounts, and agreed-upon costs of goods or services the seller will offer to the buyer. An official offer to acquire goods or services is made when a purchase order is sent to a supplier. No contract is formed between the buyer and seller until the purchase order is approved by the seller, which often results in a single transaction. It is employed to regulate the acquisition of goods and services from outside providers.

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Quiet Zone:  The silent zone, often known as the margin, is a minimal area of white space on both sides of a barcode. That area is used by scanners to synchronize barcodes.

QR Code:  Is a type of barcode that can be read easily by a digital device and which stores information as a series of pixels in a square-shaped grid.

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Rack Labels: These labels are used in warehouse applications and come in polyester and magnetic options. Multi-level systems are made to make it clear which racks to scan without the need for long-range scanning.

Radio Frequency Identification (RFID) Technology:  Technology used to identify objects by utilizing data-encoded RFID tags, which are then captured by a reader through radio waves. Unlike barcode technology, RFID can be used

Reconciliation:  The process of comparing asset information in your records with the current status of the assets and fixing errors or mistakes to keep asset records up to date.

Real Asset:  A long-term fixed asset is one that is held or used for a period of time greater than one year. Examples include real estate, buildings, equipment, and specific fixtures.

Refurbishment:  Is the process of restoring an asset to near-new condition.

Rehabilitation:  Is defined as “work done to repair, replace, or extend the life of an asset, including some modification, by rebuilding or replacing its elements or components.

Reliability Centred Maintenance (RCM):  Is a corporate-level maintenance strategy that is implemented to optimize the maintenance program of a company or facility.

Remaining Useful Life (RUL):   Is the estimated length of time remaining before an asset will need to be replaced. 

Renewal:   Is the replacement or renovation of an existing asset (or component) with a new asset (or component) capable of providing the same level of service as the existing asset.

Renewal Funding Gap (Asset Renewal Gap):   Is the difference between what an organization spends on renewing its assets and what it needs to spend to maintain the current average condition and service level of its assets.

Renewal\Replacement Planning:  Is the process of deciding in advance the asset replacement strategy. This process defines how an organization decides when assets need to be renewed, the projected cost of renewals, and the standards applicable to them. 

Replacement:  Is the total replacement of an asset whose life has come to an end. so that a comparable or alternate level of service can be provided.

Replacement Asset Value (RAV):  Is a method of auditing maintenance plans that compares their annual value to the cost of a full asset replacement. The total cost of ownership for maintenance drops dramatically. The lower this maintenance percentage goes, the more valuable an overall maintenance program is to an organization.

Residual Value (Salvage Value):  The anticipated remaining worth of an item after it has reached the end of its useful life is known as residual value (also known as salvage value).

Road Asset Management Plan:  Is a plan created by a local road agency and approved by the local road agency’s governing body that includes provisions for asset inventory, performance goals, risk of failure analysis, anticipated revenues and expenses, performance outcomes, and coordination with other infrastructure owners.

Rugged Handhelds:   Are rugged mobile handheld computer\devices commonly used in Asset Management.  Such as Asset and inventory management gives allows companies the ability to keep track of their assets, saving both time and money.

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Scanning Technology:  Is used in conjunction with barcode or RFID tags, scanners streamline the asset tracking process and maximize efficiency.

Scheduled Maintenance:  Is any repair\task that is given a deadline and assigned to a technician

Security Seals Security Labels:   Is a tamper-evident feature to prove that an opening has not been tampered or broken. They are available in:

• Tamper-Evident Polyester Labels, where removal from any surface leaves a permanent void pattern on the label.
• Destructible Vinyl Labels, which break into tiny pieces upon removal, discouraging unauthorized asset transfers.

Sensitive Asset:  An asset that might be affected by outside factors. An asset that is sensitive may fit into one of the following groups: sensitivity to theft or interest.     

Service Capacity:  Is a preventive maintenance process performed at predetermined intervals of time, number of operations, kilometers, etc.

Service Potential:  Is the total future service capacity of an asset.

Software as a Service (SaaS):  An internet-based Software distribution model in which an Organization subscribes to and accesses an application through the internet.

Spreadsheet:  Created using applications like Microsoft Excel or Google Drive, companies often use spreadsheets to track assets as an alternative to asset management software. Though a cheaper option, there are many flaws and risks associated with using spreadsheets to manage assets.

Strategic Asset Management Plan\Strategic Asset Management Plan (SAMP):  Is a document that specifies how the organizational objectives are to be converted into asset management objectives.

Supply Chain Management:  Is the handling of the entire production flow of a good or service — starting from the raw components all the way to delivering the final product to the consumer.

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Tangible Asset:  An asset with a physical presence that can be touched. There are two types of tangible assets: inventory and fixed assets.

Technical Service Level:  Is a service level associated with the physical characteristics of an asset.

Terotechnology:  Is the economic management of assets.  It is the application of a variety of management, financial, technical, and other techniques to physical assets including buildings, machinery, equipment, and other structures in an effort to reduce their overall economic life cycle costs.

Teflon^® on Aluminum Asset Tags: For uses needing resistance to pickling, painting, cleaning, or other operations, use e-coat or powder coating techniques. Teflon Fused or Laminated Aluminum Asset Labels can withstand temperatures of up to 500° F as well as contact with strong acids and caustics. Work-in-process (WIP) applications are frequently utilized.

Two Barcode (2D Barcode):  Rectangles, dots, hexagons, and other geometric patterns are used in 2D barcodes to create scannable squares and rectangles. A 2D barcode scanner stores more than simply alphabetic data. In addition to other types of binary data, these codes may also contain graphics, website links, audio, and more. This means that regardless of whether you are connected to a database or not, you can use the information.

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Underground Asset:  Is an asset buried under the earth’s surface.

Underground Maintenance:  Is maintenance that is carried out without following a set plan.

Unmonitored Expensed Asset: The asset in has an original cost of $5000 or less (including ancillary costs) and a useful life of at least a year. Due to the fact that the Fixed Assets Department does not track it, it is not a barcode labeled in accordance with the fixed asset definition’s requirements. The term “group asset” usually refers to things like furniture, office supplies, tables, seats, etc. This kind of asset is most frequently tracked by end-user departments.

Upgrade:  Is any physical improvement or series of improvements, including any physical improvements that would increase the throughput capacity of or to any current section of such Asset (including by adding more compression).

Uptime:  Is the time in which a machine (asset) is in operation

Useful Life (Service Life):  An estimation of how long an asset is anticipated to be used for the intended purpose after purchase.

Utility Meter Badges:  The utility industry uses utility meter badges to track meter rework and refurbishment history, enhance meter tractability, shorten the time needed for meter to Encoder Receiver Transmitter (ERT) calibration, eliminate transposition errors brought on by manual processes, and enhance meter and ERT inventory control and traceability.

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Vendor-Hosted Software:  Refers to software that is handled by a third party. Though the customer maintains ownership of the software database, a third-party vendor\data center is responsible for software maintenance and management, including things like backups and upgrades.

Voiding Asset Tags (Security Labels):  Are available in Tamper-Evident Polyester Labels, where removal from any surface leaves a permanent “Void” pattern on the label.

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Warehouse Labels:  There are many different labels for a warehouse management system (WMS). Some examples include Warehouse Floor Bar Codes, Rack Labels, Long-Range Retro-Reflective Bar Code Labels, Returnable Container, Tote and Tray Bar Code Labels, Pallet Bar Code Labels, and Custom Warehouse Signs.

Work-In-Process or WIP Asset Tags: Work-In-Process Metal Labels can endure temperatures of up to 1200° F, as well as strong chemicals, caustic fluids, acids, paints, solvents, abrasion, and abuse in unforgiving conditions.

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XHT Asset Tags:  These are Extra High Temperature (XHT) tags that are used to identify products in environments where the temperature can reach 1200° F.

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Zombie Asset:  A capitalized fixed asset that is still in operation but isn’t shown in accounting records or financial statements is known as a zombie asset.