AssetGlobal Glossary of IT industry terms
Demystifying the Language of Asset Terminology the IT Industry.
Remote Working
A flexible work model where employees operate outside of traditional office environments, leveraging digital technologies for communication and task execution.
Hybrid Working
A blended work model combining remote and in-office work, allowing employees to split their time between home and a physical workplace for greater flexibility.
Total Cost of Ownership (TCO)
The comprehensive assessment of all costs associated with acquiring, operating, and maintaining an asset or system over its life cycle.
Maintenance, Repair, and Operations (MRO)
Routine activities focused on keeping a company's equipment, machines, and infrastructure in optimal working condition.
Asset Disposal
The process of selling, discarding, or decommissioning a company's fixed assets, typically at the end of their useful life or utility.
Fixed Assets
Long-term tangible items owned by a company, used in the production of income and not expected to be consumed or converted into cash within a year.
Inventory
The company's tangible resources or goods, stored for future use, sale, or production, integral to its business model and operations.
Operating Expenditure
The ongoing costs for running a company's day-to-day operations, essential for maintaining business functions and productivity.
Capital Expenditure
Major investments made by a company in acquiring, maintaining, or upgrading fixed assets for long-term usage and value.
Location
Defined physical areas where a company's assets are stored or used, or where its employees primarily operate.
Loanee
A designated individual within or outside of an organization who is authorized to temporarily borrow assets or equipment for a specific period.
Department
Categorized groups within an organization that are organized by specific skills, expertise, and responsibilities.
Task
A job or activity that needs to be completed. Tasks in AssetPad can range from support tickets to maintenance jobs and can be linked to specific assets.
Accessory
Untracked accessories in inventory, often distributed to users alongside loaned equipment. Accessories are not typically subject to maintenance.
Tagging
Assign tags, unique identification numbers or barcodes to assets for tracking and documentation purposes.
Asset Tracking
The process of monitoring and documenting the location, status, and other relevant information about an asset.
Asset Management
The process of tracking, maintaining, and optimizing the use of physical assets, such as equipment, throughout their life cycle.
Asset Lifecycle
The stages an asset goes through from acquisition to disposal, including procurement, deployment, maintenance, and decommissioning.
Asset
A item of value owned by a company that is utilized in its operations to generate revenue, enhance productivity, or support business functions.