Asset Management & Tracking Glossary
What is Asset Management Software
A dedicated application used to monitor, record and present data on an asset throughout its life cycle, from procurement to disposal. The software analyzes and provides an organization with a range of information pertaining to specific assets including when, where, how and by whom assets were used, and details such as year, make, model, etc. Asset management software is considered as an asset management tool.
What is a Fixed Asset
An asset that enables its owner to operate and conduct its particular business, such as equipment, machinery, property, etc. that is not designed to be consumed during normal operations. Also known as a “capital” asset, a fixed asset is tangible as opposed to liquid.
What is a Fleet
A group of assets operating together or under the same ownership including commercial motor vehicles such as cars, vans, specialist vehicles, yellow iron equipment, buses, trucks and trailers, aviation aircraft, rail units, or water craft. Ex: “construction fleet” or fleet of vehicles.
What are Asset Tags
Hardware that adhere to assets and enable the transmittal of data from the asset to the software. Examples include QR tags and labels and RFID tags. Tags come in a variety of shapes and sizes and can be attached to assets in a variety of methods – adhesives, screws, zip ties, etc.
What is Telematics
Telecommunication and informatic data about a vehicle’s location generated by GPS and onboard diagnostics and transmitted remotely and automatically. Standard telematics data in asset tracking includes operating hours, location, fuel consumption, odometer readings, etc.
What is a Geofence
A virtual geographic boundary, defined by GPS or RFID technology, that tracks asset activity within.
What is a Geofence Alert
An alert triggered by an asset entering or leaving a geofenced area. When tracking assets within a geofence, alerts can be triggered on the asset tracking software when an asset enters or leaves the established boundary.