Asset Tracking & Maintenance Glossary
Plain-language definitions of the terms used across asset tracking, CMMS, maintenance scheduling, compliance and fleet management. Whether you're evaluating software, writing procedures or onboarding new team members. This is your reference.
Tracking
Methods and technologies for locating and identifying assets
Asset Register
An asset register is a comprehensive database or record of all physical assets owned, leased, or managed by an organisation. Each entry typically includes the asset’s unique identifier, description, category, serial number, purchase date, cost, location, assigned custodian, warranty details, and current condition. The asset register serves as the single source of truth for what the organisation owns and where it is.
Read definition →Asset Tracking
Asset tracking is the process of monitoring the location, status, custody, and condition of physical assets throughout their lifecycle. It combines identification technologies (QR codes, barcodes, RFID, GPS) with software to maintain a real-time or near-real-time record of where assets are and who is responsible for them. Asset tracking applies to tools, equipment, plant, fleet, IT hardware, and any other tangible items of value.
Read definition →Barcode Tracking
Barcode tracking uses printed barcodes (typically Code 128, Code 39, or similar linear formats) attached to assets to enable identification and data retrieval through scanning. When scanned, the barcode links to the asset’s digital record in the tracking system. Barcodes have been the standard identification method for inventory and assets for decades and are widely supported across industries.
Read definition →Geofencing
Geofencing is the use of GPS, RFID, or other location technologies to create virtual geographic boundaries around a defined area. When a tracked asset enters or exits a geofence, the system triggers an automated action such as an alert, notification, or status change. Geofences can be drawn around job sites, depots, restricted zones, client premises, or any area relevant to asset management.
Read definition →GPS Tracking
GPS (Global Positioning System) tracking uses satellite signals to determine and record the real-time geographic location of assets, vehicles, or equipment fitted with GPS receivers. Tracking data is transmitted to a central platform via cellular or satellite networks, providing continuous visibility of asset movements, routes, and dwell times. GPS tracking is fundamental to fleet management and high-value mobile asset monitoring.
Read definition →IoT Sensors
IoT (Internet of Things) sensors are connected devices that collect and transmit data about an asset’s condition, environment, or usage in real-time. Common sensor types measure temperature, vibration, humidity, fuel levels, engine hours, pressure, and tilt. The data is transmitted wirelessly to a central platform for monitoring, alerting, and analysis.
Read definition →OEM Telematics
OEM telematics refers to the factory-installed tracking and diagnostic systems built into vehicles, plant, and heavy equipment by the original equipment manufacturer. These systems collect and transmit data including GPS location, engine hours, fuel consumption, fault codes, idle time, and operating parameters. Major OEMs such as Caterpillar, Komatsu, John Deere, Volvo, and Hitachi each offer proprietary telematics platforms.
Read definition →QR Code Tracking
QR code tracking uses Quick Response (QR) codes affixed to assets that can be scanned with a standard smartphone camera to retrieve or update asset information. Each QR code links to a unique digital record containing the asset’s identity, location history, service records, and compliance status. QR codes are durable, inexpensive, and do not require specialised scanning hardware.
Read definition →RFID Tracking
RFID (Radio-Frequency Identification) tracking uses electromagnetic fields to automatically identify and track tags attached to assets. Passive RFID tags are powered by the reader’s signal and work at short range, while active RFID tags have their own power source and can transmit over longer distances. RFID enables hands-free, multi-item scanning without requiring line-of-sight to each tag.
Read definition →Maintenance
Maintenance strategies, scheduling and performance metrics
Computerised Maintenance Management System (CMMS)
A CMMS is software that centralises maintenance information, automates work order management, and tracks the upkeep of physical assets such as plant, equipment, and fleet. It stores service history, schedules preventive tasks, and manages spare parts inventory. Organisations use a CMMS to move from reactive, paper-based maintenance to a structured, data-driven approach.
Read definition →Condition-Based Maintenance
Condition-based maintenance (CBM) is a strategy that triggers maintenance actions based on the actual measured condition of an asset rather than fixed time intervals. Condition indicators may include vibration levels, temperature, pressure, fluid analysis results, or visual inspections. It sits between simple preventive maintenance and fully predictive maintenance on the maturity spectrum.
Read definition →Corrective Maintenance
Corrective maintenance refers to repair or restoration work carried out after a fault, defect, or failure has been identified in an asset. It may be triggered by an operator report, a failed inspection, or an unexpected breakdown. Corrective tasks range from minor adjustments to major overhauls, depending on the severity of the issue.
Read definition →Downtime
Downtime is any period during which an asset is unavailable for its intended function. It can be planned (scheduled maintenance, shutdowns, inspections) or unplanned (breakdowns, failures, waiting for parts). Downtime is typically measured in hours and expressed as a percentage of total available time, providing a key indicator of asset availability.
Read definition →Maintenance Scheduling
Maintenance scheduling is the process of planning when maintenance tasks will be performed, assigning resources (technicians, parts, equipment), and sequencing work to minimise disruption to operations. Effective scheduling balances preventive maintenance intervals, corrective work priorities, resource availability, and production demands. It transforms a backlog of work orders into an executable plan.
Read definition →Mean Time Between Failures (MTBF)
Mean Time Between Failures (MTBF) is a reliability metric that measures the average elapsed time between inherent failures of a repairable system during normal operation. It is calculated by dividing the total operational time by the number of failures over a given period. MTBF is typically expressed in hours and is used to compare the reliability of assets, components, or equipment models.
Read definition →Mean Time to Repair (MTTR)
Mean Time to Repair (MTTR) measures the average time required to diagnose and fix a failed asset and return it to operational status. It includes diagnosis, sourcing parts, performing the repair, and testing. MTTR is typically calculated by dividing the total repair time across all failures by the number of failure events in a given period.
Read definition →Predictive Maintenance
Predictive maintenance (PdM) uses real-time data from sensors, IoT devices, and analytics to forecast when an asset is likely to fail, enabling maintenance to be performed just before a breakdown occurs. Techniques include vibration analysis, oil analysis, thermal imaging, and machine-learning models trained on historical failure data. It represents the most advanced tier of proactive maintenance strategies.
Read definition →Preventive Maintenance
Preventive maintenance (PM) is a proactive maintenance strategy in which assets are serviced at predetermined time or usage intervals to reduce the likelihood of failure. Tasks may include inspections, lubrication, filter changes, calibrations, and component replacements. PM schedules are typically based on manufacturer recommendations, regulatory requirements, or historical failure data.
Read definition →Run-to-Failure Maintenance
Run-to-failure (RTF) is a deliberate maintenance strategy in which an asset is operated until it fails, at which point corrective maintenance is performed or the asset is replaced. It is a legitimate approach for non-critical, low-cost, or easily replaceable items where the cost of preventive maintenance exceeds the cost of failure. RTF should not be confused with neglect; it is an intentional decision based on risk and cost analysis.
Read definition →Service History
Service history is the chronological record of all maintenance, repairs, inspections, and modifications performed on an asset throughout its lifecycle. A comprehensive service history includes dates, descriptions of work, parts used, technician details, costs, and supporting documentation such as photos or test certificates. It serves as the permanent maintenance biography of an asset.
Read definition →Work Order
A work order is a formal document or digital record that authorises and tracks a specific maintenance task. It typically includes the asset identification, description of work required, priority, assigned technician, parts needed, safety requirements, and completion details. Work orders provide a structured workflow from request through approval, execution, and closeout.
Read definition →Compliance
Inspections, audits and regulatory requirements
Asset Audit
An asset audit is a systematic process of physically verifying the existence, location, condition, and details of assets against the organisation’s asset register. It identifies discrepancies such as missing assets, unrecorded items, incorrect locations, and outdated information. Asset audits may be conducted for financial reporting, regulatory compliance, insurance purposes, or operational integrity.
Read definition →Calibration
Calibration is the process of comparing the measurements produced by an instrument or device against a known reference standard and adjusting it to ensure accuracy within specified tolerances. It applies to test and measurement equipment, sensors, gauges, safety devices, and any instrument where measurement accuracy is critical. Calibration records include the as-found and as-left readings, the reference standard used, and the calibration date and next due date.
Read definition →Compliance Management
Compliance management in asset-intensive industries is the systematic process of ensuring that equipment, operations, and personnel meet all applicable regulatory, safety, environmental, and contractual requirements. It encompasses tracking inspection due dates, certifications, licences, safety checks, environmental obligations, and industry-specific standards. Compliance management requires both proactive scheduling and thorough record-keeping.
Read definition →Lockout/Tagout (LOTO)
Lockout/Tagout (LOTO) is a safety procedure used to ensure that equipment is properly shut down, isolated from all energy sources, and cannot be restarted until maintenance or repair work is completed. Lockout involves physically locking energy isolation devices (such as circuit breakers or valves) in the off position, while tagout involves attaching a warning tag to the isolation point. LOTO protects workers from the unexpected release of hazardous energy during servicing.
Read definition →Pre-Start Inspection
A pre-start inspection is a systematic check performed on plant, equipment, or vehicles before each use or shift to identify defects, damage, or unsafe conditions. It typically follows a standardised checklist covering safety-critical items such as brakes, steering, lights, tyres, guards, fluid levels, and warning devices. Pre-start inspections are a legal requirement under workplace health and safety regulations in most Australian jurisdictions.
Read definition →Stocktake
A stocktake (also called a physical inventory count) is the process of physically counting and verifying all assets or inventory items and reconciling the count against records in the asset register or inventory system. It confirms that recorded quantities and locations match physical reality. Stocktakes may cover all assets (full stocktake) or focus on specific categories, locations, or high-value items (partial or cycle count).
Read definition →Test and Tag
Test and tag is the process of visually inspecting and electrically testing portable electrical equipment and appliances to ensure they are safe to use, then attaching a tag indicating the test date, result, next test due date, and tester’s identity. In Australia, the process follows AS/NZS 3760, which specifies testing intervals based on the operating environment. It is a workplace health and safety requirement for electrical equipment used in commercial and industrial settings.
Read definition →Operations
Day-to-day asset and fleet operations management
Asset Hierarchy
An asset hierarchy is a structured, multi-level classification that organises physical assets in a parent-child relationship reflecting their functional or physical relationships. A typical hierarchy might flow from site to building to system to equipment to component. It provides context for each asset’s role within the broader operation and enables structured analysis of maintenance data, costs, and performance at any level of the hierarchy.
Read definition →Asset Lifecycle Management
Asset lifecycle management (ALM) is the practice of managing a physical asset through every stage of its life, from planning and acquisition through operation, maintenance, and eventual disposal or replacement. It integrates financial, operational, and technical data to optimise decisions at each stage. The goal is to maximise the value an asset delivers over its entire useful life while minimising total cost of ownership.
Read definition →Asset Transfer
Asset transfer is the formal process of moving custody, responsibility, or ownership of a physical asset from one person, team, site, or organisational unit to another. A properly documented transfer includes the date, the transferring and receiving parties, the asset’s condition at transfer, and any associated sign-off or acknowledgement. It maintains the chain of custody and accountability throughout an asset’s operational life.
Read definition →Equipment Utilisation
Equipment utilisation measures the extent to which available equipment is being productively used, typically expressed as a percentage of available time or capacity. It is calculated by dividing actual usage time (or output) by total available time (or maximum capacity). Utilisation data can come from meter readings, operator logs, GPS tracking, or telematics systems. It is a key operational efficiency metric in asset-intensive industries.
Read definition →Fleet Management
Fleet management is the administration of an organisation’s vehicles and mobile plant, including acquisition, maintenance, fuel management, driver compliance, GPS tracking, and disposal. It covers light vehicles, heavy vehicles, trailers, mobile plant, and any other registered or unregistered mobile assets. Modern fleet management relies on telematics, GPS tracking, and software platforms to optimise operations and reduce costs.
Read definition →Plant and Equipment
Plant and equipment is a broad term encompassing machinery, vehicles, tools, and other physical assets used in industrial, construction, mining, and commercial operations. In Australian workplace health and safety legislation, ‘plant’ is defined to include any machinery, equipment, appliance, container, implement, or tool, and any component or fitting thereof. The term covers everything from hand tools to heavy earthmoving machinery and cranes.
Read definition →Spare Parts Management
Spare parts management is the process of planning, procuring, storing, and issuing replacement components and consumables needed to maintain and repair assets. It involves determining which parts to stock, setting minimum and reorder quantities, managing supplier relationships, and ensuring parts are available when needed without carrying excessive inventory. Effective spare parts management balances availability against holding costs.
Read definition →Finance
Asset costing, depreciation and return on investment
Asset Depreciation
Asset depreciation is the systematic allocation of an asset’s cost over its estimated useful life to reflect the decline in value due to wear, age, and obsolescence. Common methods include straight-line depreciation (equal annual amounts), diminishing value (declining annual amounts), and units of production (based on actual usage). Depreciation is an accounting concept used for financial reporting, tax deductions, and asset valuation.
Read definition →Capital Expenditure (CapEx)
Capital expenditure (CapEx) refers to funds used to acquire, upgrade, or extend the useful life of physical assets such as equipment, vehicles, buildings, and technology. CapEx items are recorded on the balance sheet as assets and depreciated over their useful life rather than expensed immediately. The decision to classify an expenditure as CapEx versus OpEx has significant implications for financial reporting and tax treatment.
Read definition →Operational Expenditure (OpEx)
Operational expenditure (OpEx) refers to the ongoing costs of running day-to-day business operations, including maintenance and repair costs, fuel and energy, software subscriptions, insurance, labour, consumables, and rental or lease payments. Unlike capital expenditure, OpEx is fully expensed in the accounting period in which it is incurred and is not capitalised on the balance sheet.
Read definition →Return on Investment (ROI)
Return on Investment (ROI) is a financial performance metric that evaluates the efficiency or profitability of an investment by comparing the net benefit (gain minus cost) to the cost of the investment. In asset management, ROI is used to justify capital expenditure on new equipment, evaluate the payback of software implementations, and compare the financial performance of different assets or projects. It is typically expressed as a percentage.
Read definition →Total Cost of Ownership (TCO)
Total Cost of Ownership (TCO) is a financial metric that captures all costs associated with owning and operating an asset over its entire lifecycle, including acquisition price, financing costs, maintenance and repair, fuel or energy, insurance, registration, operator costs, downtime costs, and disposal or residual value. TCO provides a comprehensive view of the true cost of an asset beyond its purchase price.
Read definition →See these concepts in action
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