Asset
A physical item of equipment that a business owns, operates, and maintains.
How it works
In maintenance, an asset is anything worth tracking on its own: a press, a pump, a compressor, a forklift, a rooftop air handler. Each asset gets an identity, usually a tag number, and a place in the asset hierarchy. Work, readings, documents, and costs are then recorded against that identity.
Not every bolt is an asset. A useful test is whether you would want to look up the history of the item later. A motor that you repair and reinstall usually is. A belt that you replace and throw away is usually a spare part instead.
Why it matters
The asset is the anchor for everything a team learns. When a work order is linked to the right asset, the next technician can see what failed last time, which parts fit, and who worked on it. When it is linked to "Line 3, somewhere", that history is effectively lost.
Asset records also feed the numbers that leaders use, such as MTBF and maintenance cost per machine.
In practice
Teams start with a list of equipment, often from a spreadsheet or the plant's fixed asset register. They add a name, a location, the manufacturer and model, the serial number, and the manuals. Field service teams track the same kind of record for machines installed at customer sites, with the customer and site added.
The hardest part is keeping the list current when machines are moved, replaced, or scrapped.
Related terms
Machine QR keeps assets inside spaces; see Spaces and assets.