Eptura Asset Glossary
Asset
An item controlled by a company from which a benefit is derived. Assets are a part of the data that goes into building up an Asset Maintenance platform. Examples include buildings, equipment, vehicles, tools, HVAC systems, furniture, etc.
Asset Category
A broad way of classifying assets by what they are. i.e. Vehicles, Fixed Equipment, HVAC, etc.
Asset Description
A longer descriptive statement defining the asset. This includes a combination of characteristics, including the asset’s common name, type, make, ownership, area, and other attributes to help people identify the asset beyond its asset ID.
Asset Group
A description of an asset that separates it by location or department.
Asset ID
The unique identifier that belongs to a particular asset. No two assets can have the same Asset ID.
Asset Lifecycle
The period during which an asset is productive and profitable. The asset lifecycle is over when an organization sells or retires the asset.
Asset Management
The systematic process of deploying, operating, maintaining, upgrading, and disposing of assets in a cost-effective manner. This process is enhanced by a CMMS or asset management platform, which can oversee the scheduling, handling, directing, and governing of your assets.
Asset Structure
Complete details of everything you need to know about a specific asset. This could include location, purchase amounts, vin or equipment number, and the parts associated with its maintenance or repairs.
Asset Type
The systematic process of deploying, operating, maintaining, upgrading, and disposing of assets in a cost-effective manner. This process is enhanced by a CMMS or asset management platform, which can oversee the scheduling, handling, directing, and governing of your assets.
Asset Utilization
A measure of the time that an asset is actually used out of the total time that an asset is available to be used..
Asset Hierarchy
A method for asset organization that uses groups in the same way that a computer organizes files with folders.
Bar Coding / Bar Codes
Using barcode printing to create unique barcodes for an asset. This is used to track different assets and access asset information.
Component
A complex part that can be used in the repair of an asset. They are distinct from other parts due to warranty tracking and having a serial number.
Conditional Monitoring
The use of sensors and inspections to monitor assets for a specific set of parameters or conditions on an asset.
Corrective Maintenance
Maintenance work intended to correct an existing problem. Repair Orders are the most common type of Corrective Maintenance.
Down Time
A period of time when an asset in unable to be used because it is out of service and needs some form of maintenance.
Inspection
A specific task scheduled to test, evaluate, check, review, investigate, or run analysis on a specific asset.
Inventory
Goods, materials, or parts a company has bought and stored with the expectation of using them for repair and maintenance.
Inventory Adjustments
The method used to account for new purchases in inventory stock or losses incurred.
Inventory Management
The process of managing the number of parts in an organization’s inventory, ensuring that parts are available when needed, but not too many are stored.
Inventory Transfers
A method of tracking the transfer of inventory parts from one warehouse or storage location to another.
Invoicing
Work with your clients, issuing invoices and tracking their status with the application.
Logs
A record of a specific measurable aspect of an asset, e.g. miles, hours, temperature, etc
Maintenance
Activities performed on an asset to ensure intended performance and prevent unnecessary asset breakdowns.
Parent-Child Asset Relationships
Assets can be assigned children assets or to be a parent to other children assets. This relationship allows the assets to be managed and reported on together and scheduled together for maintenance.
Planning and Assignment Board
A master scheduling tool that allows you to assign work orders and inspections to your employees. See employee schedules by the day, week, or month and by location and team. Assigned work can be viewed on mobile devices by the employees. Updated information on assigned work orders and inspections will notify the employee via email and text of the changes.
Predictive Maintenance
Preventive Maintenance (PM)
A maintenance strategy that utilizes conditional monitoring and inspections to anticipate and predict maintenance needs before a breakdown occurs.
This is the cyclical maintenance, usually prescribed by the manufacturer, designated as the standard of upkeep for the asset.
Proactive Maintenance
Taking action before something happens: anticipating possibilities and getting ahead of the game. In maintenance, it means an emphasis on preventive maintenance instead of corrective.
Purchase Orders (PO)
A document given by a buyer to a seller indicating types, quantities, and prices for products or services the buyer would like to buy. These usually are considered one-time contracts.
Reactive Maintenance
Maintenance actions performed not based on a prescribed PM schedule.
Regulatory Compliance
Ensuring an organization is obeying all of the laws, regulations and guidelines set forth by the industry, governing associations, and government.
Schedule Groups
A set of PM work orders that are applied with a scheduled repetition. A Schedule Group can be applied to an asset and it will receive all associated Work orders and their triggers.
Scheduling Tasks
Relaying dates and time of when a specific work order needs to happen.
Site / Entity
A division in asset groups that is used to separate physical locations or branches, as well as their security clearances. These are limited to use with our Enterprise level platform.
Total Cost of Ownership (TCO)
This metric is the total cost that an asset will have to your organization. TCO typically includes purchase cost, the cost to maintain an asset, including inventory and labor. It also typically subtracts the eventual resale value upon retiring the asset (where applicable).
Total Productive Maintenance (TPM)
This is a method of maintaining and improving the integrity of production and quality systems through the assets, employees, and supporting processes.
Uptime
The time that an asset is functional and being utilized by the organization.
User
A person with authority to access the application. Named users may use the platform from any internet connected device and may use the ManagerPlus Mobile App as well. Mobile users may only access the platform through the Mobile App.
Vendors
Other businesses or organizations from which you purchase inventory stock or maintenance services.
Work Order (WO)
An assignment to fix, repair, maintain, or complete a maintenance project. It will typically include details about the work to be done and can include labor, parts, service notes, and components. They can be generated from PM’s, work requests, inspections or emergencies.
Work Order Backlog
An accumulation of work orders that have not yet been completed and need to be dealt with. The Backlog consists of work orders from PM Schedules, repairs, requests for work, failed inspections, and other indicators that work is required.
Work Order Lifecycle
The time in between when a work order is created and the time it is marked as complete.
Work Request (WR)
An online form used for expressing a desire for work to occur, usually for some form of maintenance or repairs. Work Requests, when approved, are automatically converted into a work order.