Asset Types Overview

Embark on a journey through the intricacies of Asset Management within Apex application!

This is a comprehensive guide on the various asset types within our application. Understanding these asset types is crucial for efficient management and utilization of resources. In our system, assets are broadly classified into four main types: Fixed, Consumables, Accessories, and Software. 

Each type plays a distinct role in the overall asset ecosystem, contributing to the seamless functioning of the organization. Let's delve into the details of each asset type to gain a better understanding of their characteristics and functionalities.

Fixed Assets

Fixed assets, also known as tangible assets, are long-term physical resources that a company owns and uses in its operations to generate income. In asset management, fixed assets are a key component of a company's overall asset portfolio and are managed strategically to optimize their usage, maintain their value, and maximize their contribution to the organization's goals.

In the context of IT Asset Management, Fixed Assets are tangible items that are employed for IT operations and are distinguished by their long-term usability and intended non-resale use. These resources are essential to organization's IT infrastructure and play a key role in supporting its daily operations.
Organizations aiming to optimize their IT infrastructure and operations must prioritize effective fixed Asset management. Organizations can lower costs, improve regulatory compliance, decrease risks, and increase asset usage by proactively managing these assets.

Now that we understand what a Fixed Asset generally is, it can be further classified into IT and Non-IT Assets. What are those and how can they be differentiated? Check out the below infographic to get clarity!

Figure: Fixed Asset Types 

Consumables

Consumables refer to products that are used and depleted over time while being used in any organization's environment. Consumables are typically non-permanent assets that are regularly consumed or replaced as part of routine maintenance or operational activities. These items are essential for supporting the functionality and performance of systems and equipment.

Examples of Consumables in Asset Management include Printer Ink or Toner Cartridges, Batteries, Cleaning Supplies, Printer paper, CDs etc.

Accessories

Accessories refer to additional items or components that complement or enhance the functionality or performance of a primary asset. These accessories are often not essential for the basic operation of the asset but can improve its capabilities, convenience, or efficiency. Here are some examples:

• Computer peripherals - Monitors, keyboards, mice, printers, and docking stations 
• Vehicle accessories - GPS navigation systems, roof racks, floor mats, and entertainment systems
• Tool attachments - Drill, saw, vacuum cleaner attachments
• Mobile device accessories - Cases, screen protectors, chargers, and external batteries
• Furniture add-ons - Keyboard trays, monitor stands, cable management systems, and desk organizers
• Medical equipment add-ons - Probes, sensors, adapters, and software modules 

Accessories and Consumables might sound similar but they have a fine line of difference! Let's understand the difference between an accessory and a consumable from the following table.

Figure: Accessories vs Consumables

Software

Software assets refer to the various software applications and programs that an organization owns, uses, or licenses. Managing software assets is a crucial aspect of ITAM, as it involves tracking, optimizing, and ensuring compliance with software licenses, as well as maximizing the value derived from these digital resources.

Effective management of software assets in ITAM contributes to cost savings, regulatory compliance, and an optimized digital infrastructure that aligns with the organization's goals and objectives.

Here are key components and considerations related to software assets in IT Asset Management:

• License Management
• License Compliance 
• Software Deployment and Usage
• Patch and Update Management
• Vendor Relationship Management
• Software Retirement and Decommissioning