In field service, asset management is keeping a record of each piece of equipment you install or service: what it is, where it is, its make, model and serial number, its install date and warranty, and every visit made to it.
The word "asset" can also mean your own trucks and tools. On this page it means the customer's equipment, the things your technicians actually work on.
How to measure asset records
The useful measure is coverage: how many of your visits are tied to a specific unit.
Asset coverage = Work orders linked to a specific asset ÷ Total work orders
Say you completed 400 work orders last month and 260 recorded the specific unit worked on. Coverage is 260 ÷ 400, or 65%. The other 140 visits added to the customer's history but not to any equipment's history.
A second check is completeness. Pick 20 asset records at random and count how many have make, model, serial number, location on site and install date filled in.
Why it matters
Good asset records change what happens before the truck leaves. If the dispatcher can see the unit is a specific model, eight years old and serviced three times this year, they can send the right technician with the right parts and book enough time. That helps your first-time fix rate and keeps truck stock relevant.
Asset records are also what most other equipment measures depend on. Mean time between failures, warranty claims and preventive maintenance intervals all need visits tied to a unit. Without that link, you can only report by customer or by address.
For commercial customers, an asset list is often part of the contract. It defines what is covered, and a missing or wrong list leads to disputes about whether a visit was in scope. The field service management guide covers where asset records fit in the wider operation.
A common mistake
Trying to build the asset list in one office project. It rarely gets finished. Instead, require technicians to confirm or add the unit on every visit. Over a season, the list fills itself from the field, where the equipment actually is.
Related terms
- Service history is the visit record attached to each asset and site.
- Mean time between failures is calculated from asset-level failure records.
- Service contract often lists the covered assets.
Common questions
What information should an asset record include?
At minimum: equipment type, make, model, serial number, location on site, install date and warranty status. Add photos of the data plate and the installation when you can.
Is asset management the same as inventory management?
No. Inventory is parts and materials you hold to use on jobs. Assets are installed equipment at customer sites that you service over time.
Who should update asset records?
Technicians on site, because they see the equipment. The office should review new and changed records so duplicates and typos don't build up.