Asset Transfer

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Asset transfer & handover

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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.

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.

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 It identifies discrepancies such as missing assets, unrecorded items, incorrect locations, and outdated information.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.

Plant and Equipment

The plain meaning of plant and equipment is the physical assets a business uses to carry out work: machinery, vehicles, tools, appliances, containers, implements and fixed installations. In Australian WHS language, plant includes any machinery, equipment, appliance, container, implement or tool, plus related components and fittings. In accounting, plant and equipment is usually treated as property, plant and equipment (PPE), a non-current capital asset rather than consumable inventory.

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.

Chain of Custody

Chain of custody is the documented, chronological record of the possession, handling, transfer, and location of an asset, sample, document, or piece of evidence from the point of origin through every subsequent handover to its current or final state. In asset management, chain of custody tracks who received an item, when they received it, where it was stored or used, and who they transferred it to next. In regulated industries, maintaining an unbroken chain of custody is essential for legal admissibility, quality assurance, and regulatory compliance. The concept originates from legal and forensic practice but has been adopted across sectors including mining, oil and gas, defence, healthcare, environmental management, and laboratory testing where proving the integrity and provenance of items is critical. Each handover event in the chain should capture the identity of the releasing and receiving parties, the date and time, the condition of the item, and the reason for the transfer, creating a continuous, auditable record from acquisition through to disposal or final use.

Check-In/Check-Out (CICO)

Check-in/check-out is an asset control process in which workers formally record when they take custody of an asset (check out) and when they return it (check in), creating a documented trail of who had what, where, and for how long. The process can be performed by scanning a barcode, QR code, or NFC tag on the asset, tapping a button in a mobile app, or using a self-service kiosk at a tool crib or equipment store. Each transaction captures the worker's identity, the asset identifier, the timestamp, and optionally the condition of the item and the job or project it is being used for. CICO is widely used for tools, test instruments, safety equipment, laptops, radios, vehicles, and any shared asset that moves between users or locations. When combined with asset tracking technology, CICO provides a complete picture of both the current custodian and the physical location of every item.