Glossary subjects
ASC 842
ASC 842 is the lease accounting standard issued by the Financial Accounting Standards Board (FASB) that replaces ASC 840 and significantly changes how companies report lease obligations.
Learn moreAsset management
Asset management is the systematic approach to acquiring, maintaining, operating and disposing of assets in a cost-effective manner. It ensures that an organisation’s tangible and intangible assets such as buildings, equipment, IT systems and infrastructure are utilised optimally throughout their lifecycle.
Learn moreBuilding information modelling
BIM involves generating comprehensive digital models that encompass both geometric and non-geometric data of a building or infrastructure.
Learn moreCampus management
Campus management refers to the strategic planning, coordination and administration of university and college campuses to ensure smooth operations, student satisfaction and efficient use of resources.
Learn moreCapital project management
Capital project management refers to the strategic planning, execution and oversight of large-scale infrastructure and construction projects.
Learn moreComputerised maintenance management system
A Computerised Maintenance Management System (CMMS) is a software solution designed to help organisations streamline maintenance operations, manage assets, schedule preventive maintenance and track work orders.
Learn moreEnergy management
Energy management is the strategic monitoring, control and optimisation of energy consumption within an organisation.
Learn moreEnterprise asset management
Enterprise Asset Management (EAM) is a strategic approach to managing an organisation’s physical assets throughout their lifecycle to maximise performance, minimise costs and ensure compliance.
Learn moreERP system
An Enterprise Resource Planning (ERP) system is a comprehensive software solution that integrates various business processes into a single platform, enabling organisations to manage operations efficiently and make data-driven decisions.
Learn moreFacilities management (FM)
Facilities Management (FM) is a multifaceted discipline that focuses on the efficient and effective delivery of support services for the organisations that it serves. It integrates people, places, processes and technology to ensure functionality, comfort, safety and efficiency of the built environment.
Facility management software
Facility Management Software (FMS) is a digital solution designed to help organisations manage their buildings, assets, maintenance schedules and operational processes more effectively.
Learn moreFacility service management
Facility Service Management (FSM) refers to the strategic coordination of services that ensure the functionality, safety and efficiency of buildings, infrastructure and real estate assets.
Learn moreField service management
Field Service Management (FSM) refers to the coordination of field operations through a centralised system, enabling organisations to efficiently manage mobile workers, service requests, assets and customer interactions.
Learn moreHyperautomation
Hyperautomation is the next evolution of automation, combining advanced technologies such as Artificial Intelligence (AI), Machine Learning (ML), Robotic Process Automation (RPA) and the Internet of Things (IoT) to streamline and optimise business operations.
Learn moreIFRS 16
IFRS 16 is an International Financial Reporting Standard (IFRS) introduced by the International Accounting Standards Board (IASB) to standardise lease accounting practices.
Learn moreIntegrated Workplace Management System (IWMS)
An Integrated Workplace Management System (IWMS) is a comprehensive software platform that integrates various functions to optimise the management of an organisation's real estate, facilities and workplace resources.
Learn moreIoT
The Internet of Things (IoT) refers to the network of interconnected devices that collect, exchange and process data over the internet without human intervention.
Learn moreIoT sensors
The Internet of Things (IoT) refers to a network of interconnected devices that collect, transmit and analyse data in real time.
Learn moreLease accounting
Lease accounting refers to the process of recording, managing and reporting lease agreements in financial statements, ensuring compliance with regulatory standards such as IFRS 16, ASC 842 and GASB 87.
Learn moreLease management
Lease management refers to the strategic administration, tracking and optimisation of leased assets such as commercial properties, office spaces, retail outlets and industrial facilities.
Learn moreMaintenance management
Maintenance management is the process of planning, organising, monitoring and optimising maintenance activities to ensure that equipment, machinery, buildings and infrastructure operate efficiently and reliably.
Learn morePlanned preventative maintenance
Planned preventive maintenance (PPM) is a proactive approach to maintaining assets and equipment, aiming to prevent unexpected failures and extend their operational lifespan.
Learn moreProperty management software
Property Management Software (PMS) is a digital solution designed to help real estate professionals, landlords and estate teams manage residential, commercial and industrial properties more efficiently.
Learn moreSpace management
Space management refers to the strategic planning, allocation and optimisation of physical spaces within an organisation.
Learn moreSustainability management
Sustainability management is the strategic and operational approach to reducing environmental impact, improving resource efficiency and promoting long-term economic and social responsibility.
Learn moreSustainable facilities management
Sustainable Facilities Management (SFM) is the strategic integration of environmentally responsible practices into the management of buildings, assets and services.
Learn moreWorkplace management
Workplace management is the strategic planning, coordination, and optimisation of physical office spaces, facilities and resources to enhance operational efficiency and employee productivity.
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