An asset is an object (physical or intangible) that has an identifiable value and a useful life greater than 12 months, that is or could be used by the entity responsible for it to provide a service. 

Tagging an asset to a work order helps workers identify the correct asset when performing maintenance and keeps all related work orders for that asset in one place. This information can be useful for asset owners to track the asset's history and make decisions about whether to upgrade or replace it.