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Inventory and asset tracking are both important, but what separates them? Why are there different applications for these seemingly similar processes? The answer lies in the purpose for each but first let’s examine the difference between inventory and assets.
Assets are defined as an economic resource that represents an ownership of value. This could be a truck, a piece of software or, yes, even an inventory of widgets. Inventory is a list of compiled assets for sale or use in another process. When it comes to the differences in tracking we need to look at assets as being here for long term use and inventory being here for consumption of some sorts. Think of it as the difference between a library and a book store.