If somebody asked you for a list of your company’s assets, would you be able to provide it? What about the exact location, condition, and utilization of each asset?

Organizations with a large number of physical assets can answer those questions only if they have the right asset inventory management system and process in place. Setting that up plays an important role in lowering your asset management cost and improving overall business productivity.

To be able to do that, you first must understand what asset inventory management entails, and which tools you can use to streamline and optimize this process.

The difference between asset management and inventory management

Asset inventory management is, in a sense, a love child of asset management and inventory management. So, to understand asset inventory management, we first must explain the overarching concepts.

Here are necessary definitions to help us frame the discussion.

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