Asset vs Inventory Tracking Explained
When explaining data tracking, the first question our customers ask is “Aren’t asset tracking and inventory tracking the same thing?†The short answer is no.
Assets are “permanent†objects that belong to a company. They are items a business uses internally, such as computers, tools or educational material. An asset is always tracked as a unique item. For example, even though you may give 10 of the exact same PC, you are managing each PC as an individual item with its own unique barcode label. You want to ensure that you have accurate information on each specific asset’s location, condition, purchase date, value, custodian and most recent maintenance.
Inventory tracking refers to objects that are sold, distributed or otherwise consumed by a company. These “temporary†objects include retail items and office supplies. For example, you may have 100 boxes of staples in inventory and when you use one box the tracked quantity decreases by one. You are not concerned with what specific box was used, but rather that 1 of 100 was removed. Ultimately, you want to know how many you have in stock and when to order more.
To begin, compare your objects with the chart below to determine if you need inventory or asset tracking:
| Description | Asset | Inventory |
|---|---|---|
| Objects used internally, such as computers, tools, and educational materials | • | |
| Track depreciation of company property | • | |
| Track maintenance on company equipment | • | |
| Objects are for sale or resale | • | |
| Ability to track/monitor reorder levels | • | |
| Objects are “temporary” and/or often replace, such a paper, pens and other consumables | • | |
| Employees may check objects in and out | • | • |
For more assistance finding the right data collection solution for your needs, contact us at Barcodes, Inc.
