Inventory management systems have a lot in common with asset management, but when it comes down to it, they’re two completely different tools.
Long story short, inventory management helps you monitor stock levels on things you sell (essentially, your products). On the other hand, asset management helps you keep track of things you own (like employee computers or mobile devices).
With asset management, you don’t have to deal so much with production and manufacturing, supply chain management, third-party logistics, customer demand planning, or order fulfillment. You also don’t have to worry about tracking inventory levels across multiple sales channels.
That being said, effective asset management has a lot in common with inventory management. With asset tracking, you’re basically running a just-in-time inventory management system—you need to forecast when you’ll need to replace or provide maintenance for your assets, then order new assets or schedule maintenance with enough lead time to ensure you get what you need when you need it.
So even though you’re not dealing with retail sales tracking, your asset management software should help you forecast when items or service will be needed, the costs associated with your assets, and the physical location of each of your IT assets.