Asset Management vs. Parts Inventory Management: What's The Difference?
IBM News, Thursday, June 15,2023
When it comes to managing assets throughout their lifecycle, business leaders know they need a comprehensive strategy in place to succeed. But they aren't always clear on the strategic opportunities around parts inventory management and the role it plays in maintenance strategy.
While asset management solutions monitor buildings, equipment, vehicles, IT assets and other items a company uses to conduct its business, parts inventory management tracks the spare parts maintenance repair operations (MRO) need in order to repair assets quickly and effectively when they break down.
Let's start with definitions of the two terms.