What is the difference between a part and an asset?

Parts

• A part can be added, customised and/or removed from the system
• A part is defined as a non-unique piece of stock
• A part is a generic item, i.e a nail, a screw, something that has no unique serial number

Assets

• An asset is an item with a unique serial number, i.e a phone, a car, a complete item of many parts
• Assets can be added and/or removed from the system.

Users can create assets and parts in a similar way, but the overall purpose of one is very different to the other. A part is defined as a generic, non-unique item, such as a bolt or nail, whereas an asset is a specific, uniquely identifiable item, such as an iPhone, a car - anything with a distinct serial number. 

Also see Bulk Assignment of Input and Output Asset serial numbers for Cob Cards.