Tools: These are high value assets that you want to track individually. Each will have its own unique barcode or serial number (asset tag). Tool ownership is tracked to an individual and tools are required to be returned.
Bulk Assets: Bulk Assets are items that you want to track and are expected to be returned, but are tracked as a group, like shovel. They are less valuable then Tool, but you still want them to be returned.
Consumable: Items that will be used / consumed during normal work (like welding rods or water bottles). They are tracked as a group and auto removed from ownership based on time as they are consumed.
Equipment: Similar to Tools, these are high value items that are tracked individually and havefixed duration for which they are reserved.