In Itefy, an item is typically a piece of equipment. But it can also be other kinds of assets, like property, buildings, software licences. That's why we use the word item, and not equipment within Itefy.
An item can also be a stack of consumables, such as building materials, disposables etc. For these kinds of items, inventory should be enabled, which gives you the option to track current inventory, who has been picking consumables, and be notified when inventory is low.