Automation of industrial asset management has gained significant attention due to recent breakthrough in technologies for object identification and tracking. Unavailability of small assets used in industrial assembly floors, owing to post use misplacement, impacts the productivity and results in erroneous information in inventory management systems. In this work we present a solution for identifying small industrial assets along with their storage location using a machine vision based approach. Proposed system will assist the store manager to track and consolidate industrial assets periodically on the assembly floor after production. We have developed a machine vision based application on a mobile handheld device for asset tracking. This application is capable of acquiring asset images and finding their storage location. A mobile application prototype is implemented on an open software platform for evaluation.