Asset Location shows where an Asset is located.
The assets that your organization owns can be located at various facilities like administrative offices, manufacturing plants, warehouses, etc. In ERPNext you can create a 'Location' for each of your facilities and track the assets which are present in these locations.
You can also add Latitude and Longitude of the location. When an asset is moved from one location to another, you need to create an Asset Movement record.
Map of the location is also shown: