An apparatus and method for tracking the location of one or more assets, comprising an integrated
system that identifies an asset, determines the time the asset is acquired by a conveying vehicle, determines the position, elevation and orientation of the asset at the moment it is acquired, determines the time the asset is deposited by the conveying vehicle, and determines the position, elevation and orientation of the asset at the time the asset is deposited, each position, elevation and orientation being relative to a
reference plane. Mobile subsystems, each on a conveying vehicle, identify the location and orientation of that conveying vehicle using an optical
position sensor unit viewing an array of optical position markers, determine the identity of the asset from a
label, confirm acquisition of the asset, determine the elevation of the asset relative to the
reference plane and communicate the tracking information to a fixed-base subsystem.