Group Assets vs. Parent/Subcomponent assets

Summary

Group Assets vs. Parent/Subcomponent assets

Content

Hello,

We are looking for a way to group certain assets. In researching that, I learned that there is something called group assets. There is also Parent Asset ID. So a Parent asset can have subcomponent assets. I was hoping that someone may shed some light on these two ways of grouping assets. The documentation, simply mentions these features, but does not provide any examples or case studies.

Thanks,

Neelam