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The Storage Location object contains managed inventory items. Storage locations are assigned to technician's and usually refer to their vehicle inventory. Storage locations can also be assigned to an account location which then allows for managing inventory at a customer location. A good example of customer managed inventory would be printer toner, air filters, water bottles, etc. 

Once a storage location is initially created and assigned, this API should no longer be used to manage it. Instead is should be managed with the Inventory Load and Physical Inventory Count APIs. The reason is because this API represents a complete replacement of the storage location object and because a technician may have just consumed inventory which has not been upload to the system yet, replacing it could immediately cause the counts to be out of sync.