According to Wikipedia, A cycle count is an inventory auditing procedure, which falls under inventory management, where a small subset of inventory, in a specific location, is counted on a specified day.
ABC classification allows you to define and distinguish those parts are critical to your organization, and those which are trivial. Parts that are both essential to your production and hard to source would be a perfect example: you need to have those parts on hand, ready to be swapped in when those in production fail.
Your CMMS lets you assign a classification (A,B or C) to each part. For more those with multi-site enabled, you can set a classification per site per part.
Classify a Part:
1. Click Supplies, Parts and Supplies, and open a part record. Click Cycle Count, and New.
2. In the pop up screen, select the Site, ABC Classification, and click OK to complete
You can add a different classification to another site if you want, by repeating this process.