Managing inventory can be hard. With items constantly moving from one place to another, keeping track of their location can be a challenge, especially for companies with a large inventory variety. This is why it is essential for employees to have an inventory management system that readily presents basic information, such as:
- Location of assets
- The condition it is in
- Who is in possession of an asset
- If it is safe to use
INVESTING IN AN INVENTORY MANAGEMENT SYSTEM
Investing in a quality inventory management system is necessary in today’s fast-paced business environment. It is critical that companies have an efficient way to manage and track assets. This is because employees are being held more accountable when it comes to knowing basic information of assets, e.g. data on location and condition. Success of a company, along with employee jobs, relies on this data; therefore, guesswork is not acceptable. To ensure that inventory is being tracked to the best of its ability, the right inventory management system.
BENEFITS OF AN INVENTORY MANAGEMENT SYSTEM
Many benefits can be reaped from choosing to invest in an inventory management system. The main benefit is that companies have a wide array of management systems to choose from – all of which that are user-friendly, customizable and can be used by a large number of users from anywhere. Other benefits that result from implementing an inventory management system include:
- Time savings due to all asset information being housed in one location
- Minimization of lost items due to the ability to immediately track asset location
- Elimination of the guesswork
- Cost savings due to reduced taxes and cost of property insurance
- Reduced asset losses
- Fast audits and accurate reporting
WHAT YOUR INVENTORY MANAGEMENT SYSTEM SHOULD INCLUDE
When investing in an inventory management system, it is important to ensure that it includes the following three factors:
One of the most important parts of choosing an inventory management system is ensuring that it will fit company needs. This means the inventory management system should be customizable and allow data to be organized in specific ways to best fit the users needed preferences.
MOBILE IMAGE AND DOCUMENT MANAGEMENT
Mobile image and document management is easy and served through an app. This helps eliminate the need for separate hand-held devices or photo devices and is much more time efficient. All information about the equipment can be documented and automatically logged in the application.
CLOUD BASED TECHNOLOGY
Cloud-based technology is key to efficient asset tracking. With everything constantly being on the go, it is important to have an inventory management system that can travel with you. By investing in an inventory management system that allows you to access it anytime and anywhere, everything is easily accessible.