Why is inventory control software essential for your business?
Facing trouble in recording and maintaining data on tools, misplacing tools after been used by an employee or difficulty in keeping track of tools being shipped off to various locations are some of the issues your business might be facing when it comes to inventory management. If you’re facing some of these challenges then it’s time for you to invest in inventory control software.
Inventory management is crucial for every business. Ineffective inventory control methods can lead to mismanagement of tools, incur additional expenses and ultimately lead to an unproductive work environment. By opting for a cloud-based inventory tracking system, you are moving towards improving efficiency by ensuring the accuracy of data. In contrast to cloud based tool management solutions, drafting documentation in spreadsheets can be time-consuming and not easily accessible across the organization. Below we will go through some handy tips about how tracking inventory can help your business out! Continue reading
Email Alerts and Asset Tracking Software
Asset and Inventory Management is the heart of every business and centralizing it across multiple departments in an organization is the key towards maintaining the whole business cycle upbeat. An important part of this cycle is to stay up-to-date with all the business activities, run a smoother team communication belonging to different departments. Email alerts have always been the most prominent source of communication. About 43 percent of the respondents in a survey stated that they subscribed to company e-mails so they could keep up-to-date with all the activities.
But what makes these alerts helpful in asset management? Saving capital, time and cost are the main benefits of centralized asset management, but there are multiple ways a business can earn more benefits and higher ROI. We’ll focus on the way where alerts can be utilized for better asset management! Continue reading
Profitability and good inventory management are connected. Good inventory management boils down to accountability. Using a robust asset tracking software, you need to account for what’s coming into and out of your inventory. A study by the Gartner Group has shown that 70% of all businesses have ineffective inventory management systems in place, to the extent that the difference between their actual and projected inventory can be as large as 30%!
For the majority of businesses, inventory is a major asset, but if inventory is mismanaged it can create endless problems such as inconsistent high or low stock levels, miscommunication between warehouses and delays in fulfillment. It’s important to protect your business from poor inventory management. Unfortunately, many wholesalers rely on employees to manually monitor and react to changes in inventory. This approach exposes a business to errors and increases the risk that can impact its reputation. In order to be effective, asset management solutions, therefore, need to not only manage assets but to find a way to make your assets part of a larger managerial ecosystem.