If you’ve ever worked in a product-based company, chances are good that you’ve had to do inventory at least once in your job. Many retail and factory workers dread inventory like the plague; the process is frustrating and time consuming, even if you have a system in place.
Many companies use inventory to fulfill product orders and stay within budget. As such, using asset inventory labels is crucial to keeping accurate records. These labels will benefit your business in a number of ways:
Use Data to Plan Purchases
Well-kept inventory records provide you with the data you need to know if you can handle more client orders or projects. You’ll know when you need new supplies and items, and can keep track of inventory trends. Inventory trends can help you plan product purchases ahead of time, so you’ll never be short on popular products or parts needed to create your merchandise. These plans will also help you develop relationships with investors that want to see proof of your ability to operate well.
Keep Customers Happy
Detailed records allow you to accurately answer customer questions about inventory availability. The faster you can respond, the better they will think of your company. Filling orders quickly means you can serve more customers, which leads to better profits at the end of the day. If you take too long, you run the risk of your customer canceling their order and going somewhere else.
Control Your Expenses
When you know what products you have on hand, you can avoid ordering duplicate supplies. You will also avoid extra costs like expedited shipping for products shipped close to deadline, and emergency repair costs for necessary equipment. Knowing your manufacturing costs also helps you better estimate your profits. Thorough inventory records can help you identify areas to cut costs and maximize overall profits.
Avoid Having Too Much or Too Little Product
Inaccurate inventory records can lead to overstocking or running out of a specific product or line of items. Having too much can lead to lost profit from write-offs or needing to sell at a steep discount to get rid of the excess before it goes out of style or spoils. Excess inventory must be handled, counted and stored, which adds more in labour costs. On the flip side, not having enough product, or experiencing a “Stockout” costs you money in missed sales and runs the risk of losing customers. Either situation is something you want to avoid at all costs, and using an inventory tracking system helps you do exactly that.
Measure Your Company’s Success
Inventory records help you see how many orders your business fulfills, equipment usage trends, and asset value over time. These valuable metrics help you evaluate your company’s performance and identify areas to improve. After all, the first step to finding a solution is to identify the source of the problem.
Save Time and Effort
Using an efficient inventory tracking system allows your employees to spend time on other important work tasks like contacting vendors and addressing customer concerns. Minimizing work time can also help you cut costs, if you find you have more staff than you need to track your assets.
Asset inventory labels help you keep detailed inventory records and avoid using a tedious and error prone spreadsheet to track your company’s assets.
Asset Panda’s asset tracking software simplifies the inventory process for all of your employees. Our barcode technology helps you utilize the benefits of asset inventory labels through the mobile devices your employees already carry with them.
Request a free demo of our asset tracking software to see what we can do for you.