Asset and Inventory Management Best Practices

Controlling assets and inventory are tasks that can be quite time intensive. And if there are errors found or an item is thought to be lost or missing, or even worse if a key piece of equipment is not in working condition and should have been kept up to date, that can cause quite a bit of frustration in the employee(s) who are tasked with that control position. As items come and go from one place to another, the process can be done so much more effectively when the proper asset tracking program is in place. In fact, many companies have implemented asset and inventory management best practices for these operations and the results have been noticeable.

Tracking inventory and assets are not just for big warehouses or plant facilities. These are practices that can be implemented in the smallest of businesses or even your own home. Tracking assets and inventory can make what is commonly recognized as a time-consuming and frustrating process so much more efficient while keeping employees on task and business operations flowing. There are many instances when tracking has even made a significant boost to the bottom line. And at the end of the year at audit time, having a real time inventory of what you have, where it is and even the maintenance/repair history of assets to determine viability and if they have impacted the role in which they were intended, can make a big difference when it comes to planning for the following year.

The inventory and assets used are affected by many factors such as the economic environment, technology trends and changes, customer demand, company growth, or if a company’s business model evolves. Having an asset tracking system in place that is flexible and customizable to work with these ever-changing factors is a key element. The system also needs to be able to work with and be viewable by different departments as needed so that they can make suitable decisions on products or practices to move the company into the best position for success.

Below are some asset and inventory management best practices companies can consider when taking on any type of tracking program:

Categorize Your Assets
Consider categorizing your assets in a manner that is suitable and fitting for your specific company or industry. Headings such as department, employee, task, value, or specific use are most common and can make the asset or inventory more easy to locate if you know where/how it is most commonly utilized.

Capture as Much Information as Possible
Thanks to mobile barcode scanners included with asset tracking and management programs, one click can provide the entire lifecycle of an asset and all the information that goes along with it. Many programs go way beyond just capturing a barcode, offering the extra features such as the ability to take photos of an asset (helpful if an asset is damaged and needs repair or for insurance), record voice memos and set up reminders about updates or service needs.

Keep Current With Maintenance and Repairs
When essential equipment breaks down and you do not have the necessary parts in stock to get it back in working order, or you haven’t kept your assets in good condition following through with a maintenance schedule, delays can be very detrimental. Through asset management and inventory control, you can forecast the typical lifespan for parts and equipment, ensuring you are prepared for maintenance and repairs before they ever occur, and you know when equipment needs to go in for scheduled routine maintenance so that it’s ready for use at any given moment. That ensures an uninterrupted workflow and staff always have what they need when they need it.

Asset Panda is the best asset and inventory management tool on the market today. Asset Panda works as a scheduler providing custom alerts for valuable assets and inventory to help schedule the service for future updates or when the next service becomes due. In addition, Asset Panda helps you keep track of where each item is/was located, type, size it is and builds a service history for each piece of equipment for future auditing purposes. You can even create and manage work orders against equipment maintenance in Asset Panda.

Asset Panda’s flexible asset tracking system, available via free mobile apps and on the web, gives organizations large and small a comprehensive, lifecycle view of their vital assets and equipment. Completely customizable, clients are entitled to an unlimited number of users and may add specific details in their custom entries, like repair and replacement costs, current condition and administrative information. The depth of this information empowers clients to make better, more informed decisions, eliminates guesswork and costly errors, and cuts down on wasteful spending.

At Asset Panda, our mission is to empower companies to track their vital assets exactly how they want. To learn more and create some asset and inventory best practices of your own, visit assetpanda.com and start your free 14-day trial today.