Asset stockroom management is vitally important for reasons that organizations sometimes don’t realize until they experience theft, loss, an upset customer, or some other consequence of lax management. A designated employee or employees are sometimes assigned to this task and are expected to manage assets manually, often with an Excel spreadsheet or even pen and paper. However, these “old-school” tracking procedures are flawed and prone to error. It can be difficult to keep up with your assets as they change hands, especially when employees are stretched thin already.
What is it?
The term asset stockroom management can refer to the fixed assets you rely on to run your daily business – for example, IT equipment, office supplies, machines and tools. And, in some cases, the term might be referring to the inventory you’re selling for profit. That inventory is received, processed, stored, occasionally moved or transferred to another location, and ultimately sold. Bottom-line profits are directly tied to the ability to effectively track and manage that inventory, maintain adequate stock, monitor returns, ensure timely delivery, and more. Regardless of how you apply the term, a good asset stockroom management system involves the assignment and application of unique barcodes that allow companies to track the exact location and quantity of items, their condition and value, among other data, and set up custom notifications – for example, when it’s time to restock an item.
What are the perks?
The benefits of good asset stockroom management become almost immediately obvious. Companies avoid premature run-outs and eliminate excess inventory that sits on shelves and drains budgets. They’re able to locate inventory at a moment’s notice, making adjustments as necessary. They can examine inventory levels throughout the entire organization or drill down to specific locations. They can issue reports and make recommendations based on accurate, real-time data. And they’re better able to plan their needs for the year ahead. Determining the respective value of their assets and inventory is far easier with a formal asset stockroom management process. With manual tracking and management, companies all too often resort to guesswork, which can result in mistakes and penalties later.
Which system is best?
Particularly if you’re a growing organization, it may be challenging to anticipate with certainty what your needs may be a year or five years from now. When it comes to selecting an asset stockroom management solution, then, your best bet is to choose a product that’s flexible enough to allow for scalability and the incorporation of new technologies as they become available in the future. Additionally, on the features side, you want a product that’s not only rich in features, but adding new features on a regular basis. Those features should be as customizable as possible, so you’re not forced to fit your organization’s needs into someone else’s box, so to speak. You’ll also want a product that’s simple to use and streamlined so that all of your employees can get on board quickly. When you ensure that all of your employees are in the loop, you increase accuracy and accountability throughout your organization.
Asset Panda’s powerful, flexible platform provides clients with access to 24/7, real-time data they can use to improve budgeting, planning and financial preparation, reduce redundancy, loss and theft, increase tax and insurance accuracy, and better determine appreciation and depreciation value. Asset Panda quickly integrates with legacy systems and seamlessly imports data from existing spreadsheets.
With Asset Panda’s free mobile apps, asset stockroom management is as near as the palm of your hand. To learn more, visit assetpanda.com
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