Inventory management is critically important for the automotive industry, and it has played a key role in the industry’s ability to perform more efficiently. Technological innovations like easy inventory software have brought great improvements to the automotive industry’s ability to monitor the whereabouts, condition, quantities, values and other data associated with their respective inventories.
Gross output for U.S. motor vehicle and parts manufacturing in 2019 is expected to reach $752 billion USD. The term “inventory” encompasses a few different categories for the automotive industry:
- Finished goods, or fully manufactured products ready for sale;
- Work-in-process inventory, or semi-manufactured products (in other words, items that need further assembly prior to sale); and
- Raw materials, or the components that will be used to create works in progress or finished goods.
Inventory Management: a Moving Target
Inventory management is much like a puzzle of constantly moving parts. Automotive manufacturers are challenged with stocking enough inventory to keep production humming and accommodate demand, but not so much inventory that they have parts or finished goods sitting idly on shelves. The “sweet spot” is a scenario in which operations never have to pause in order to wait on additional inventory to arrive. Customers never have to go without the products they want, and retailers never have excess inventory they can’t sell. Companies know how much inventory they have at all times and therefore don’t place orders they don’t need. They’re able to plan and prepare for seasonal variations in demand. Loss and theft no longer affect their respective bottom lines. Determining the value of their inventory is a straightforward process not based on guesswork, but rather real-time, accurate data.
Benefits of Easy Inventory Software
Easy inventory software allows automotive manufacturers as well as retailers to keep track of inventory throughout the process, including the delivery of vehicles to the end consumer. The software increases transparency and accountability and helps stave off unnecessary delays, which can lead to customer dissatisfaction. Based on real-time data, retailers can provide their customers with accurate vehicle delivery dates and eliminate mistakes. They can track and manage special orders more carefully, monitor costs, detect pricing patterns, measure average delivery time, determine purchasing trends, and follow year-over-year performance. It’s also simple to create reports with the software, which administrators then may use to make informed recommendations or support decisions that affect their bottom-line revenues.
To help hit that inventory sweet spot, easy inventory software includes a feature which enables administrators to establish custom thresholds, so when stock either approaches or dips below a set point, the administrator is notified and/or an automatic replenishment is triggered. Administrators also may set up customized notifications and alerts to remind them of key service and maintenance checks on their inventory and assets.
The Asset Panda Difference
Asset Panda’s free and easy inventory software is powered by a free mobile app with customizable features, so automotive manufacturers and retailers can track their inventory any way they want. With a built-in barcode scanner, Asset Panda eliminates the need for additional hardware, software or expensive software licenses. Our configurable inventory management system is simple to integrate with legacy systems, and the platform is intuitive and user-friendly, so your employees won’t need extensive training to get up to speed quickly.
From the palm of your hand, using the smartphone or tablet you already carry, Asset Panda’s easy inventory software gives you 24/7 visibility into the exact quantities, value, location and condition of your inventory, improve your budgeting preparation, reduce waste and loss, and keep your focus where it needs to be: on delivering superior products to your customers.
To learn more about Asset Panda’s capabilities, or to begin your free 14-day trial, visit assetpanda.com
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