I have Excel … Why Bother With Inventory Tracking Programs?

By September 28, 2017Asset Tracking, Blog

I have Excel … Why Bother With Inventory Tracking Programs?

Whether a small start-up or a large international corporation, when it comes to inventory, there is a lot on the line. Looking through all the various inventory tracking programs can be overwhelming. But once you find the right one for your business, it can make a world of difference from a time and financial perspective.

We are all familiar with inventory when thinking about warehouses stocked with our favorite products. A business gets an item in, sells it and restocks it. But inventory tracking goes way beyond the “in and out” of a product. Inventory encompasses so much more than just buying and selling — vendor relationships, productivity, equipment to move inventory from place to place, budgets and audits, employee morale and customer service.

Having inventory tracking programs that can contribute to all of these factors is no longer just a dream. Whether inventory is kept in a warehouse or in a brick & mortar storefront, the technology available to business owners has truly impacted the way companies do business for the better.

Companies no longer should rely on a manual system to track inventory. Typically companies used Excel spreadsheets which were subject to human errors such as typos, omissions, missed keystrokes, etc. With inventory constantly moving in and out, keeping up with an excel sheet that is shared and used by so many different employees is almost impossible. One mistake and hundreds or even thousands of hours of data entry could be instantly lost. When tracking inventory, employees need to know accurate data instantly. That’s not possible with excel sheets. They can’t tell you the exact location of an item, who has it or what condition it’s in. And have you ever relied on an excel sheet to give you an asset’s maintenance history, details on insurance policies, or depreciation figures? Probably not. But today’s inventory tracking programs can do that … and so much more!

Competition is on the rise and rival businesses are competing for the same customers. Having the correct data on in-stock inventory is important. AT the same time, you don’t want to oversell a product or have a great deal of product on back order. Knowing what you have, how much you have and how it’s selling are some key data points that inventory tracking programs can provide.

Another key benefit of implementing inventory tracking programs is the customization option. No business is exactly the same, so their needs for inventory tracking aren’t the same either. Finding a platform that works how you need it to work is a bonus. Having the ability to customize the software offers so many more benefits than a pre-programmed platform that “thinks” it knows what you need. Examples of customization include:

  • Ability to set warnings or alarms when certain items are low and need to be reordered
  • Synchronization of inventory in real time with sales
  • Updates product stock when new orders are received so employees always know if there is more available “in the back”
  • Tracking of inventory “on the move” to decrease costs later down the line for budgets and audits
  • Organization of vendor and customer information; insurance details;
  • Capture photos or even video of products for later reference or if there are problems/issues with a particular item
  • Incorporation of built-in barcode scanners to access the database in seconds. Instead of relying on key input, employees use their own mobile devices to scan a code and pull up an entry instantly.

The long-term data associated with inventory tracking programs can help businesses identify trends and make informed decisions about what is best for the business and the customers it serves. As we all know, happy customers lead to more business, which of course will do nothing but benefit your company.

Asset Panda is based on free mobile iOS and Android apps that sync with the cloud, which gives you the assurance that your data is always in real time, accessible 24/7. The app is completely customizable and you determine what data is displayed and how — from the custom dashboard, fields and columns to notifications, alerts, reports and security settings, among other features. Every Asset Panda account is a premium account, so you chose the features relevant to your needs, and make changes as you see fit.

Right from the palm of your hand, using your smartphone or tablet, you can anticipate and avoid run-outs or excess inventory, saving your organization (and customers) money, frustration and waste. Every Asset Panda client is entitled to an unlimited number of users at no additional fee, which empowers you to bring every stakeholder into the loop for greater accountability and accuracy.

Now’s your chance to try one of the easiest and most cost-effective inventory tracking programs on market free for 14 days. Visit assetpanda.com for more information.

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