3 Major Ways Inventory Tracking Benefits Facilities

Many industrial organizations rely on proper facility management to keep their business running. And a vital part of any facility management practice is inventory tracking. Whether your company works in construction, healthcare, education, manufacturing, or another industry, you need to know that your facilities are functioning at their peak efficiency.

Here are some ways inventory tracking helps you keep each of your facilities in top condition.

"Tracking your inventory over time gives your executive team great information with which to judge the success of your business performance."

 

Stay on Top of Product Location

Warehouse sizes can be difficult to navigate. If you don't know where your product is at any given time, you could be spending a lot of hours in finding items. Using a software program to track your inventory is a great way to locate your products with ease. Being able to look up exactly where a specific product gives your team more time to spend on administrative tasks and working with clients directly.

Connect All Departments Involved in Inventory Tracking

Your fulfillment team isn't the only part of your company that needs to know what your inventory looks like at any given moment. Your sales team needs to know how much product is in your warehouse at any given moment so they don't promise items you don't have. Your financial department needs to know how much inventory is selling so they can make financial reports on the status of your company. Inventory tracking makes it possible to store company information in a database that you're entire company can access. This is a great way to connect all of your departments without risking data loss by sending information from one person to another.

Use Inventory Data to Generate Reports and Forecast Company Success

Tracking your inventory over time gives your executive team great information with which to judge the success of your business performance. Software makes it possible to track things like the amount of inventory sold, hours spent on inventory management, employee access, and overall inventory organization. Tracking this information over time is a great way to identify patterns. You'll be able to see which products are earning well, and which ones your customers don't care about. This will help you make informed decisions about what to continue selling, and what to get rid of for future quarters.

Asset Panda created an easy-to-use inventory tracking software program which is perfect for your facilities management needs. We've made it possible for you to add custom fields to all of your asset and product entries, so you can track each bit of information relevant to the items. It's easy to attach pictures and even a GPS location, so your team won't have any question about what they are looking for or where it is.

Our platform also makes it easy to set up notifications for any reason. If you have an upcoming audit, you'll get an email notification along with any notes you've included for preparation. Or, if something unexpected happens in your inventory, you can set up your system to notify you of any out-of-place changes.

One of our education clients uses Asset Panda to manage their many facilities. With our software, they can track which students have laptops or desktop computers. This helps them keep tabs on all of their IT equipment, which in turn helps them make the most of their tech budget.

Want to see how Asset Panda can benefit your facilities management process? Sign up for a free guided tour today!