Even after your business has shouldered the expense of purchasing warehouse equipment and inventory software, these tools still require maintenance and upkeep, and can quickly drain your budget without the right management plan. However, with the right tool tracking software, you can avoid common inventory management issues and help everyone stay on the right track.
Having the proper system in place can help you avoid common problems such as:
Inefficient tracking processes
Many businesses have gotten in the habit of using spreadsheets or even pen and paper to track their inventory and equipment. Spreadsheets quickly become a hassle and require a lot of manual data entry to keep up to date, leaving a lot of room for human error. Free tool tracking software can help mitigate some of these issues, but most of them require checking equipment and products in or out. While this is an improvement over spreadsheets and paper, there is still room for error if workers forget to check things in or out and still require continual maintenance.
Businesses suffer from miscommunication at the best of times, but when financial information is kept in a different area from orders and sales, which are tracked separately from mobile purchases, it means more opportunity for miscommunication. Crossed wires due to a lack of uniform data can end in costly mistakes.
Purchasing too much or not enough product
When you don’t know what you have on hand, you run the risk of purchasing what you already have, or failing to purchase what you need. When you don’t know what your customers want, you could buy the wrong product, or lose their product—and their patronage—altogether.
Misplacing or breaking equipment
When you don’t keep track of your equipment, you might lose a forklift and not be able to find it when a new shipment comes in. Inability to keep up with equipment maintenance leads to your assets breaking before the end of their expected lifespan, and replacing equipment can get expensive, especially when it could have been avoided by tracking necessary maintenance.
Inability to meet demand
Competition can make it hard to keep up with customer demand. If you don’t give your customers exactly what they need, they may choose to go elsewhere. When you can’t keep track of your product, you run the risk of being unable to fulfill their orders, and losing their patronage.
Enables employee theft
Employees are more likely to steal when they know their theft is likely to go unnoticed. With lacking inventory management systems, employees can chalk missing items up to the problems with the system.
When you use the right tool tracking software, you solve a lot of these problems. Free tool tracking software can help you solve some of these issues, but they aren’t designed to meet all of your needs.
Asset Panda can help you simplify your inventory management, provide data necessary to make changes, and improve manufacturing efficiency. All of this helps you reduce operation costs, saving your business money while making it easier to get out the products that make you money.
Asset Panda goes beyond manually checking in and out the equipment and tools your business needs to keep running. Instead, we use cloud tool tracking to keep everyone up to date. Authorized users can edit the database and access information on repairs, needed maintenance, and prior issues with individual tools. With this information, you can decide when to bring in new assets. Without this information, you run the risk of funding assets that aren’t worth the cost.
With Asset Panda’s Tool Tracking Software, you can improve your company’s overall productivity and eliminate data entry errors. Our free mobile app with advanced barcode scanning means that any employee can update your database. Our tool helps you know exactly what you have and what you need to save your company time and money. You can also get rid of ghost assets that are costing you money without providing any benefit.
To learn more about what Asset Panda’s tool tracking software can do for your company, check out our page on tool asset tracking.