In the Events Industry? Inventory Features To Look For In Asset Tracking Software

By February 21, 2019Asset Tracking, Blog, Use Case

In the Events Industry? Inventory Features To Look For In Asset Tracking SoftwareWhen you put on an event, the list of things you need in order to make it successful is long and detailed. In many cases, the big items overshadow everything else on the list – venues, table settings, seating arrangements, flowers, music, AV equipment, music, etc. But in order to get all items in order and to the venue, it’s critical to first have a method to keep up with them. An event planner’s inventory list of everything he/she needs for each event is key to an event’s success. With the different options available to planners in terms of asset tracking, there are some key inventory features to look for.

Managing an event effectively can be quite a challenge. Every event, no matter the size or scope, requires a great deal of planning and even a minor oversight can be damaging. Just as an event planner needs to be flexible in dealing with his/her client’s needs and wants, the inventory features of asset tracking software should also be flexible enough to handle the tracking and reporting needs the planner has.

Today’s asset tracking software has the ability to help manage the planning, marketing, sales, event tracking, and even post-event analysis. Thanks to built-in mobile scanners and customized up-to-the-minute reports, planners have instant access to data about items in inventory and their availability or usability status for an event at any given time. And because planners are constantly on the go, cloud-based mobile apps give planners the freedom to move from place to place and be able to see information about items in inventory no matter where he/she are located.

Here are 3 key inventory features your asset tracking/management software should have when it comes to planning events:

Check in/check out status

Events require lots of different items. It’s imperative that your software of choice has a reliable way to check in/check out items in inventory before and after each event. Ask yourself if you really know what assets you have. Chances are you don’t. When it comes to needing an item for an event, conference, meeting, etc. if you don’t know what you have, you’re wasting valuable time searching for items, and possibly wasting money buying items that may simply be lost or misplaced.

By utilizing a reliable method to check in/check out assets, you and your team are becoming more responsible, reliable and efficient for what are probably some of your most expensive items. You can use data to track how your assets are being used and if you need to acquire more or maybe phase out an item based on its usage.

It’s also helpful for the planning team as a whole to have a working knowledge of what items are available and when. That way they don’t double-book certain items or promise things to clients that are not possible because they don’t have access to equipment.

Preventative maintenance

Busy event planners know that even the most durable equipment can wear down. Especially if it’s used over and over again. Equipment, just like people, needs a break every now and then. Sometimes it’s just a quick upgrade or other times, it may be out of service for a major repair. But planners also know that they don’t ever want to be caught without their most important and reliable assets either.

Asset tracking software can keep records on items in inventory and how they are being maintained. Just when we see a “check engine” light on our car, planners need to pay close attention to lights or alerts on equipment as well. You want items in your inventory to last for as long as possible — not just till the end of the next event.

Preventive maintenance tracking saves time and money. A service and maintenance schedule for each item in inventory gives planners the ability to track the unavailability of assets under maintenance, as well as the service costs over an asset’s lifetime.

Dealing with insurance

Unfortunately, there will be a time when a piece of equipment goes missing after an event or is damaged beyond repair. For event planners, every piece of equipment has value of some sort – you paid for it, maintained it and use it. In the instance that an asset is missing or no longer viable and insurance has to be called in, you need to be sure you have all the pertinent details about it readily accessible and up to date. Asset software records the entire lifecycle of an item in inventory from the moment it’s entered into your database. For insurance purposes, record the following details:

  • Item description
  • Make/model
  • New/Used
  • Serial or Product #
  • Date and Location Purchased
  • Estimated Value

Asset software can help you update the list as frequently as necessary. That way when it comes to reporting the item, you have specific information to get the most returned from your claim.

Event planning relies on being able to know what you have, where your assets are and ensuring they are in good working condition at all time. Asset Panda is proving to be the needed tool to help planners pull off fantastic events time and time again. Tennessee-based corporate event planning company LEO Events has learned just how important the need for asset tracking software is and what inventory features have made a difference.

Thanks to Asset Panda, guesswork has been virtually eliminated and they now know now in real-time what assets they have, where they are and how many we have so that they are not spending unnecessarily on items they already have in their inventory.

Learn more about what inventory features Asset Panda can bring to your planning business and sign up for a free 14-day trial at www.assetpanda.com.

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