You’ll find a great deal of inventory asset management software products on the market today. How do you choose the best one for your organization? And what difference does it make to your organization when you effectively manage your inventory and assets?
First, a bit of explanation is required. The terms “inventory” and “asset” often are used interchangeably, when in fact they describe different things. Inventory refers to the goods an organization sells to generate revenue – and the materials used to produce those goods. Inventory is temporary. It doesn’t stay under your management very long, as it’s being consumed. Assets – or fixed assets, as they’re often called – often are used in the production of those products, but they’re not part of the organization’s product line. Fixed assets are used on an internal basis and may include machinery, equipment, computers and mobile devices, A/V equipment, office furniture, even buildings. Companies maintain fixed assets long term and continue to profit from their use. Over time, though, the value and usefulness of those fixed assets decreases, and that depreciation is something accounting teams must record regularly.
Companies have to monitor the movement of items in and out of inventory. They keep track of goods as they run out of stock, and respond accordingly when they have excess inventory. An inventory tracking system offers an up-to-the-minute, accurate way of calculating the cost of these consumable goods. For fixed assets, companies watch not only depreciation and inflation, but also maintenance schedule, location and condition, insurance information, purchase/lease history, check-in/check-out status, and more. In a lot of cases, organizations are responsible both for inventory and for fixed assets – and their bottom line depends upon the efficient management of both. Until recently, many companies have relied upon outdated technology or, worse, manual systems (Excel spreadsheets) to keep track of inventory and fixed assets. Manual methods are error-prone, subject to oversight or a simple missed keystroke. And many inventory and asset tracking products on the market, while certainly better than an Excel spreadsheet, have required users to purchase additional software and/or hardware to operate, which makes them costly.
Asset Panda ushered in New World asset tracking with a powerful platform that requires only the mobile devices employees already carry – that’s it. No additional hardware, software or associated licenses to purchase. Asset Panda enables clients to track the entire lifecycle of inventory and assets using free mobile iOS and Android apps that sync with the cloud. The platform is completely customizable, incredibly robust and simple to use. Free training is available, but not required; the app was designed to be intuitive for employees regardless of their respective levels of technological knowledge.
No two organizations are the same, and that’s why Asset Panda offers complete flexibility and customization. The app opens with a custom dashboard, then allows customers to create custom fields and actions, sort columns and add relevant information to assets like voice notes, documents and videos. They can track items with the app’s GPS feature. They can schedule notifications and alerts, use the app’s calendar feature and opt for electronic signature to increase accountability. They’re entitled to an unlimited number of users and can establish custom role-based security among each of them. When your data is real-time, you have the assurance that the information you’re giving your accounting and compliance teams the information is accurate. You also save immeasurable time hunting down lost assets, eliminate guesswork and stop paying for items that aren’t in your inventory anymore. You’re able to stay on track of maintenance and repair and maximize the lifespan of your assets. You run your organization like a lean, efficient machine. And that’s the best strategy for growth and longevity.
Try Asset Panda free for 14 days, and find out why some of the biggest brands trust us to help them manage millions of dollars’ worth of inventory and assets. For more information, visit assetpanda.com