Inventory Management Tips and Techniques for All Businesses

Inventory management is the part of the business structure that aims to always have the right products in the right quantity, at the right time. When done effectively, businesses reduce the costs of carrying excess inventory while maximizing sales. Good inventory management can help you track your inventory in real time to streamline this process. If you don’t have what your customers want when they want it, they know they can go to other vendors to find it.

Nearly every business across every industry can benefit from inventory management best practices that streamline daily tracking and management operations. Businesses can no longer track large amounts of data with Excel spreadsheets. Today’s inventory management offerings combine the latest technology with time and money saving tools that can completely change the way a company tracks their inventory.

Companies are finding a number of benefits to implementing inventory management into their business. Proper inventory management enables companies to streamline tracking operations and processes, which in turn and keeps inventory, assets, and equipment in check.

For businesses of all sizes, access to real-time, accurate data is critical. When companies know what they have, where it is, what condition their inventory is in, they can more accurately pass that information to customers and meet their demands. Access to accurate data ensures that a business is running to the best of its ability with the right tools in place while at the same time, keeping the bottom line healthy.

Camcode^®, a recognized worldwide leader in customized services for asset tracking applications recently put out its 2019 list of 50 Inventory Management Best Practices: Tools, Techniques, Money-Saving Strategies, and More. The list includes tips for inventory management techniques, inventory management tools, money-saving practices and warehouse organization for inventory management.

Once again, Asset Panda was honored to be included among this prestigious list of industry experts regarding inventory management, under the “Inventory Management Tools” section. Asset Panda’s tip is:

Stop using manual inventory tracking and management systems. “It’s shocking but true: Some companies out there are still relying on manual inventory tracking and management systems – in other words, Excel spreadsheets. Inventory is a living, breathing entity. Manual systems simply can’t keep track of all of the parts as they move. Nor does it allow for a 30,000-foot view of your company’s inventory. Spreadsheets become outdated very quickly, and they’re subject to human error and oversight. Finally, manual systems don’t facilitate communication among all affected parties or allow you to make corrections or adjustments to your inventory quickly.”

Home-based Business Inventory Management

If you have a home-based business that carries inventory, it’s also important to follow a few guidelines to ensure your valuable assets are safe and accounted for at all times. That way you can accurately track and manage these items as your business grows and changes. Small business owners don’t have time to look for and manage inventory. They need to be concentrating on selling and scaling the business.

1. Storage. Store inventory in a cool, dry location free that isn't heavily trafficked by kids, pets, leaky faucets, unattended candles and whatnot.
2. Security. Home-based businesses who keep inventory in a garage or shed that can be accessed from the outside might consider installing a security system. Keep significantly valuable items in a safe/fire-proof safe.
3. Separation. Keep your home-based inventory separate from your personal space. And don’t forget, when tax time comes, take advantage of small business deductions, which means your storage and office space should be fully separate from your personal space.
4. Off-site storage. Off-site storage is great for seasonal products, slow-moving inventory and other items and paperwork that you don't need to access very often.

Whether you are a large retailer, manufacturer, wholesaler, or have a small, one-person home-based business, inventory management needs to play an active role in your everyday business activities. Asset Panda allows users to “outsource” their asset and inventory tracking to an app that maintains the complete lifecycle of every asset and piece of inventory. You have real-time, easy access to your data 24/7. Completely customizable, Asset Panda provides users with a wealth of information on its inventory that empowers clients to make better, more informed decisions, eliminates guesswork and costly errors, and cuts down on wasteful spending.

Come learn why Asset Panda is named among the best of the best when it comes to inventory management. Sign up for a free 14-day trial at www.assetpanda.com.