Making an Inventory Tracking Database System a Top Priority

By February 13, 2018Asset Tracking, Blog

Making an Inventory Tracking Database System a Top Priority

Companies rely on accurate reports and data on a daily basis. Some of the most important decisions a company can make are based on the data entered. When it comes to inventory, precise, up-to-the-moment data is critical. That’s why having a functional inventory tracking database system is so important for any business that tracks inventory or assets.

The way a company tracks its inventory and/or assets has a direct effect on the bottom line. Inventory ties up a significant portion of a company’s finances, so responsible and accurate management absolutely needs to be a top priority. Businesses of every size across every industry depend upon a large inventory of assets every day – from IT equipment and office supplies to furniture and real estate. Unfortunately, many companies do not have any idea of what assets/inventory they own, where these items are, who has/had them last and if they are up to date on maintenance.

That’s where an inventory tracking database system can be a tremendous help. Companies and their employees spend countless wasted hours trying to track an asset down, if it can be found at all. If they can’t find it, then the company has to take money from the budget to replace it. Or if an asset isn’t kept on a regular maintenance schedule, an unexpected trip to the repair shop can be very costly as well. Companies need to see what they have on hand at all times via a reliable and secure way to view it.

Traditional processes to track inventory and/or assets involved manual entry into a ledger or Excel spreadsheet. If you’ve ever had to enter a large quantity of data, you know it’s incredibly time-consuming and labor-intensive. And there’s also a huge risk of error whether it be a mistyped entry, an omission, or an accidental deletion. Many times, multiple employees share the spreadsheet and one error can throw the entire sheet off and provide inaccurate detail to the rest of the team. And when your company is making decisions off this data, there is simply no room for guesswork!

Employing an inventory tracking database system simplifies the process of tracking and enables users to provide more accurate information to one central location in a timely manner. There are a few key elements you should look for in any type of tracking system:

  • Look for a solution that’s as customizable as possible, allowing you to track and manage your inventory exactly how you want now, and in the future. Find a platform that can change as your needs change.
  • Look for a product that allows for unlimited users. As your company grows, you can add more employees to the platform, which allows your team to be involved and in the know. The ultimate success of your inventory tracking is related to your willingness to engage stakeholders. When everyone is on the same page, accountability and accuracy increase.
  • Look for a product that your team will actually use. You need maximum buy-in from your users if you want an inventory tracking database system to work. If the software is too complicated or requires hours of extensive training to master, your employees won’t use it. Use the mantra … the simpler, the better.
  • And finally … look at the investment you are making. Are you getting a return on your investment? How much time will you and your employees save at each stage of the process of tracking? Are the included features ones that YOUR business needs specifically? No need to pay for something that is useless to your business model. Look at all the options on the market. Compare prices, features, and the time savings capabilities. No matter what platform you choose, having all of your data in one place will truly change the way you track inventory and assets.

Asset Panda’s inventory management configuration is the perfect choice for your inventory tracking database system. Asset Panda keeps real-time data about valuable assets and inventory easily accessible, from anywhere at any time, so you can work smarter.

Not only is Asset Panda user-friendly and intuitive, you can also add as many users as you’d like for no additional charge. That advantage, in turn, enables you to close the communication loop among all stakeholders involved with your assets and/or inventory – increasing both accountability and accuracy throughout your entire organization. Asset Panda is customizable, so you control how your data is organized and displayed. Set up custom criteria like location-based or user-based security, a custom dashboard, fields and columns, a calendar feature, notifications, alerts and reports for deeper analysis. Asset Panda users can also add an image to any asset or inventory item, related documents, and notes such as warranty information, service schedules, and even purchase orders and invoices.

When you know you can rely on your data, you can make better budgeting and financial decisions. Let Asset Panda guide you on a new and improved path to inventory tracking with a free 14-day trial. Visit www.assetpanda.com to learn more.

 

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