IT asset inventory management is vital for organizations who either specialize in the sale of IT equipment and parts or who have IT assets upon which they depend to keep their businesses operating smoothly. Your IT assets and inventory are likely the biggest investment you’ll ever make. If you’ve been giving thought to an IT asset inventory management system for your IT assets and inventory, it’s important first to understand the difference between assets and inventory – two terms which are often used interchangeably. Inventory refers to items sold for profit. They’re continually moving into your warehouses and out once again as they’re shipped to various locations and ultimately sold to the end consumer. Assets, on the other hand, are the items you need to conduct your business. They’re not sold for profit, but they help you make a profit. Fixed assets can include anything from office furniture to vehicles to real estate and, of course, IT equipment.
Inventory management refers to that fine balance companies strive to keep between having too much product on their shelves, which translates to lost revenue through waste, and too little inventory, which means lost customers and, ultimately, lost revenue, as well. Companies with inventory need a reliable means to determine when it’s time to replenish their inventory and when it’s appropriate to make adjustments based on conditions like seasonal demand, for example. This process also involves the placement of stocked goods, so you know not only how much you have, but where it’s located.
“Asset management enables companies to monitor the location, condition, value and other critical details about their IT assets.”
Asset management enables companies to monitor the location, condition, value and other critical details about their IT assets. IT assets require periodic servicing and updates, and an asset management platform can help staff keep on top of schedules so that expensive equipment doesn’t malfunction, break down and/or require premature replacement. Asset management systems also help companies create reliable equipment refresh schedules and make informed budgeting decisions for the coming year. These systems can prevent loss, eliminate guesswork and save valuable time, as employees no longer have to spend hours trying to hunt down IT assets.
Both asset and inventory management track the flow of items, but while asset management primarily monitors the movement of items within the organization (and sometimes offsite, in the case of employee-issued IT assets), inventory management monitors the movement of items in and out of the organization and helps organizations make decisions about replenishment based on accurate, real-time data. Whether you’re in search of an IT asset or inventory management solution, you’re motivated by the desire to take care of your bottom line and to be a good steward of your investments. IT asset inventory management can be complex business due to the number of moving parts involved, so your best bet is to outsource it to an easy-to-use, yet powerful platform that gives you peace of mind. If you’re seeking convenience, affordability, and flexibility, Asset Panda has no peer in the industry.
With Asset Panda, all you need is the smartphone or tablet you already carry. Download our free app, and you get access to Asset Panda’s robust suite of completely customizable features. Asset Panda is simple to use, requires no training to understand, and is flexible enough to incorporate new technologies as they become available in the future. Whether you need to track IT assets or inventory, Asset Panda has you covered. And you can add as many users as you’d like for no additional charge.
Give Asset Panda a try free for 14 days, and find out why clients worldwide trust us to help them track and manage their IT assets and inventory. To learn more, go to assetpanda.com.
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