Best of the Best: Inventory Management Best Practices and Techniques
The task of managing inventory has evolved dramatically over the past few years. Gone are the days of tracking vast amounts of data with hand written ledgers and electronic spreadsheets. Today’s offerings combine the latest technology with time and money saving tools that can completely change the way a company tracks inventory. Companies have a vast supply of inventory management best practices and techniques right at their fingertips to help guide them through this once complicated and time-consuming practice.
The benefits of implementing an inventory management system are many. Proper inventory management allows companies to streamline tracking operations and processes, which in turn and keeps inventory, assets, and equipment in check. Up-to-date data is critical, especially in today’s competitive business environment. When companies know what they have, where it is and their condition, they can more accurately pass that information along to customers and meet their demands. Access to this data ensures that a business is running to the best of its ability with the right tools in place while at the same time, keeps the bottom line healthy.
No matter if you are a retailer, manufacturer, wholesale provider or warehouse manager, companies who employ inventory management platforms experience:
- Significant time savings
- No more lost/misplaced items – look up data for inventory/assets and find their locations immediately
- Eliminate guesswork from repair and replacement decision-making
- Reduced taxes and savings on property insurance
- Fast audits
- More accurate reporting
- Know what you own, where your inventory/assets are and who has what
- Know what condition inventory/assets are in
- Store all related information in one location
When it comes to inventory management, employing a list of best practices for the entire company to adopt maintains a real-time view of stock and assets, keeps accounts accurate, and creates customized and relevant reports for stakeholders.
Camcode®, a recognized worldwide leader in customized services for asset tracking applications recently put out a list of 50 Inventory Management Best Practices: Tools, Techniques, Money-Saving Strategies, and More from industry experts across retail, warehousing, and manufacturing. The list includes tips for inventory management techniques, inventory management tools, money-saving practices and warehouse organization for inventory management. Asset Panda was honored to be included among this prestigious list of industry experts with our tip of:
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.”
There are many great tips by other leaders in the field that can and should be applied to companies or organizations who need to manage their inventory in a more effective way such as:
- Track inventory in real time.
- Know your high sellers.
- Audit your stock.
- Know what type of inventory management fits your business.
- Train all workers in inventory management best practices.
- Automate and consider an asset-tracking system.
- Keep your information up to date.
- Take advantage of technology.
Asset Panda has introduced a powerful, yet simple way to track both assets and inventory from the palm of your hand. Powered by free mobile iOS and Android apps that sync with the cloud, Asset Panda requires no additional hardware or software to use – only the mobile devices you and your employees already carry.
Asset Panda allows users to “outsource” their asset and inventory tracking, so to speak, 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. When your inventory management is accurate, you can rest easy that the information you provide your accounting and compliance teams is reliable.
Without the need for additional software, you won’t face charges for licenses. You’re entitled to an unlimited number of users at no additional charge, so you can bring every one of your stakeholders into the communication loop. That means increased accountability and accuracy, which in turn saves you money.
There’s a reason Asset Panda is included among the best of the best when it comes to inventory management best practices. Let us guide you with a free 14-day trial today (no credit card required)!