Benefits of an Asset Inventory Management App

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Inventory management is an essential administrative task for nearly any business— but it’s one that’s often pushed aside or neglected because it can sometimes seem like it doesn’t have direct benefits to profitability or a company’s immediate goals.

However, accurate and efficient inventory management— powered by an effective inventory management app— can benefit your business in more ways than you might expect.

What is an Inventory Management App?

An inventory management app, sometimes referred to as an asset management or asset tracking app, is a platform that allows you to scan, track, and store information on your company or facility’s various assets— from tools and equipment to computer hardware and everything in-between.

An inventory management app can include features like configurable data fields, auto-generated reports, cloud access to use the platform from anywhere and everywhere, and more. Businesses use these inventory management apps to track the value, location, availability, and maintenance schedules of the assets and equipment they use on a day-to-day basis. They can also be used for compliance and financial tracking purposes, as well as to increase accountability among employees.

Increased Productivity with a Centralized Asset Inventory App

One of the great benefits that come from using technology is the amount of time it can save you. An inventory management app can reduce the amount of time your employees spend on keeping track of inventory records by a large margin. Many companies know that inventory can be a huge time sink, but with the help of the right app, it doesn't have to be.

It can seem like running a business consists of putting out fires. Once you've got one crisis solved, another one pops up. If you don't have access to a mobile solution, it can be difficult to schedule employees to work on inventory or address inventory problems as they come up. Having a mobile app that makes it easy for you to access inventory records at any time means you can schedule your employees to inventory duty as the need arises, and access stockpile records if issues come up when you're not in the office.

Easier Use and Training for Your App of Choice

The success of your asset and inventory tracking efforts depends on having a system that your employees can use with confidence. If they need extensive training or technical knowledge to master it, the intimidation factor will likely scare them off. Your software, then, should be intuitive and user-friendly, so that everyone gets on board. Your asset and inventory management efforts will only succeed if everyone’s in the communication loop. If you’ve got gaps, guesswork and errors result. Keep in mind that some software products will place a cap on the number of users you can add, charging you a fee if you exceed that limit. Those extra fees can add up quickly.

Access Data from Anywhere with a Cloud-Enabled Inventory Management App

Ease of use also depends upon the portability of your asset inventory management system. This is where mobile technology becomes so important. You may need to access your data after hours, or when you’re on the go; so you’d be wise to find a mobile solution. Further, if you can find a product that syncs with the cloud, you’ll enjoy the assurance that comes from knowing that your data is up to date, all the time.

Enhanced Customization Based on Your Needs

Another feature you should be looking for in your search for asset inventory management software is flexibility and customization capability. No two companies are the same, so a one-size-fits-all approach to asset and inventory management doesn’t work. You should be able to customize features to meet your unique needs and make changes at any time. Your software should adapt to your needs, not the other way around. Keep in mind that you don’t have to purchase separate products for assets and inventory; it’s possible to find a single product that centralizes both functions in one, easy-to-navigate location.

Reduce Duplicate Purchases with an Inventory Management App

It might seem simple to track your inventory when it’s all located in a single, small facility. But what about when your business grows or assets are spread across multiple facilities? Suddenly, the location and even the existence of certain assets isn’t always clear.

The result? Many businesses end up purchasing assets that they already own, wasting not only money but also the time they spend waiting for a newly ordered asset to arrive— one that’s already sitting on a shelf somewhere, unknown to the relevant parties involved.

With an effective inventory management app, you always know what you have, where it should be located, and whether it’s still in working order. That helps reduce duplicate purchases— and lets you know when there is a necessary purchase that needs to be made.

Lower Costs with More Efficient Maintenance Records of Asset Inventory

Maintenance can quickly become a costly aspect of managing your assets. Fortunately, an inventory management app can help reduce the unnecessary costs that can result from poor maintenance tracking.

When you keep efficient maintenance records, you know in advance when a tool or other piece of equipment is going to need to be taken out of service temporarily (or replaced permanently). This avoids the costly delays that come from tools being taken out of use right in the middle of an important project with a tight deadline, which can be devastating for your productivity and your ability to deliver for customers and clients.

Since you can access your inventory management app from any location, you can see items in your inventory as they enter your system. Using your mobile device, you can track items through their life cycle, from first being put into the system to going out to a customer or a client. This real time tracking also makes it easier for you to maintain accurate records and eliminate potential inventory errors.

Better Forecasting with Your Inventory Management App

Your inventory management app also allows you to forecast future costs more effectively. We already mentioned some of the benefits of knowing when items will need repair or replacement. But this visibility also empowers you with better forecasting for future costs, allowing your facility or organization to budget for the future— not scramble to deal with unexpected costs that negatively affect your bottom line in unpredictable ways.

Mobile Availability from Anywhere

No matter where your employees are located, it's much easier to pull up some information on a mobile device than it is to go through a desktop environment. Most people carry their phones with them at all times, so they can just pull their device out of their pocket and pull up a mobile app to access data. Desktops are confined to specific areas and can't move from them without a lot of effort. If your employees are out in the field and need to access your inventory tracking system, they won't have to take the time to go back to the office and get the information they need.

Conclusion

Following years of research, development, and testing, Asset Panda introduced the world’s most powerful, yet user-friendly asset inventory management software. All you need to manage your assets and inventory with Asset Panda are the smartphones and tablets you and your employees already carry. Our mobile app is available on both iOS and Android devices, and it syncs with the cloud, so your data is always available. In the palm of your hand, you have access to the complete lifecycle of every one of your vital assets and your inventory.

Access such information as an item’s last pinned location and condition, complete maintenance history,  insurance information, warranty, lease/purchase information, GPS coordinates and so much more. You can create customized reports, set up notifications and alerts, create work orders and import and export data with ease. Asset Panda allows clients to add an unlimited number of users at no additional fee, so you can bring every one of your stakeholders into the asset and inventory conversation.

This intuitive platform is so simple to master that your employees won’t need any special training to use it with confidence. When you bring all of your asset and inventory data under one roof, so to speak, you save your employees the time and frustration associated with hunting down information. Your productivity goes up, and you save money because you’re maximizing the lifespan of your assets and making informed decisions about your inventory needs.

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