Five Key Features of Software to Track Inventory and Assets

By April 4, 2017Asset Tracking, Blog

Five Key Features of Software to Track Inventory and Assets

Finding the right software to track inventory or assets can be a daunting task. There are so many products out there on the market that it’s hard to know what platform is a good fit for your business.

Inventory and asset tracking software help companies of all sizes maintain control over assets that often lost, stolen or forgotten, and saves time for employees having to search for these items, and also saves money in companies not having to repurchase these items that can not be located. As assets used for daily activities are increasing and being used with greater frequency by more employees, many companies find that they are actually forgetting the assets they have, where they are located (or are supposed to be), who last used a particular tool and when it will be returned. This missing data definitely can impact a company’s bottom line – and not in a positive direction.

With so much on the line, identifying some important components in the right tracking software that can grow and change as your company changes or your customers need change is of utmost importance. From financial savings to real-time data to flexibility – there truly is something for everyone. The challenge is to find what’s right for YOU and YOUR business. Here are five of the most common features that companies look for in their search for software to track inventory and assets:

Time saving
Today’s asset tracking systems are saving companies hours of time and manpower that was previously spent manually entering data into handwritten ledgers or electronic spreadsheets. Now with just a click of a button from a smartphone or tablet, employees can instantly upload all the necessary data on an asset, viewable by all stakeholders. Employees can look up an asset, find its location and who has it. There’s no need to worry about losing valuable time integrating data into a new software from your existing format (like Excel).

Real-time reporting
Because of today’s mobile work environment, assets are constantly on the go from location to location and user to user. Inventory is moving in and out at a frantic speed, trying to keep up with customer needs. With so many bits and pieces on the move, it’s critical that the status of assets and inventory be up to date at all times. Today’s asset and inventory software feature real-time reporting that can be accessed anytime, from anywhere. If employees have a smartphone or tablet, they will always have instant access to the entire lifecycle of an asset or status of inventory in/out of stock. This data also helps promote regular maintenance activity, preventing unnecessary repairs or other expenses, which keeps a company’s equipment in good working order.

Barcode scanning made easy
One of the most useful features available for tracking software is the inclusion of barcode scanning. With built-in scanning capabilities right from employees’ own smartphones and tablets, they can locate assets when they need them by using barcodes to efficiently share items across teams anytime, anywhere. Mobile apps allow technicians to scan barcodes or add new assets into the system, check in/check out, and attach pictures, video, audio, and other details about the assets from any connected location. The ability to attach multiple images, video, and voice notes when entering data is a useful bonus feature.

Flexible & scalable
Finding a flexible and scalable tool to track inventory and assets is among the top in requirements for a software platform. Look for a product that offers unlimited users, roles, and locations, along with custom field and actions. Having the ability to configure permissions, customize asset fields, and customize reporting for your specific business or industry are useful additions. With unlimited fields and configurability, you need your tracking software to change as your needs change so that it’s always the perfect platform to meet goals or solve problems.

Cost-effective
Software for tracking inventory and/or assets is available at several price points. In selecting the appropriate option for your business, consider how many user accounts you might need, the number of assets you need to track, or how large your inventory base is. Not all tools can handle the same number of assets and there is no reason to pay for more capacity than you will need. Always check to see if there are specials to get started or trials of a product before you commit. Knowing what you are getting before you sign the dotted line will save you from “surprises” down the road.

Asset Panda is simply one of the best asset tracking systems available. This flexible asset tracking system, available via free mobile apps and on the web, gives organizations large and small a comprehensive, lifecycle view of their vital assets and equipment. Completely customizable, Asset Panda is not just incredibly powerful; it’s also very simple to use. Clients are entitled to an unlimited number of users and may add specific details in their custom entries. The depth of this information enables clients to make better, more informed decisions, eliminates guesswork and costly errors, and ultimately, wasteful spending.

Asset Panda is a great value, requiring only a smartphone, tablet or desktop computer. We don’t have hardware and software licenses to pay for upgrades. No separate barcode scanners are required, saving our customers repair and replacement costs.

Try Asset Panda for free with a 14-day trial, and you’ll know you’ve found the right software to track inventory and assets. Visit assetpanda.com today for more information.

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