Tracking Inventories: Basics and Benefits

The successful tracking of inventories has a direct effect on a company’s bottom line, which is why this business operation is so crucial. Inventory ties up a significant portion of an organization’s capital, so responsible and accurate management should be the top priority. Inventory tracking has many different applications, from managing inventory levels, orders, sales and deliveries to tracking the cost of materials used to provide service – in other words, the cost of doing business.

Modern technology has introduced an unprecedented level of detail for tracking inventories. At any given time, companies are able to pinpoint the exact location of any item, its value, condition, and other vital details. They can state with certainty when items are due to arrive. And they make more informed decisions about when it’s time to reorder or refrain from reordering items. In the latter case, special promotions or sales can help move that inventory off shelves. The level of analysis that inventory tracking technology enables companies to drill down into specifics that can help drive future promotions, seasonal offers and more.

Without a good inventory tracking system, companies often have to resort to guesswork. Holding too much inventory ties up capital that could be better used elsewhere, while too little inventory results in unhappy customers and lost revenue. Tracking inventories requires a minute-by-minute approach – a real-time means of data retrieval so that you’re able to maintain the perfect balance.

With Asset Panda, you have the means to do just that – simply and cost effectively. It’s a mobile inventory tracking platform that syncs with the cloud, so you have access to your data in real time 24 hours a day, seven days a week. Best of all, you don’t need any additional hardware, software or software licenses to use Asset Panda – only the mobile devices you already carry. Simply download the free Asset Panda app, available for both iOS and Android. The app includes a mobile barcode scanner, so there’s no need for a separate handheld scanner. When you become an Asset Panda client, you’re entitled to our full and extensive features offering. You’re also allowed an unlimited number of users at no additional charge, so you can bring all everyone involved in your inventory process into the communication loop, increasing accountability and accuracy throughout your entire organization. From the palm of your hand, you have access to the entire lifecycle of your inventory.

Your inventory tracking efforts won’t be successful if they’re not served up in a user-friendly, intuitive format. With that in mind, Asset Panda is flexible and completely customizable. It’s easy to import data from legacy systems and adjust how you organize and display your inventory data. From the custom dashboard, columns and fields to custom notifications, alerts, reports and security settings, Asset Panda was built to adapt to the way you work. And it’s flexible enough to continue to adapt as new technologies become prevalent in the future. Asset Panda was built with an eye on the forthcoming Internet of Things, so when that phenomenon becomes a reality, you’re already prepared.

Asset Panda also was built for total simplicity. Despite its power, the app couldn’t be simpler to use and requires no extensive training to master – even for the most technologically challenged employee. That ease of use facilitates maximum participation by all of your stakeholders, so you can work together to devise creative solutions to your inventory management needs.

If you’re ready to tighten up your inventory management efforts and reduce guesswork, frustration and lost revenue, Asset Panda is the solution you’ve been waiting for. Try it free for 14 days. To get started, go to assetpanda.com.