How Tracking Inventory Can Save You Money

By March 10, 2017Asset Tracking, Blog

How Tracking Inventory Can Save You Money

Losing track of something you need is one of the most infuriating feelings to experience. You know you’ve seen what you’re looking for, you just can’t remember where. Employees spend an average of 1.5 hours a day looking for items they need to do their job. That’s 1.5 hours they could spend on doing their jobs and making you money!

That why several companies emphasize tracking inventory. Supervisors don’t want you to waste valuable time looking for an item you’ll only need for a couple of minutes. Especially in environments with lots of product to track and several tasks for workers to do.

Tracking inventory can help in several ways:

  • Provides information useful for planning and decision making
  • Leads to good customer service and response times
  • Controls expenses
  • Saves time and energy

Many companies use inventory to keep track of their products and business supplies. But some of these inventory methods aren’t effective, and can sometimes use more time than they save to implement and carry out. In order to benefit from an inventory system, you’ll need to ensure you use one that works well for your business. Taking the following steps will help you make the most of your inventory system.

Plan For Your Needs

Why do you need an inventory system? Do you need it so you can retrieve products for customers in a timely manner? Do you need it to increase work efficiency? The way you will use your inventory will influence how you will lay it out.

If your inventory is full of products intended for customers, consider making your inventory publicly available. Or if it is only meant for internal use, consider using a cloud software with a company login so your workers can check on inventory without needing to take the time to go through specific channels first.

Decide on the Right Format

The amount of inventory you need to track will influence what format will be best for your tracking purposes. Smaller companies might be able to get by with a well-executed spreadsheet. But medium to large sized companies will not be able to rely only on Excel. Some companies have spent large amounts of money on inventory tracking software only to find it doesn’t work for their specific needs.

 

Asset Panda’s platform is the perfect solution to tracking inventory for companies of all sizes. Our flexible software changes depending on what you need, so you won’t have to spend a large amount of time learning a complicated program. Our cloud-based database is perfect to use on mobile devices you and your workers already have on hand. If you need to quickly check your inventory, but don’t have time to go to the office, you can use Asset Panda’s app to log into the database and pull up important asset records. When your inventory changes, you won’t have to spend a lot of time updating the system. Your employees can update your database as inventory changes, reducing errors across the database.

By using an inventory system to track your assets, supplies, and products, you’ll save your employees time on looking for the items they need to do their jobs, time they can spend on more productive efforts. When you get more work out of your employees, you’re getting more for your money.

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