You’ve been tracking inventory for a long time. After all, if you didn’t have some system to keep track of all of your products, you wouldn’t be able to keep your company running.
But that doesn’t mean the system you’ve got now is sustainable. In fact, it might even be running you into the ground. Your bottom line suffers when you aren’t able to keep track of the items your company relies on to make a profit.
You can’t afford to spend dozens of hours each month trying to track your items. When you make your tracking system more efficient, your company benefits across the board. Here are some questions you need to ask in order to tell if your inventory system is sustainable:
Is Your Inventory Tracking System Accurate?
Even if you have a great inventory tracking system, if it isn’t accurate, it doesn’t do you much good. No one sets out trying to make their inventory management inaccurate, but that doesn’t completely prevent mistakes. There are some places for information to get mangled throughout the inventory process. If you don’t have a way to double-check the accuracy of your data throughout each step of the process, you run the risk of having an inaccurate system.
Are You Tracking Inventory in Real Time?
Nowadays, your inventory moves so fast that you have to track it in real time. Records from an hour ago won’t necessarily reflect your stock right now. One of the best ways to track inventory in real time is to use a cloud-based software. Being able to check and change your stock records at any time, from any location will help you and your team ensure that your documents are correct minute by minute.
Do You Have a Specific Method or Are You Winging It?
Tracking inventory without a specific management method is a bad idea. The lack of a transparent system means that everyone in your company will develop different plans about how you should be keeping track of your stock and products. This can lead to a lot of lost product, wasted time, and decreased profit.
Are You Spending Too Much Time on Your Inventory?
If trying to sort out your inventory is taking more than a few hours each week, you’re spending too much time on it. Most of the time, if you’re spending tens, or even hundreds, of hours each week on inventory, it’s because your system isn’t sustainable. Having the right system in place will prevent you from wasting time trying to track down missing items, or finding the last person who worked with the assets you’re looking for.
Some of Asset Panda’s customers have experienced huge improvements once turning their inventory tracking into a sustainable process. One of our customers, for example, is a veterinary clinic who previously used a paper system to track their medication amounts. Once they switched to our system, they were able to identify exactly how much of what kind of medication they needed. This allowed them to have what they needed when they needed it to help dozens of animals get the care they required. With the right asset tracking solution for your business, you should see similar results and experience higher overall profits, as well as increased productivity!
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