5 Ways Asset Tracking Streamlines Inventory Control

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Businesses today are all about data. The more data you have, the more analysis you can conduct, and the smarter decisions you can make. Businesses have always collected and relied on data, but in a much more primitive way prior to advancements in technology that enable automatic data collection and sophisticated analyses with just the touch of a button. Inventory control is one area of business that’s become much less demanding thanks to asset tracking solutions, a system that enables better data collection and management.

Electronic Documentation Reduces Errors
Before asset tracking was possible, businesses that carry inventory had to manually count every item and keep track of current stock using paper-and-pencil methods. Naturally, this led to many errors and created other challenges, such as supply shortages and accidental surpluses. An asset tracking solution provides a real-time, accurate inventory count and enables the storage of historical data so companies can more accurately predict when more inventory should be ordered.
Tax Reporting Drastically Simplified
Most businesses must calculate inventory at tax time, which has various impacts on expense deductions depending on how the company handles its fiscal year. Inventory that’s become outdated, damaged or was disposed of throughout the year can be calculated as a loss, in some cases, but that means an accurate record of assets, dates and other details is needed.
Matching up an asset’s serial number with a manual record entered in a spreadsheet is no simple task when dealing with hundreds or thousands of assets. Asset tracking makes the process much simpler, using an electronic bar code scanner to instantly retrieve an asset’s record from a central database.
Moveable Assets Readily Accounted For
Some businesses have assets that are constantly on the move through the company. It’s easy for assets to end up on the wrong route between buildings and departments, and some never reach their intended location. Asset tracking enables staff to easily track down assets that got sidetracked along the way.
This domino effect also occurs when inaccurate inventory counts lead to ordering errors. When supplies are needed to perform a job or complete a project, a backorder can hold up an entire team or department. The benefits to precise inventory control are endless.
More Visibility Enables More Accurate Projections
Asset tracking enables both broad oversight and detailed management of inventory. That means leaders can easily get a full-picture view of current status and identify patterns in usage over time. This data is valuable for shifting operations to meet demands and identify areas of waste. With cost containment a top priority for most enterprises, asset tracking is a valuable solution for maximizing every dollar with efficient inventory control.
Significant Time Savings Frees Up Staff for Revenue-Generating Activities
Companies implementing asset tracking solutions for inventory management realize significant time savings within a short time after implementation. It’s not just the time of an inventory manager, but time from staff in all departments. Manual documentation is a tedious process, and asset tracking reduces what could normally take several minutes to an hour to mere seconds. A simple scan with an electronic bar code scanner can input data such as the asset’s current location, date and time. With a few more keystrokes, staff can document any other details.
All of that information is then immediately available to anyone else who scans the bar code label, meaning less time spent searching for maintenance records or tracking down vendor information. Reducing these administrative demands frees up your team’s time to focus results-driven activities.
With greater visibility and more precise control, coupled with better planning and forecasting abilities, it’s easy to see how asset tracking offers many benefits to the inventory control process. Asset tracking goes beyond time savings, providing companies with a competitive advantage by improving accuracy, reducing errors and enabling more efficient delivery of products and services by giving your team important data in real time.

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