Poor asset management and its consequences
As a company grows it acquires more and more assets. While a large capital stock means variety in inventory but does it necessarily lead to a greater return on investment? Having valuable items in your inventory is completely useless if you are not managing them in the right way. Poor administration practices can ultimately have negative impacts on your bottom line. If you are struggling with the following issues, then it’s time for you to revamp your asset management routines!
– Inadequate data records: Many organizations don’t consider it important to maintain updated asset information. Future business performance depends heavily on previous patterns. For that purpose, you should track history of your assets. Failure to do so can result in flawed business strategies and not to mention financial troubles.
– No fixed maintenance schedules: You invest a large amount of capital to gather the best quality assets for your business. To maximize returns on this investment, it is necessary that you implement robust inventory control routines. Each asset has its own depreciation rate and hence its service sessions need to be supervised accordingly. Over and under maintenance are equally or even more harmful than no maintenance at all.
– Lack of appropriate asset knowledge: To carry out a successful business venture, it is critical that you are aware of your asset capacity. This is only possible if you record, generate and analyze trends in your database. If you do not know what your inventory can help your business achieve, then you need to reconsider your management practices.
Simplify asset tracking for your business in 4 ways
Inventory control doesn’t have to complicated, it can be as easy as you make it. Use supercharged features in asset tracking system when streamlining inventory management for your business. With this asset management software, you can get complex tasks done in no time! Choose to do the following and much more to boost up business performance:
ONE: Generate automatic stock orders for your assets
Oftentimes, businesses struggle with meeting their stock orders. Inventory control is a sensitive practice which needs to be carried out carefully. Maintaining asset stocks can be tricky if you fail to keep a record of your suppliers and purchase dates. When you don’t have the relevant information, you are bound to fall back on your restocking schedule. If that happens, you would probably face an asset shortage and will be forced to halt your operations for the day. To prevent that from occurring, it’s important that you track your asset stocks.
You can do this easily with asset tracking software and automate this process for simplicity in the workflow. Set stock thresholds and create purchase orders whenever you are near the minimum threshold. This way, you will neither run out of stock nor will overstock your inventory. The right amount of stock raises utility and allows you to meet your targets faster.
Read more: How asset tracking system can help you survive the first 5 business years
TWO: Conduct timely audits with accurate information
It is ideal for a company to conduct routine audits. Carrying out this practice gives you an idea of how far you are from achieving your business objectives. To succeed in a competitive environment, your organization should be efficient in all departments. One way to judge this is through audits. Internal and external audits both sketch out a performance graph for easy reference. You can now store all necessary information with the help of asset tracking software and use for audit season.
To provide you with a detailed inventory performance chart, the software lets you track history of your assets. By doing this, you can track general trends and see how some assets evolve over time. This helps you examine your stock for better inference. Audits are much more streamlined when you have a robust asset database.
Easily access asset history from your database for seamless audits
THREE: Improve transparency by assigning barcodes to inventory items
The capability of your business to track assets whether at a single location or multiple different locations allows your employees to work efficiently. When you know where your inventory is, you can easily travel between locations for different projects without the inconvenience of misplacement or theft. Organizations lose up to hundreds of small tools without even realizing how serious the implications can be in the long run. Such practices increase the risk of fraud and make you lose credibility.
For seamless tracking of your assets, you can create barcode labels for every item in your inventory. These tags let you store relevant data and allow you to scan them for checkouts. This way you can keep a record of who is using an asset. For more transparency, you can also add locations so that you know where your inventory is being used at. Minimize risk through tagging your assets for increased productivity!
Read more: Why barcode asset tracking will never go out of style
FOUR: Forecast performance through actionable reports
Implementing a tracking system can improve your organization’s outlook and help it grow. But for any software to have maximum impact, it’s necessary that you examine existing trends to overcome your weaknesses. When you do this, you become aware of what you are doing wrong. It is normal for a company to make mistakes, what’s important is that you learn from them.
To help you out with this, asset tracking software lets you create customized reports for your organization. You can edit and add fields in these reports as you require. When you design your report according to your needs you are in a better position to analyze and forecast asset trends. Generate actionable asset reviews for increased efficiency.
Generate comprehensive asset reports for in-depth analysis
Achieve your business goals through asset tracking software
Just with the combination of a good business plan and the right tools, you can succeed in the market. Business efficiency is not a complicated phenomenon. It just requires you to work smart. Cut costs where you can, invest in a robust management system and you will be good to go. Online asset tracking system takes control of your inventory needs and offers to improve productivity while optimizing utilization. Choose the right software for your business and see the difference today!
What’s more to asset tracking software?
EZOfficeInventory is the leading asset tracking software used by small businesses and enterprises worldwide for streamlined inventory management to increase productivity.
For more assistance, drop us an email at support@ezo.io.
