The crux of efficient business management relies on a few major aspects. One of them is inventory control. The reason is simple and obvious. Your company needs asset inventory to carry out its daily work operations. Poor inventory management means that your tools and machines are unable to perform their respective tasks. This leads to low productivity which demotivates your employees as well. To ensure optimal utilization of resources, it is critical that you implement robust asset management practices for your organization. Such routines not only help create economies of scale but lead to increase in overall efficiency.
According to a few recent surveys, trade and retail sector accounts for the largest number of inventory in the U.S. An estimate of around $618,408 Billion has been recorded in September 2017, which is a substantial increase from $605,193 Billion in September 2016. Research data also predicts a positive impact on inventory for various other business sectors as well. If this growth trend continues in the coming years, inventory management will pose a great challenge if not handled in the correct manner. Taking care of your assets is simple, as it should be. It mainly involves 3 basic steps; tracking, maintaining and analyzing.
Following are the 5 rules of asset management you can implement for streamlined business growth with asset inventory software:
Rule #1: Organize business events flawlessly through reservations
It is quite common for offices to hold small events every now and then. Any sort of business meeting, even if it is restricted to your own employees requires special attention. Why do you think this is important? Well, the obvious answer would be, the need for inventory management at such events calls for constant supervision. Say, you think about holding a small conference in the next two weeks. The first thought that comes to your mind is what venue can you choose for this activity? Followed by the endless list of asset inventory that you will require to make your event a success.
So how can one go about all this without missing out on important details? Simple asset inventory software lets you reserve every tool you need for your event. With advanced features like availability calendars, you can easily check the status of an asset. If the particular inventory item you want isn’t available, you can adjust your activity date accordingly or arrange for a substitute. Doing this, allows you to plan well in advance and make sure your event runs smoothly!
Rule #2: Keep a tab on inventory location at all times
As your business grows, it is bound to acquire a large asset base. With all these additional tools and machines, inventory control is bound to get tough. The easy way out would be to devise a tracking system which makes inventory processes much more streamlined. To begin with, you need to enter all asset ID’s located in your warehouse. This is important because your employees should know where a particular piece of equipment is located. Instant data on assets help staff workers carry out their daily tasks much more efficiently!
With special features included in asset inventory software, you can create barcodes for all your office items. Barcode and QR labels allow you to quickly scan and enter all relevant information in your systems. For example, you can save the warehouse location of asset X at a particular time. Asset tags also let you track inventory movements every time an employee checks out an asset. Monitor business activities with easily accessible information to increase asset optimization.
Rule #3: Carry out multiple projects seamlessly
All major institutions organize and execute various activities daily. Be it a school or a restaurant, you will have numerous events going on at once. For this reason, it is utterly crucial that you learn to manage your asset inventory in the best way possible. Oftentimes it happens that some tasks require similar asset bundles. For example, you want to hold an art class for two different sections of grade 8. If you were to plan in advance, you would book the same equipment for both sections. Instead of starting from scratch, every time you plan similar events, you can just clone asset bundles from previous activities.
Streamlined asset inventory management comes with the option of packaging and bundling. Doing this comes in handy when you want to conduct the same seminar at multiple locations. You won’t have to go through the hassle of collecting tools all over again and creating an event template. Save yourself valuable time by storing previous event bundles in your software to enable seamless management processes.
Rule #4: Prolong useful asset life through maintenance
The best way to get maximum returns out of your inventory is to make full use of its working capacity. Sometimes, it happens that machines break down well before their expected useful lifespan. This is generally due to poor maintenance practices. When you don’t allocate enough time and resources towards asset repair, you are likely to face poor inventory performance. In order to avoid such unfavorable circumstances, it is highly recommended that you carry out maintenance routines for all your assets.
To retain the useful life of the tools and machines, companies organize frequent service and repair sessions. Effective asset inventory software involves sending out alerts to respective departments, to inform them about maintenance schedules in advance. Preventative techniques help improve overall asset lifecycle and lead to productive business outcomes.
Rule #5: Allocate daily tasks efficiently for improved performance
What use is your inventory if it is not being utilized in the correct manner? You can get the best quality tools and machines for your company and still face poor business performance. To tackle this problem, it is necessary that you allocate asset assignments to your employees and supervise them constantly. Such systematic practices allow you to pinpoint weaknesses and come up with amendments for the future.
In line with asset inventory software, you should designate and overlook tasks assigned to your employees. This creates an efficient work environment and enables workers to carry out vital asset related tasks in the best manner possible.
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EZOfficeInventory is a widely used asset inventory tracking and management software, currently being used by numerous small and medium businesses. The software lets you implement streamlined inventory control practices for improved work processes.
For more assistance, drop us an email at firstname.lastname@example.org.