![]() ![]() ![]() Inventory management solutions are driven (and limited by) the software that is used. The main concern is to have accurate information on each specific item like location, condition, purchase date, value, custodian, last maintenance, etc. Even though you may have 10 of the same PC or tool, you are managing each instance as an individual item with its own unique barcode label or RFID tag. An asset is always tracked as a unique item. ![]() Although employees may check the object in or out to for a given project, or even use at home, an asset ultimately belongs to the company and must be returned to the company. Assets are “permanent” objects that a business uses internally, such as computers, tools, or educational material.This detailed visibility into your inventory usage allows you to make adjustments to your ordering and management process to increase efficiency. At the end of the day, you want to know how many you have in stock, where it went and when to order more. You are not concerned with which specific instance was sold but rather that 1 of 100 was removed. In this case, you may have 100 boxes of staples in inventory and when you use one box, the tracked quantity decreases by one. These “temporary” objects include retail items and supplies. Inventory refers to objects that are sold, distributed, or otherwise consumed by a company.The first step in determining an inventory tracking system is to understand whether you are dealing with inventory or assets. Very few companies understand how inexpensive and simple it is to put an inventory management system in place. Most of the return on investment comes through saving on labor costs and reducing losses in sales due to lack of stock. Inventory management systems typically pay for themselves in less than one year. With a properly set-up inventory system, you remove any ambiguity as to what is in your warehouse and where it is going. This is achieved by reducing or eliminating the hand-keying of data, manual physical inventories, backorders and lost sales due to inaccurate stock levels, inventory write-offs and shrinkage. An inventory management system decreases data entry errors, increases productivity and lowers operational costs. Inventory management systems offer benefits to the operation of all types and sizes of businesses. Mobility – Make adjustments or replace damaged/unreadable labels on-the-spot using mobile computers and printers.Accountability – Document shrinkage and loss to identify steps to reduce them.Speed – Reduce man hours by using automated data capture.Accuracy – Eliminate human error in inventory counting.What are the Key Benefits of an Inventory Management System?Ī proper inventory management solution will streamline your business by significantly reducing costs and waste. With full visibility into your entire incoming and outbound inventory, you can make better decisions to maintain dynamic stock levels that meet the demands of your customers and usage. These tools will enable your business to track inventory levels and movements in your warehouse or stock room by item, serial number, or lot number. Whether you need to manage one supply closet or a multi-facility warehouse operation, the goal is to cut down on manual data entry costs, minimize your inventory write-offs and overstocks and increase efficiencies in your supply chain.Ī complete inventory management solution will consist of management software, mobile computers and label printers. Any organization that carries an inventory of products has a need to maintain accurate information on the movements of all these items to better serve its customers and run a profitable business. ![]()
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