The notion of managing inventory is a challenge for a myriad of retailers and small businesses. Unmanageable inventory can lead to delays, wasted time and disorganized workflow. Asset tracking can help simplify the inventory process by improving:
Inaccurate Forecasting
Forecasting is considered a major challenge for many businesses. When shortages do occur, many of the teams will lack the needed supplies to fulfill orders. Many backorders will lead to unsatisfied customers which results in the need of reliable customer service. Asset tracking can better manage forecasting complications by keeping an accurate count of inventory. Central databases, historical data and previous orders can be better managed through asset tracking. With asset tracking, trends can be easily identified and accurate predictions can be easily made.
Poor Inter-department communication
Many employees are overloaded with large workloads and mishaps occur because of weak communication skills. A typical example of miscommunication is management deciding to switch vendors but the person who is responsible for the process never receives the news. Miscommunication complications can easily be avoided through asset tracking. Employees can view reliable data within a couple of seconds. Many executives also have to wait for assistants to generate reliable reports but asset management applications can be better utilized. The management software can generate reports in an instant. Inventory control procedures can also be implemented through the asset management software.
Regulatory Non-Compliance
A myriad of industries are regulated by many federal agencies so that the playing field is managed with minimal risk. Many organizations are also faced with penalties for non-compliance issues. Much of the inventory must meet safety standards before inspections do actually begin. Some of the regulatory agencies also must conduct detailed inspections. Poor documentation can also lead to inventory glitches. Asset tracking applications will help with monitoring inventory and flag tasks as needed. The flagging capability will also make sure that requirements are efficiently met. Errors can also be efficiently avoided which would result in improved safety.
Rush Orders Lead to Chaos
Many teams scramble to create plans as orders are rushed. Without a reliable asset tracking program, employees will not have reliable access to information. A “domino effect” can be created which will negatively affect schedules across a Company. The asset tracking software will allow inventory to be specifically assigned to a project. The database will display that inventory is assigned to another location. Forecasting shifting demands will give many Companies a competitive advantage.
Author Bio:
Blair Thomas is the co-founder of eMerchantBroker.com the #1 charge back protection service company with their one of a kind chargeback shield. He has been in the electronic payments industry for over 10+ years. When he is not running his business he spends his time writing and producing music, which has been featured in a variety of films.
