The inventory management techniques you follow impact your business productivity and prospects. Well-thought-of plans work to achieve inventory management objectives, which include curtailing costs, enhancing asset utilization, and raising profit margins. And to carry out a sound strategy, a powerful tool is a requisite. No matter how big or small your organization is, how you track, monitor, and manage inventory determines organizational success. 

Poor inventory management leads to a wide range of asset-related discrepancies. Surplus, deficient, and underutilization of assets are some common outcomes. Those scenarios take a toll on returns as costs go up and productivity goes down. Eliminating such adversities is one of the many purposes of inventory management.

The practical tool to impart industry-leading, effective inventory management techniques is an asset management system. In this article, we go over how asset management software helps practice the best inventory management strategy. We also touch on the advantages of using one. Let’s get started.

How asset management software improves inventory management

Comprehensive asset register

Creating and storing asset records in your database enables quick lookups at any time. Asset management software allows you to add new assets by providing you with various information fields and image upload options. You can enter the asset name, serial number, model number, and date of purchase, and add photos of the asset. 

View asset activities in real-time

Tracking the location of your assets and the history of asset movements is crucial for effective inventory management. An asset management application, otherwise known as an inventory management system tracks and stores the latest asset activities in real time. It provides information on upcoming and past asset movements such as transfers, returns, damages, and allocation.

Administrate asset movements

Improper administration of asset transfers, damage reports, and returns can lead to haphazard asset movements. In such a scenario, any employee can utilize assets in any way they want. Asset management software improves inventory accountability by allowing you to designate individuals as approval authorities. So any changes in assets will require the approval of those individuals. 

Track assets

Accurate and fast asset tracking is a vital inventory management technique. Assigning an employee to visually inspect assets is no longer a reliable tracking method. Asset management software automates the tracking process by integrating with NFC and RFID tags. They provide real-time information on asset whereabouts at all times. 

View asset information

There are various asset details to oversee at any given point in time. They include asset transfers, the total number of assets, the financial value of assets, depreciation values, and maintenance schedules. Instead of looking for such information in different places, asset management software provides them in a single location through comprehensive dashboards. 

Generate reports

Lastly, optimizing your inventory management strategy is essential to maintain low costs and high returns. For that, generating analytics is pivotal. Asset management software solutions consolidate asset data from various sources and extrapolate comprehensive analytics. They provide valuable insights into asset utilization, damage value, return rates, budget spending, and more.

Advantages of using asset management software tool

The asset management software tool is far superior to the conventional spreadsheet software application. Let’s go over the advantages:

• Compatible with multiple devices – Asset management software effortlessly runs on desktops, tablets, smartphones, and laptops. 

• Cloud-based – Any changes you make in asset management software sync up on all devices via the cloud.

• Holistic tool – Asset management software is an all-in-one tool for all inventory governance requirements.

• Automation – Minimizing manual labor and automating mundane tasks improves accuracy and productivity. Asset management software possesses automation capabilities.

Summing up

Investing in a top-notch asset management software application allows you to practice effective inventory management techniques. If you’re looking to purchase one, then look up SmartAMS – our powerful cloud-based inventory management software. It is highly secure, user-friendly, and equips the latest features for excellent asset governance. Reach out to us to learn more about SmartAMS.