Inventory Control and Better Inventory Management Solutions
Inventory control is one of the most time-consuming tasks facing many organizations today. It’s a complex process, yet essential for operations. One mistake can wreak havoc on the supply chain for miles and months to come. Basically, it’s a big disaster waiting to happen and one that you want to avoid at all costs. The key, of course, is effective and precise control over your inventory.
Inventory management is much simpler these days thanks to the ability to automate inventory control processes. Early retailers managed inventory control manually, with regular counts to ensure accuracy and paper-and-pencil tracking methods. It’s not difficult to see the massive margin for error – and if you've ever manually counted inventory for a retail store or a similar setting, you’re all too familiar with the level of frustration involved in such a task. Asset tags and barcode labels put the “management” back in inventory management.
Camcode's asset tag solutions provide a foundation for precise, efficient inventory control. Call us today to talk with an expert about creating a custom asset tracking system for your applications.
There are dozens of benefits to implementing a comprehensive asset tracking system for better inventory control:
- Significant time savings by eliminating manual inventory control processes.
- Reduce human error by automating inventory management.
- Maintain regulatory compliance with governing agencies.
- Boost the bottom line by making more efficient use of your resources.
- Avoid supply chain and project delays.
- Keep clients and customers happier by delivering better service.
- Enable advanced data analysis for accurate projections.
- Maintain an abundance of data at your fingertips to drive decision-making.
Save Time with Automated Inventory Control
Manual inventory control is incredibly tedious and time-consuming. Automated processes relieve much of the time commitment, freeing up your team to focus on more productive activities. There’s also significant potential for human error when it comes to counting and tracking hundreds or thousands of products, sometimes necessitating a repeat of the whole process. Inventory management can become a major productivity-sucker if you’re relying on primitive inventory control methodologies.
Even assets that aren’t transferred through the supply chain must be tracked and maintained. You might have regulatory guidelines regarding equipment maintenance – and you’ll need to produce records to prove that you’ve met those requirements during an audit. High-value assets might be shared among departments or teams, so they must be easy to track down. Both of these scenarios can lead to significant losses in productivity – but precise inventory control, using asset tags and barcode labels as the foundation for automation, alleviates much of this risk.
Better Inventory Management Means Greater Accuracy
How many times has an order been delayed due to inaccurate inventory control? It’s not just retailers that have to maintain precise inventory counts, but even enterprises that rely on multiple teams to perform services in multiple locations. Think about it: You have a set amount of supplies inadvertently scheduled for two teams simultaneously. What happens? Someone’s project is delayed – sometimes work has to come to a halt because the team can’t move forward when each stage in the process is dependent on the prior step’s completion.
These scenarios are common, and they create frustrations for all parties. Your team is held up on one project, delaying completion or delivery to the customer. After you’re able to re-order the necessary supplies, your team rushes to catch up. This haste could lead to unnecessary mistakes or lower-quality work. And if your team finishes one project late, that means you’re starting the next project late, too. Your team is frustrated and stressed, and your customer isn’t happy, either. It’s a domino effect, but one that can be easily avoided with proper inventory management.
Easy Data Analysis for Better Projections
When you utilize asset tags in conjunction with asset management software for your inventory management system, you have a world of data at your fingertips. A simple barcode scan brings up an asset’s complete history, including maintenance and repairs, the original vendor, its current location, where it’s scheduled to be if it’s a shared asset, and anything else you could possibly want to know.
With all your inventory data conveniently stored in a central database, the possibilities are endless. For example, exporting data to a spreadsheet for sophisticated analysis in another program is done easily. That means sorting assets by category, analyzing expected versus actual lifespan to determine which vendor’s equipment is superior, making financial projections based on which assets will require replacing or significant maintenance over a specific time period, or any other data analysis for deeper insights into your company’s performance.
Precise Inventory Control Impacts the Whole Enterprise
On the surface, it doesn’t seem like inventory management has much of an effect on the other areas of a company. Not only does inventory control impact every facet of your operation, it can have consequences for the entire supply chain, as well.
One error can have ramifications for every person on a team, every department in your company. Think about the impacts an inventory inaccuracy could have on your customer service department. If a customer’s order is delayed, your customer service reps may be handling a complaint. Too much inventory ties up your storage space – and your capital. If you’re packed to the gills with inventory that doesn’t move quickly, you can’t use that same space for more profitable inventory. And when delays start to trickle down through the supply chain, it impacts retailers, service providers, end consumers and eventually stakeholders. These effects can last for months.
What Kind of Asset Tracking System Facilitates Precise Inventory Control?
Most enterprises are ready to dive right in when they realize the benefits they can achieve with something as seemingly simple as asset tracking for better inventory control. But there’s more to an asset label than meets the eye. Camcode’s asset tags and barcode labels are designed with real-world applications in mind, such as exposure to harsh weather conditions, caustics or chemicals. That’s why we offer a broad array of asset labels and tags to accommodate the varied inventory management demands across industries:
- Oil and Gas
- Telecom and Cable
Not sure what type of asset tag is suitable for your application? Many businesses aren’t. That’s why talking with a Camcode expert is an essential first step on the path to better inventory control. We’ve created customized asset tracking solutions for hundreds of businesses spanning a variety of industries with excellent results.
Call Camcode today for an expert analysis of your applications and requirements to get started creating a completely customized asset tracking solution – and you’re on your way to better inventory management.