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The Benefits of Tracking Your Business’ Items, Assets, and Inventory

Inventory Tracking

The Benefits of Tracking Your Business’ Items, Assets, and Inventory

Your business is a unified organization and your inventory should be as well. It may not seem important in¬†the midst of a busy work day, but disorganized storage and tracking of your items, assets, and inventory could be costing your business a lot in both time and money! Without realizing it, you could be re-ordering¬†items you already have or losing inventory to damage or shrinkage. Centralized tracking of all your company’s assets is the best way to keep your procedures unified and efficient.

One Inventory, One System

It’s not uncommon for startups and small business to store inventory and assets wherever they can find the space. While this may be an acceptable way to get started, established businesses have nothing to gain from disorganized or decentralized inventory and asset storage. By keeping all your items in one place (or a small organized few places), you gain a number of benefits.

  • Taking inventory and checking for damage is simplified
  • Employees know where to find items and assets needed for business
  • Shrinkage is easy to spot because everything can be counted at once

The Departmental Divide

Some things should be delegated to departmental choice, and asset tracking systems are one of them. For instance, your shipping and finances departments should be sharing data constantly to coordinate orders, keep an accurate count of shipped vs remaining inventory, and track shipping costs. Along the same vein, your sales team and your production departments need to be on the same page to ensure customers know what items are newly available, discontinued, or out of stock. When your departments are tracking their data through different systems or software, these coordinations are needlessly complicated. Getting your departments on a unified inventory and tracking system will minimize mistakes made by communication error and drastically increase the efficient unification of your company.

Your Unified Tracking System

Ready to stop losing items? Bring every department and function together with a single unified tracking system. What this amounts to is a useful set of tools on top of shared databases. The finances database can record and categorize every exchange while another database tracks all company assets, and another keeps the current inventory count. When all your items are tracked and the data is available to your team, efficiency goes through the roof. Minutes and hours lost to personal checks, double-checks and mistakes are eliminated with this simple unified solution.

Every business, from startups to large corporations, benefits from increased procedural efficiency. Whether this is your first inventory system or you want to renovate a legacy system, our team of ERP experts is ready to help. Contact us today to unify your item, asset, and inventory tracking and massively boost your internal efficiency.

About Author

Simon De Brito

I support Marketing Operations at ABIS, Inc. We are making industrial businesses smarter by automating their processes to gain productivity, increase margins and generate more profits.

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