What is Asset Tracking and Inventory Management?
Organizations strive to gain greater control and efficiencies when managing their assets—technology systems, office equipment, and people. These tools help manage the complete lifecycle of particular assets, track their location to ensure assets are not missing or stolen, and ensure upgrades and system deployments run effectively. Both barcode scanning and RFID are key technologies used to accomplish asset and inventory management.
As organizations bring inventory into their warehouses they are concerned with where product is stored, how it is distributed to locations and customers, how to track units sold, and when to replenish inventory. In many cases, an asset and inventory management system can automate these processes and improve inventory positions and forecasting models.
Asset tracking and inventory management are key technologies that allow organizations to manage their assets and inventory to the greatest advantage. When managing assets, we cover both RFID and standard barcode scanning technologies. Data collection technology allows for lifecycle management of an asset, helping organizations gain maximum usage from items and ensuring systems run at 100% efficiency.
As organizations increasingly become virtual there is a need for even more enhanced versions of inventory management. Online customers want the ability to see into a virtual warehouse and to know—to the minute—how many units are in the warehouse. That becomes possible with inventory management tied into point of sale systems, forecasting models, and automation.
What Does an Asset Tracking Solution Look Like?
How will Asset Tracking and Inventory Management Benefit My Organization?
By employing an asset tracking or inventory management system, your organization can achieve multiple benefits, including:
- Cost Reduction—Optimize inventory, reduce shrinkage, and lower labor costs
- Increased Revenue—Reduce out-of-stock SKUs, better monitor sales trends to optimize sales revenue
- Improved Efficiencies—Increased accuracy, reduction of data entry errors, and automated data collection to provide real-time monitoring
- Increased Visibility—Gain greater insight into key aspects of your organization