How to Track Equipment with Inventory Software
November 30, 2022
Did you know that poor inventory planning costs retailers $300 billion in revenue in markdowns in 2018? For small business owners, tracking equipment inventory saves time and money. Equipment inventory tracking software can therefore improve efficiency and prevent costly mistakes.
How Equipment Inventory Tracking Software Works
Equipment inventory tracking software offers tangible benefits to companies needing to manage inventory and equipment. By utilizing barcodes, RFID (radio-frequency identification) tags, or GPS (global positioning system) tracking, employees can easily track equipment in the field and get immediate insights about inventory levels and asset positions. Pairing equipment inventory tracking software with accounting or CRM (customer relationship management) systems can also allow you to link inventory with financials. This can help you decide when it’s time to order new inventory, when equipment should be repaired or sent back for repairs, or how to best allocate equipment among your various clients.
This means inventory management software should aid small business owners in saving time and money.
Benefits of Equipment Inventory Tracking Software
Using equipment inventory tracking software offers numerous benefits for small businesses, including:
1. Accurate Inventory Management:
For example, equipment inventory tracking software allows you to count the right amount of assets, so that your inventory is neither overstocked nor depleted. In that case, you will never run out of stock, or have unproductive capital tied up in unused equipment.
2. Enhanced Equipment Tracking:
For companies with many small equipment pieces would be in creating an asset tracking system for each one as it can be quite difficult to keep such a large amount of equipment in one place. Equipment inventory tracking softwares helps in viewing places where your equipment is, how they can be used and their conditions to help you take better care of your assets properly.
3. Improved Maintenance Scheduling:
Maintenance of your equipment will ensure longevity of your equipment. An equipment inventory tracking software helps you keep track of when your equipment was maintained, when your equipment was serviced and when your equipment is going to run out of warranty. This helps you not to lose on the important maintenance that could cost you breakdowns because it was missed.
4. Cost Control and Reporting:
Equipment inventory tracking software links to your accounting software so that you can track the cost of each piece of equipment, enabling you to make informed decisions about whether to repair or replace an asset and reduce your business’s cost base.
How to Track Equipment Inventory: Key Features of Tracking Software
To effectively track equipment inventory, look for software that offers these key features:
1. Barcode and Scanner Integration:
Checking out equipment with real-time barcode scanning keeps a log of who borrowed it, when they borrowed it, and when it's due back. This helps you manage equipment usage and availability. In just a couple of clicks, you'll know where assets are and how they're being used.
2. Image Upload for Equipment:
Upload images of your equipment into the software so that you can easily catalog and access visual records of your items. This comes in handy when you need to see what you have and how it’s holding up, especially if damage or maintenance is noted.
3. Maintenance and Service Tracking:
The ability to track maintenance and service dates with equipment inventory software means you'll never forget to make a repair or perform maintenance when the time comes. This preventive maintenance keeps essential equipment up to date and running while also being able to track software licensing as well as prevent nasty surprises when the licenses are nearing their end. This reduces costly downtime, as well as the unexpected expense of renewing licenses for equipment and software that you might otherwise overlook.
4. Warranty and Expiration Alerts:
Track warranty and expiration dates in your software and be notified before these things expire so you can avoid last-minute repair costs.
5. Reorder and Maintenance Notifications:
Stay on top of inventory needs with automatic alerts to reorder supplies or perform maintenance on equipment, so you can stay on top of your business.
Using Equipment Inventory Tracking Software as Your Equipment Management System
An effective system of keeping track of equipment inventory is critical for the smooth running of your business. Equipment inventory software will keep accurate records of your equipment inventory, help you manage maintenance, and track costs. This will, in turn, boost your profitability. Are you ready to start controlling your equipment inventory? Consider implementing equipment inventory tracking software that meets your needs.
Britecheck will help you manage your inventory, track equipment utilization and avoid costly charges with simple sorting and filtering.
Give Britecheck a try today with a 15-day money back guarantee. You will be amazed at how easy equipment management can be.
