InventoryFrom the AssetPad glossary.
A good inventory tracking solution should, at the very least allow you to identify where each asset is location and whom it is assigned to. Most companies start out using spreadsheets but quickly outgrow them when multiple people need to manage the stock and more advanced tagging is required.
Most of the time, the person managing the inventory will need to review stock levels and usage patterns to forecast potential stock issues in advance. We saw during the pandemic that most companies had serious issues securing enough equipment for remote workers. Inventory management software should enable you to prioritize asset acquisition.
Managing Your Inventory In AssetPad:
At AssetPad we tend to focus on the inventory of equipment that is used in the daily running of the business, rather than an inventory of items for sale.
AssetPad allows for real-time tracking of inventory levels, ensuring that assets are available when needed, and preventing overstocking or stockouts.
Theft is a major concern of any business. By providing real-time data on asset locations and status, AssetPad helps in quickly identifying unauthorized movements or changes, thereby mitigating risks of asset theft.
To support inventory valuation, AssetPad can assist in the calculation of your inventory value, crucial for financial reporting, planning, and decision-making.
Inventory reports empower you to create detailed inventory reports can be generated to provide insights into inventory turnover, asset usage, and availability, assisting in effective inventory management and planning.
AssetPad streamlines inventory management, enabling efficient tracking, accurate valuation, and detailed reporting, thereby supporting optimal resource allocation and operational efficiency.