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Tracking inventory is an important process that many managers must do regularly. As a result, it is not surprising that this responsibility can be both tedious and time-consuming. Managing inventory is often seen as one of the most tedious tasks in business, which could lead to burnout. Luckily, there are ways to make the process easier by using technology. Here are some tips on how to make tracking inventory easier using technology.
1. Perform Inventory Audit
Finding the best inventory management system can be hard work and even involve changing processes. This is something that needs to be done before trying new technology since technology can be used only if there is data from the previous inventory. The easiest way to do this is to perform an inventory audit on all products by looking at every product in inventory, including serial numbers and barcodes for each product. It is important to accurately track not only physical assets but also intangible ones like patents, trademarks, and copyrights.
2. Use ERP Software
The best way to use technology to improve the process of inventory management is by using enterprise resource planning software. This application helps with various tasks, such as financial management, supply chain management, and inventory management. The advantages of using enterprise resource planning software are that it can help reduce errors when managing inventories and increase efficiency. Almost any company should have a solid inventory system for supplies, resources, and other assets in the organization. This system must be easy to use and allow easier access to information.
3. Apply SKU Productivity Technique
Another way to reduce the labor hours of those tracking inventory is using an SKU productivity technique. This involves the merging of similar products into one item to reduce the number of different types of items that need to be tracked. This can make it easier for managers and employees to manage large inventories and has the added benefit of saving money. This technique, however, will not work when it is used alone. It must be combined with other inventory management techniques.
4. Use Barcode Systems
The barcodes now available for most items in the market are an ideal way to track inventory. Using barcode systems makes it easier for store owners and employees to identify and count all the items in inventory. This is because it helps them to avoid inaccurate counts that could lead to errors in measuring the number of products or even stealing by those who handle cash or change hands with customers.
5. Use RFID Technology
The use of radio frequency identification devices can be a great way for companies to benefit from technology when tracking inventory. This is because the technology can help identify items by location instead of scanning each item individually. This can help make it easier for those counting items and allows them to do it faster, which helps cut down on labor costs. This technology must be used with care since this is the type of technology that can be easily tampered with.
6. Establish An Equipment Inventory Policy
Using a policy on how property, including equipment, is tracked is a good way to minimize the amount of time it takes for employees to inventory these items. This policy can also be used when employees have trouble identifying which assets belong to the company and which assets have been purchased from another company. An equipment inventory policy also includes ways on how equipment inventory should be managed within the company.
7. Use a Mobile App For Inventory Tracking
A mobile application is an ideal tool for those who need to track inventory. This is because it allows employees to use only a mobile device, meaning they no longer have to use paper or other materials to keep track of items in inventory. It also saves both time and money since companies do not have to expend money on hardware or other materials that they will replace soon.
8. Use A POS Terminal To Track Inventory
A point-of-sale terminal can also help with inventory management and tracking. Using a POS terminal can help reduce errors and increase accuracy while helping save money on labor costs and the amount of time it takes to track items in inventory. It is best to first familiarize yourself with the systems available at your company that can use POS terminals, then look into purchasing a new POS machine.
In conclusion, many ways can help to make the process of tracking inventory easier. The main tip is to be aware of the technology available at your company and then determine how this technology can help you with inventory management.