Pieces of equipment are the backbone of the organizations without equipment you cannot complete the job quickly. They are assets valuable to the organizations that are why equipment management is essential as well.
However, equipment needs inventory when they are sent for maintenance as parts are replaced or changed so equipment inventory management is the most critical part of an organization.
What Is an Equipment Inventory Management System?
The equipment inventory management system helps in keeping track of inventory that is required while performing equipment maintenance. It lets you know how much inventory is left in the stock so you can plan maintenance accordingly.
Sometimes it is seen that everything was planned perfectly but while performing maintenance when you need certain types of inventories it not available or misplaced.
It means the whole planning is a wastage of time and maintenance will be performed again. With an equipment inventory management system, you can know everything related to inventory and maintenance.
Also Read: What Are the Benefits of Inventory Management for Effective Purchasing?
Some people say managing inventory of the types of equipment is known as equipment inventory management. When this process is done through technology and in a systematic way then it is said equipment inventory management system.
What Are the Benefits of an Equipment Inventory Management System?
The benefits of equipment inventory management system are as follow:
1. Know Precisely What You Have
Lots of businesses do not know what equipment they have in their inventory. If you do not know what you have then how can you use it! So, productivity decreases when you do not know, and productivity increases when you know what you have as simple as that.
With an equipment inventory management system, you get complete information about your assets and inventories and accurate data as well.
2. Know Precisely How an Asset Is Used
When you know what equipment you have then it is also important that you know how pieces of equipment are being used! Are assets begin used wisely! How frequently are they utilized? Who is using them? Are they used for office purposes only or personal also?
These types of questions can be answered easily via an equipment inventory management system. It makes you more informed which means you take a better and informed decision.
3. Better Inventory Management
As we know inventory management is all about having inventory in the right quantity in the right place at the right time. Sometimes we ordered more quantities than required so you can send extra inventory to other locations (if you have multiple located warehouses).
This software provides information of inventory with inventory level of multi located warehouses of yours. So, you can easily manage inventory.
Also Read: What Are the Benefits and Best Practices for Asset Inventory Software?
4. Avoiding Inventory Issues
Inventory issues are very critical for businesses such as overstocking and understocking. Both problems can badly impact business because having too much inventory is a problem not having equipment inventories is also an issue.
However, this software enables you to keep track of inventory, so you are always aware of inventory count. This software also alerts you when inventory is low in stock, so the responsible person starts the refilling inventory process. In this way, you can always avoid the out-of-stock issue.
5. Avoid Equipment Failure
Equipment failure can be lethal for business that is why keeping track of maintenance is also important so that equipment failure can be avoided.
If equipment failure occurs, then the daily operation will be halted due to which can be dangerous for business as it can lead to delay in delivery. As a result, customers will be disappointed.
Equipment failure can also lead to an expensive repair. Repair expenses can directly impact the bottom line of the organization. Regular maintenance is cost-effective than sudden asset failure maintenance.
Therefore, equipment must be kept maintained so that unnecessary expenses are saved.
This software allows you to schedule maintenance so that even if you forget maintenance this software alerts and notifies you about the scheduled maintenance.
6. Make Informed Decisions
Most business decisions are made on the basis of data. If data is not accurate then the business loses its effectiveness. But when you have this software, it ensures that data is accurate and you get accurate numbers, statistics & reports.
This software provides several types of reports based on requirements. These reports play a crucial role in making effective business decisions.
You can also set goals for the future in which specific areas you want to make improvements. This software gives you a complete picture of where you are spending and where you need to invest more. Inventory reports are the key to growing a business.
Equipment inventory management is important in order to know what equipment you have, where are they located, and it makes your organization more productive.
The above-told benefits will help your business and this software will enable you to make the most of your pieces of equipment.
Most importantly equipment inventory management software is a type of asset management software that eliminates manual work and makes the process automated so that you can focus on other activities and eliminate human error.
Also Read: Importance of Asset Management Software Tool for Small Businesses?
Frequently Asked Questions (FAQs)
1. What is inventory tracking?
Inventory tracking is the process of monitoring and tracking inventory. Ensuring that inventory levels are maintained at the right place at the right time.
Inventory tracking is done so that you know inventory levels all the time. It is also done so that overstocking issues do not occur.
2. How equipment inventory management software keeps track of pieces of equipment?
Equipment inventory management software keeps track of equipment with asset tags. When these tags are equipped with asset tracking technology such as barcode, QR Code, or RFID.
Whenever tags are scanned it retrieves information. You can know the complete inventory count with these tags.
3. What are the features of equipment inventory management software?
1. Real-time information
2. Asset and inventory tracking
3. Alerts and notifications
4. Setting re-order level
5. Prioritize maintenance work
These are a few of the equipment inventory management software features.