Remember the second last year you bought a few laptops for the school? But some of them are missing right now!
Where are they now?
This is what happens when you don't have an inventory management system in your school or university.
Therefore, in this blog, you will see how the Inventory Management System helps the Education Sector. So, without further ado, let's get started!
Wrong inventory evaluation
This scenario happens all the time in a school either it lacks in stock or it is overstocked. Some inventories are consumable which have an expiry date, which means after that they are of no use. Obviously, inventories are costly. Therefore, a school must maintain stock level without wasting inventory and money.
Solution for Wrong inventory evaluation:
With the inventory management system, you can look at the status of inventory & you can easily track the inventory. You can also set alert for better management of stock. When your school is low on inventory it can automatically refill stock.
Also Read: Top 7 Advantages of Inventory Management System Software
Missing Asset & no accountability
There are several lost items that are nowhere to be found in the school or university. They not only contain crucial data but comes with a huge price tag.
For e.g. a laptop or pan drive changes many hands and keeps revolving around but nobody keeps the actual track. Also, no one can be blamed if the item is damaged because no one is accountable, right?
“Theft” - whole other story
Theft cases are more often seen in universities because there are more advanced gadgets that are available and small in size. So, nobody even notices & this is what makes them vulnerable.
Suppose a presentation needs to be done but the equipment is missing or stolen at that time, then what will happen? An awkward situation, right?
Solution for missing asset & theft:
For both the above problems the solution is Inventory Tracking software. It assists you in finding the lost asset and it always provides you real-time information.
Also, it keeps the information who is using it. You can keep track of the condition with the help of this software. You can upload the picture to document the condition of an asset. Moreover, you can find the equipment at the time you need it.
A human mistake in data
In schools and colleges, there is a lot of data entry work, which is time-consuming. It can be a boring task and prone to mistake.
Similarly, there can be some mistakes in data entry when data entered manually from a barcode. As a result, when you will try to find it, you won't be able to find it because the data entered was wrong.
Solution for A human mistake in data:
A scanner can be used to get data entered into the system automatically. This will remove the human error factor and it will make you more efficient. It can also work with smartphones and maybe you don't have to buy a piece of specific equipment to perform the task.
Just download Asset Infinity App in your smartphone and scan your item with it. Because nowadays almost all phones come with this technology. But most importantly it will save your a lot of time which you can utilize it for some other task.
Also Read: What are the Objectives of the Inventory Management System?
A School and the university has several assets that need maintenance on a regular basis. But they do not pay attention to this work as if it's not necessary to take care of them.
And as a result, the equipment is not maintained, after that, it is thrown in the garbage. Then the new equipment is bought, and unnecessary expenses are done.
Less time in Audit
When a manual audit is performed it would have taken many days and even after that there was no surety that all inventory and assets have been counted. But after implementing the software it hardly will take 2 days to process complete audit and with accuracy. Reports are created easily and efficiently.
Solution for No maintenance & Time Consumed
The inventory management system sends notifications and alerts for the maintenance of equipment. So, you don't have to remember manually. It can help you in saving a lot of money. You can schedule the maintenance of equipment as per your convenience.
No more behind the desk
You do not have to wait to get the information of inventory from your contact. This software can work from the system as well as from your smart mobile very efficiently and effectively. Once you have it on your mobile you can go to your contact and fetch the data via smartphone.
An inventory management system is very helpful in the education sector. However, a lot of schools are not utilizing this technology. They are still using an old-fashioned inventory tracking method which is manual tracking. There are also several advantages of using an Inventory management system.
For instance, it has a cloud-based inventory tracking feature which means you can fetch the data from anywhere. It also provides more security to the system. Your school or university can get more organized with the inventory management system. Through this software, you can effectively manage your school or university.
Also Read: Why businesses need a cloud-based Inventory Management System?
Frequently Asked Questions (FAQs)
1. Is the check-in check-out feature unavailable?
No, it is there! You can use check in check out features to keep the record of the item. The record transaction is logged and available so that the assets can be tracked down. Plus, it also informs that who is using a specific asset and what is the condition of that asset and when it be returned back.
2. What is the main function of inventory management?
The essential objective of inventory is to utilize marketing and production to increase the profit margin, on the investment. Balancing supply and demand, enhancing efficiency, establishing a safety stock are few of the other functions of inventory management.
3. Why inventory management is important?
Inventory management is critical to small companies, schools & universities since it assists them in avoiding stockouts, manage from many locations, and guarantee precise record keeping. Inventory management makes these procedures simple by removing the manual method.
4. What is inventory management? What are the few examples of inventory in School or university?
The inventory management is the proper management of inventory or stock. In educational institutions like schools and colleges stationary, moveable infrastructure like chairs, tables, desks, teaching aids like overhead projectors, televisions, video players, DVDs, library assets like books and magazines, etc. are some of the examples.