Productivity is an important term in business. When you improve your productivity, it can positively impact the organization. Equipment plays a crucial role in business production & daily operation. We have seen several examples in which employees waste a lot of time looking for assets and equipment. Similarly, inventory is also important for daily operations, as inventory can be end-product, raw material, MRO (Maintenance Repair Operation) part. In this blog, we will give you tips to increase productivity with equipment tracking and inventory tracking. But first, let us know what is equipment tracking and inventory tracking! So, let us begin!
What Is Equipment Tracking?
Equipment tracking is done for several purposes such as saving equipment from theft. This is one of the most common scenarios in which an asset is stolen & an employee keeps on looking but it hampers productivity.
Another reason is misplacement asset is used by some employees and they keep them in some other place.
As a result, time is wasted & productivity suffers from employees and organization. Some organizations do equipment tracking for maintenance and performance optimization purposes.
Equipment tracking helps the organization in several ways as it keeps assets safe and secure from theft and misplacement but also helps in improving asset performance individually.
What Is Inventory Tracking?
Inventory tracking allows you to know the exact location of inventory. Most of the time inventory tracking is done because in the warehouse there is inventory in abundance which makes it hectic to find the right inventory.
However, to keep track of inventory count several organizations use inventory tracking so that their productivity does not suffer because of inventory unavailability.
What Are the Main Tips to Increase Productivity with Equipment Tracking and Inventory Tracking?
Main tips to increase productivity with equipment tracking and inventory tracking are discussed below:
1. Rely on Reports
Either equipment tracking or inventory tracking in both cases data is a reliable source it can give valuable insights that can be very helpful in boosting the productivity of the asset, employees & organization.
Reports provide data that help in identifying unproductive areas and data also helps in improving those areas.
Data allows you to let you know the minimum inventory level & for equipment you can know how you can improve the performance of assets with reports & analytics.
2. Avoid Overstocking & Understocking
Inventory tracking helps you avoid overstocking and understocking issues. Lots of businesses suffer due to overstocking and understocking issues. These issues can be avoided with proper inventory tracking & proper data utilization.
You can find a number of specific inventory sale numbers that your organization can sell through which you can avoid overstocking. For avoiding overstocking you can use automated inventory management software that will alert you whenever your inventory is below the defined level. It is the best solution to eliminate issues related to being out of stock.
Catch the unique necessities of your activity and recognize the right blend and levels of the item & develop little parts stock control.
3. Implement Automated Software
When you utilize software in the organization lots of manual work is eliminated & automated work is emphasized. It directly impacts productivity in a positive way.
For instance, with automated software, you can do equipment tracking & which will assist you in scheduling maintenance easily.
Maintenance becomes hectic especially when you are an asset-intensive organization. Automated software such as asset management software simplifies the maintenance process and is helpful in increasing the efficiency of the asset.
The maintenance team can also use asset management software that helps in organizing & prioritizing maintenance work it also helps in delivering productive work quickly.
Utilize Tags on Equipment & Inventory
Organizations can use asset tags which are also helpful in increasing productivity. Asset tags can store information that can be very useful in business.
For instance, they can store information related to asset location, performance & asset identification.
Tags are helpful in asset & inventory location tracking. In the market, there are several types of asset tags available. You can utilize tags as per your budget.
When you want to improve the productivity of an organization these tips can be really helpful. Equipment tracking is essential for keeping assets safe and secured. Similarly, inventory tracking is done to keep them secured.
In all of the above-mentioned tips most important tip is implementing automated software it can be very beneficial for all businesses it can grow your organization's productivity and also helps in boosting asset performance as well.
Undoubtedly if your organization aims for enhancing productivity then the asset management software can help you. It will assist you in optimizing business, avoiding unnecessary expenses, and boosting the bottom line as well.
Frequently Asked Questions (FAQs)
1. How inventory can be better utilized?
Inventory can be better utilized with inventory management techniques such as FIFO (First in first out), ABC Analysis (In this technique inventory is divided into 3 categories Class A, B & C), Dropshipping, JIT (Just in time) technique, and so on. Inventory can be utilized efficiently with these techniques.
2. What is asset management?
Asset management allows you to take care of assets & keep them maintained. It optimizes asset performance and also saves assets from theft. You can minimize maintenance expenses and with reports, you can make better-informed decisions. It automates the process and simplifies the operation process.
According to the Grand View Research, “The global asset management market size was valued at USD 216.98 billion in 2019. It is expected to expand at a compound annual growth rate (CAGR) of 25.9% from 2020 to 2027.”
3. How asset maintenance scheduling & asset tracking is done?
Asset scheduling for maintenance & asset tracking can be easily done with asset management software. It does not matter how many assets your organization you can easily schedule maintenance with this software after that software has features that will alert you automatically when the next maintenance will be needed.
Unquestionably, this software has a lot to offer to your organization. It can increase the efficiency of all your assets including your employees.