Stock and Asset Tracking is a cornerstone for the seamless operation of field service businesses, encompassing the meticulous tracking of products, inventory, assets and fulfilment. Given the diverse range of items scattered across multiple locations, maintaining control over where they are, who they’re and when you’re running low and need to reorder is essential. Successful field service companies recognise that effective stock and asset tracking not only enhances cash flow but also contributes significantly to customer satisfaction. Leveraging stock and asset tracking technology proves instrumental in simplifying the intricate process, allowing businesses to stay on top of stock, equipment, and assets.
The Pitfalls of Ineffective Stock Control
A startling 43% of small businesses, as revealed by a recent study, ‘fail to track assets and inventory effectively’, resulting in significant financial losses annually. The use of outdated and unreliable paper methods of signing assets in and out leave companies wide open to inaccuracies and ultimately, the loss of assets over time. Even when assets are recorded, poor writing, illegible entries and other issues can complicate paper-based inventory management and lead to significant financial losses.
In the absence of accurate and reliable data, visibility over equipment and assets diminishes, leading to potential overspending, increased downtime, the loss of valuable items, and has a negative impact on customer satisfaction.
Adopting stock and asset tracking tools, however, brings about several benefits:
- Fewer Equipment Losses: Manual check-out systems are error-prone, with human error likely to be a leading problem for businesses in accurately reporting on assets. A shift to digitised asset management enables detailed records, tracking, and improved visibility over valuable equipment, minimising the risk of losses.
- Fewer Financial Losses: Proactive conservation of stock and assets is less expensive than reactive maintenance. Cloud-based asset and stock management tools facilitate efficient maintenance, ensuring that engineers always have the right equipment for the job, consequently enhancing efficiency, profit, and first-time fix rates.
- Scalable Processes: The worldwide cost of inventory distortion, which includes shrinkage, stock-outs and overstocking, is an estimated $1.1 trillion. Modern asset and stock management software provides accurate and reliable data, allowing businesses to scale operations seamlessly and prevent issues related to over-ordering or insufficient materials.
The Downside of Poor Stock and Asset Tracking on Profits
- Poor Stock Control: Inconsistent inventory quantities due to human error can lead to unnecessary stock orders, impacting profits. In fact, reducing stock-outs and overstocks can lower inventory costs by 10%.
- Delayed Jobs: Misjudging available tools and equipment may force a halt in projects, inconveniencing customers and causing financial issues.
- Negative Impact on Customer Satisfaction: Inconsistent inventory levels may leave businesses unprepared for scheduled work, reducing first-time fix rates and customer retention.
Streamlining Stock and Asset Management with Technology
Harnessing modern technology proves indispensable for effective stock and asset management, eliminating inefficiencies associated with outdated methods and enhancing overall services and profitability.
Field service management platforms offer comprehensive solutions:
- Stock Assignment to Specific Jobs: Stock and Asset tracking software provides complete visibility over available stock, enabling allocation based on unique job requirements. This leads to increased customer satisfaction, retention, and overall efficiency.
- Track Items with Barcodes, Serial Numbers, or QR Codes: Utilising codes for each item facilitates easy tracking, reducing the risk of loss and streamlining the sign-in and sign-out process for engineers.
- Set Minimum Stock Levels: Digitised inventory management allows businesses to set minimum stock levels, receiving alerts when replenishment is necessary, preventing unnecessary expenses.
- Reliable Work Records: Field service management software ensures a detailed record of work history, including the stock and assets used, preventing unnecessary replacements and enhancing overall efficiency.
The Benefits of Managing Stock and Assets with Technology
- Improve Human Accuracy: Stock and asset tracking software minimises human error, providing real-time visibility over assets and ensuring accurate stock levels.
- Improve Finances: Digital inventory management systems offer data for informed decision-making, preventing losses due to inventory issues.
- Improve Efficiency: By eliminating paperwork and reducing admin tasks, businesses can enhance staff efficiency and provide superior services to customers.
Improve Efficiency with Alternative Logic’s Stock and Asset Tracking
Alternative Logic’s stock and asset tracking software revolutionises inventory management, providing real-time oversight and accountability in stock movements. This configurable solution adapts seamlessly to diverse industries, from healthcare sample deliveries to construction site stock replenishment.
- Real-time Oversight: Track goods and consignments in and out, ensuring accurate stock locations and a timestamped audit trail of movements.
- Versatility: Tailored for various industries, from healthcare logistics to construction, streamlining processes for depots, vehicles, and consumable items.
- Job Completion Workflow: Enable real-time stock updates upon job completion, enhancing accuracy in inventory management.
- Digital Signatures: Ensure secure deliveries with digital signatures for consignment quantities, reducing the risk of errors.
- Advanced Asset Tracking: Precision in tracking assets, including timestamped records through barcode scanning, and flagging time-sensitive deliveries.
- Temperature-sensitive Asset Monitoring: Introducing the Zebra ZS300 sensor for continuous, real-time temperature and location data, ensuring quality maintenance for sensitive assets.
- Comprehensive Performance Monitoring: Monitor KPIs effectively at multiple levels, empowering businesses with data-driven decision-making.
Effective stock and asset tracking is not just a logistical necessity but a strategic imperative for the success of field service businesses. Leveraging modern technology streamlines processes, reduces errors, strengthens financials, and ultimately contributes to the growth and profitability of the business. Alternative Logic’s stock and asset tracking system is a dynamic solution designed to elevate operational efficiency across industries. Embrace cutting-edge technology for precise inventory management and meet the demands of a dynamic marketplace.
For more information on how Alternative Logic’s stock and asset tracking software can benefit your business and maximise your profits, get in touch on 01829 770 956 or drop us an email at firstname.lastname@example.org.
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