Asset tracking systems can be a valuable tool for many businesses and organizations. With asset tracking programs, it’s possible to quickly and easily monitor the location of both fixed and mobile assets in a company. The following guide explores the many benefits and advantages of asset tracking systems.
It can be challenging for a business to monitor the location of its assets at all times. Since some businesses, like retail stores, move millions of products every month, it’s essential to make sure that a company has an effective inventory system for tracking goods at all times. This can be an excellent way to reduce the risk of theft.
Many large retail stores experience annual theft rates of one to two percent. In many cases, goods are stolen by customers visiting a store. However, products can also be stolen by employees and transportation workers. To avoid these types of thefts, it’s essential to make sure that a business can quickly identify areas that have high levels of loss.
For example, areas that experience theft rates above one to two percent may need additional security. In many cases, it may be possible to determine who was responsible for a theft based on an item’s last known location. If a product theft increases while a certain employee is working, that employee can be closely monitored to determine if he or she is responsible for the loss.
In addition, inventory management systems can be a great way to incorporate just-in-time (JIT) systems. With a JIT system, a business doesn’t need to have excessive amounts of inventory. Instead, inventory is delivered to a store as it runs out of its existing inventory. In many cases, this can be a great way to reduce the needed warehouse space for a business. In addition, this can be an effective way for a company to reduce its warehouse payroll costs.
It may be possible to use inventory management software to improve cash flow at a company or business. By reducing the amount of inventory that a business needs to keep on hand, it may be possible to reduce the size of future orders from a supplier. In many cases, this will give a business additional capital for exploring new markets. In addition, this can be an effective way to trim budgets during lean times.
It’s also possible to use an inventory management system with radio frequency identification tags (RFID). With an RFID tag, it’s possible to monitor the entire inventory in an entire building as it leaves and enters. Since there’s no need to scan bar codes, this can be a great way to ensure that no product enters or leaves a warehouse without it being logged. In addition, this may be able to reduce the risk of some types of theft.
With asset tracking software, it’s possible for a business to quickly and easily monitor both fixed and mobile assets. In many cases, asset tracking software can reduce theft, improve JIT processing techniques, reduce payroll costs and more.
As an author, Jordan McPelt writes about various subject matters including asset tracking software. To learn more about asset tracking software please visit www.cg4.com.
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