Best Inventory Management Software: Must-Have Features

Inventory tracking software: the basics of asset management

Many companies and organisations are discovering that perhaps the most direct, affordable, scalable and easily implementable way to smart enterprise management is through a holistic asset management system.

That said, we should really emphasise the word ‘holistic’ here, and clearly list the features and functionalities inventory software must have in order to support meaningful digital transformation. A good asset tracking solution will provide all the information, context and control needed to best understand and utilise all of your company’s resources:

∗ Tools and maintenance equipment

∗ Machinery and production equipment

∗ Merchandise and saleable inventory

∗ Vehicles and fleets

∗ Furniture, fixtures and static inventory

∗ Computers and IT equipment

∗ Software and networking

∗ Employee records, certifications and training

∗ All other digital and physical assets

The best asset tracking software will maintain a dynamic record of all physical or digital assets in your company, as well as related information and supporting documentation – age, value, physical location, warranty and maintenance information, usage and use history, training requirements and employee access and more can be easily recorded, updated and accessed.

Better information and communication about your inventory

You should be able to make this information available to anybody, or only to certain employees, and with centralised redundant data storage and processing the data should be available at any time and in any location – management offices, warehouses, job sites, production centres and factory floors.

All sorts of associated information can be maintained with and about any particular asset. For example, scheduling features can reserve an asset for a specific employee and time, and can also remind you of service and maintenance schedules. Employee records can flag expired or outdated certifications or the need to update training. And all of this information can be delivered in clear, comprehensive reports to the right people at the right time.

And the best asset management software should make all of this information easy to find, easy to understand and easy to control – this is why we have focused so strongly on making the Timly Inventory App simple and intuitive, and why we offer the best and most personal customer support in the business.

QR code technology for accessibility and ease of use

QR codes are assigned to each physical asset, which ties that item to its inventory record, and any authorised personnel with a phone, tablet or PC can scan that QR and access that record – no need for specialised equipment, specific operating systems or software.

Use case: Effective tool management with Asset Tracking Software

You may already be seeing so many ways that having a complete and multi-faceted picture of your company’s inventory and assets can help in enterprise management, but let’s look at one specific example in some detail.

Almost any company relies on the availability and use of basic tools, for production, for warehousing, for maintenance and more, and information on each and every tool available can make everything easier:

∗ Item’s physical location

∗ Item’s condition / state of repair

∗ Item’s description / photograph

∗ Item’s function

∗ Qualifications / required training for using the tool

∗ Current usage, reservations and use schedules

∗ Related assets and processes

∗ Digital assets like instruction manuals, warranties and repair history

Too much time is wasted in so many workplaces trying to find a tool, finding it broken, unusable or not properly maintained, realising others are currently using or have reserved the tool, and not being able to find another. Other complications, and even damage and injury, can arise due to improper use of a tool, lack of proper training or certification or the inaccessibility of documentation.

But with comprehensive asset management this all can be greatly reduced or eliminated, and everybody involved can instantly and easily know everything related to the tools they need and use ever day. Not only is significant time saved in knowing everything about an asset like a tool – or a computer, a factory machine, a vehicle, a digital file or program or even an employee – but you will also be able to make much more informed and effective decisions and strategies.

How reporting is simplified with Asset Management Solutions

Another area where inventory management solutions can make a big difference is in reporting, and when you think of all of the different reports, disclosures and informational exchanges in a normal workday, this can be a major benefit.

The warehouse worker must report stock levels, damaged inventory and discrepancies, the production facility manager must report damage or failure in machines or workflow slowdowns and stoppages, and front office, human resources, accounting and IT staff must report on all of this and, well, everything else!

The best asset management solutions are designed not to just collect and keep data, but to combine, relate and present that data in so many different, ways, making reports on assets, processes, production and workflow, sales and marketing, IT, personnel, regulatory compliance and disclosure, and essentially every aspect of business, more complete, effective and useful than ever before – and much, much easier!

As one example of the complexity and importance of reporting, we can consult The Management of Health and Safety at Work Regulations, a daunting UK government document which describes, among other things, the responsibilities of a company in reporting safety policies and procedures to employees, investors, regulatory and governmental agencies and others.

Were you to set aside a few days – or weeks – to really peruse this weighty virtual tome, you would find countless examples of how asset management software can help in reporting and disclosure, by simplifying or automating:

∗ Data gathering and coordination

∗  Compilation and formatting

∗  Scheduling and submission parameters

∗  Recipient lists and distribution

This and so much more is, or should be, fully integrated into true 360° asset management platforms, making even the most complex and critical reporting easy or even automatic.

Just like smart inventory management, smart reporting is a great example of digital transformation at its best, and one of the many benefits of effective and comprehensive enterprise management.

The role of inventory management in Industry 4.0

At the end of the day we can strip some of the mystique off of the many new business words and phrases like enterprise management, industry 4, agile management, smart factories, smart warehouses or smart anything else, by simply realising that they all come down to a basic idea:

Using computers, data, cloud processing and storage, AI and related technologies to:

∗ Make smarter, faster and more meaningful business decisions in all aspects of your operation

∗  Increase productivity, efficiency and revenue

∗  Decrease or eliminate errors and workflow disruptions

∗ Save time, effort, money and frustration.

So many managers, executives and decision makers assume that moving to some form of Industry 4.0 or comprehensive smart enterprise management system is impractical – too expensive, too disruptive, too complex and not applicable to your specific operations and needs.