One solution to saving money in your business is to track your inventory properly. Inventory tracking is such a huge factor when it comes to business costs, and not many companies are willing to do what needs to be done in order to keep those costs to a minimum.
When you consider all factors, it is staggering how much capital is tied up in inventory and its management. Along with accounts receivable and accounts payable, inventory has tied up $1.1 trillion dollars in cash. This is equivalent to 7% of the GDP of the United States.
With the proper inventory tracking software, companies can better organize what is going out with what is coming in. Right now, for every dollar that American businesses make, they are sitting on $1.43 worth of inventory. Inventory tracking can be made so much easier with the help of management software that can track and keep organized all of the inventory in a company’s warehouses.
There are thousands of warehouses across the country who are relying on outdated methods for keeping track of their inventory, government inventory among them. Government inventory management is in desperate need of streamlining in order to be more efficient. Going forward, 67% of warehouses plan on using some kind of mobile devices in order to keep track of their inventory.
Along with devices for inventory tracking, audit information software is beginning to be used for audit preparation from government facilities to booksellers. Anywhere there is a warehouse full of inventory, there is a need for software to keep track of that inventory. Government software that is being used for inventory tracking is being improved all the time. There is always a need to make sure that what is being stored is accounted for.
Imagine the final scene of the movie “Raiders of the Lost Ark” and you might begin to understand the large number of items that could be stored as inventory in any given warehouse. Without the proper inventory tracking software, many items, both small and large, can fall through the cracks and remain unaccounted for.
With the right tracking software in place, businesses, whether they be private businesses or government agencies, can properly keep account of what it is they have. This becomes very important for a number of reasons, not the least of which is the fact that if you have too many items in inventory and are not moving those items, you are spending too much on restocking those items when you don’t actually need them.
Automated software that is designed to handle inventory tracking keeps a proper record of what is going out and what needs to be brought in. This makes a business that relies on inventory much more streamlined and much more efficient, and anyone who works for the government or with a government agency will tell you that any software that can do that is some greatly needed software.
