Keeping track of a million and one things is something the human brain just isn’t designed for. Thankfully, we have technology.
From keeping track of each and every commission in a roster to overseeing thousands of packages sent in and out each day, businesses and individuals alike have good reason to use tracking software. It keeps all these numbers, percentages and anomalies in one easy place for future reference, reducing the margin for human error and cutting into stress that could build exponentially otherwise. For your government inventory to remain organized properly every single day, asset tracking solutions need to not just be used, but understood.
How can you improve your systems from the inside out with the aid of an asset tracking system?
Let’s start off with a broad look on what asset tracking has to offer. American retailers are currently sitting on nearly $2.00 in inventory for every dollar they make. While shipping and manufacturing have both become more efficient, as well as faster, companies are still holding on to far too much stuff. The term ‘days inventory outstanding’ refers to the amount of inventory on hand based on the average amount of sales per day…and has seen a nearly 9% rise over the past five years. Management software, as you can see, simply isn’t an option anymore.
Where else are we seeing this shift? The amount of warehouses in the United States has risen nearly 7% over the last five years alone, though just 65% of warehouses actively plan on incorporating mobile devices into their inventory management system. With such a shocking amount of capital tied up in inventory there’s simply no reason to skip out on vital resources such as these. Today inventory, alongside accounts receivable and payable, have tied up over $1 trillion in cash. That’s the equivalent to 7% of the American GDP. Which one should you be using?
The more options, the better. Today’s inventory management systems have evolved far beyond simple recordkeeping and paper notes. Government inventory thrives when provided the technological efficiency that only software can offer. Inventory accuracy has been found to increase over 20% with a WMS system. You can also expect to receive a 35% reduction in your overall operating expenses. A study provided by iBenchmarking Warehouse Performance found less than 30% of today’s warehouses are working efficiently.
Of the over 600,000 warehouses in the United States, just 30% actually have a WMS system involved. As you can see…this lines up quite closely with the efficiency report recently provided to the public. A WMS can do even more than encourage higher accuracy. One study found a WMS installation can save anywhere from 10% to 20% on transportation costs, those of which have started to tally up to 10% of the overall costs of an order. Additional statistics have found a typical warehouse management system can decrease errors by 70%. In today’s busy world, these can make a mighty difference.
With government inventory sensitive and always seeing new developments, the aid of government inventory management software will help everyone in the long-term. Employees will be able to do their jobs more efficiently, reducing the margin for human error and minimizing stress. Inventory will be lowered, costs will follow suit, and efficiency will be achieved all with a single overhaul. Government software is a dynamic entity, just like the industries that surround us, and it’s through a proactive attitude can you take advantage of all the benefits tracking systems have to offer.
There’s no need to keep track of everything on your own. That’s what government asset management software is for.