Asset tracking, inventory management – to the average person, they sound the same, don’t they? But dig a little and there are distinct differences between the two. Both are capable of using barcode scanning, something we at Logitout provide, but the type of information being tracked, and when, is crucial to understand.
Let’s start with the basics. What is an asset? According to Merriam-Webster, an asset is “an item of value owned.” So when we discuss asset tracking, we refer to the tracking of physical or fixed assets. This specifically refers to items that are used to make your company function. Think keys, cars, laptops, furniture, anything “internal” to your business. By placing unique barcodes on each asset then adding it to your asset tracking system, you’re able to gather important data on each item. For example, with a simple key tag, you can gather information like its description, condition, location, who currently has it, or even when it’s to be returned.
By using asset tracking systems like Logitout, adding and updating your inventory is simple. Plus, with photos attached to each item in the platform, anyone’s capable of verifying if your system’s information is accurate.
Inventory, in this case, is described as “the quantity of goods or materials on hand,” otherwise known as stock. If you’re a company that sells products, it’s necessary to know what products you have in your warehouse and how much of it is stored. The goal of inventory management is to know when you’re running low on a particular item and replenish it before you’ve run out. This is done with things like stock keeping units or SKUs. By keeping things automated, you reduce human error, keep accurate inventory counts and know exactly where a product is located.
So, why are we discussing asset tracking and inventory management? Because as a start-up owner, without knowing the difference, you don’t know what suits your needs best. Streamlining your business will save you time, money, and a lot of headaches. No one wants to search for lost keys or hunt down products in a massive warehouse.
Do you know which one is right for you? If you’re in charge of fixed assets in your office or perhaps a property manager, an asset tracking solution would be the best fit. If you currently manage stockroom inventory or products that are sold to customers, inventory management is the way to go. It’s also possible you run a business that requires both systems working simultaneously. Research what information you need tracked and when you’re ready to settle on an asset management platform, our experts are ready to speak to you our experts are ready to speak to you.