Managing employees is a key part of running a successful business. But it’s also important for businesses to manage their physical assets or equipment.
In most instances, a business’s physical assets are a key part of delivering value to its customers. Therefore, it’s essential to keep track of that equipment to ensure that it’s safe and appropriately utilized. However, this task becomes even more complicated if an organization has a large workforce. The larger the workforce, the more complicated it is to track the equipment.
Thankfully, nowadays, organizations can automate the process of inventory tracking. Modern inventory management systems can be integrated with tracking systems that allow organizations to receive live updates regarding the whereabouts of their inventory. Therefore, equipment tracking systems can help prevent losses.
There are various methods by which you could track the equipment. Here are some ideas.
- Use Tracking Systems
Manually tracking all your equipment is inefficient, especially when you have a sizeable workforce. Therefore, you should consider using an automated asset tracking system. These systems have various access controls which allow businesses to track their equipment. The most common types of tracking tags are barcoded and have radio frequency identification tags (RFID). Both of these solutions are best suited to specific situations.
Barcodes are ideal for low-cost tracking, especially if you’re looking to track frequently used on-site equipment. However, barcodes tend to fade over time. Still, every employee should ideally carry a barcode scanner.
RFID is a short-range wireless standard that offers tracking capabilities. Therefore, if you want to track mobile equipment, you could simply add a tag that collects location information. You could also place these sensors anywhere with the equipment you want to track, such as a storage locker, for example, which is called content surveillance. This allows you to verify whether employees return the correct items for further accountability.
Now, RFID Solutions are slightly more expensive than barcode scanners. But they have added functionality and are more durable.
- Perform Regular Inventory Audit
You need to conduct an inventory audit regularly to monitor any changes in the inventory levels. It must be a regular procedure because you’ll be able to pick up any discrepancies faster. Delaying this process could cause you to detect problems too late. You’d much rather identify problem areas and rectify them quickly.
Remember, if you’re managing a large workforce, there’s going to be a high chance that some things could go unnoticed. So, the further you delay the inventory audits, the more likely you’ll detect the problem too late. You can conduct reviews quarterly, semi-annually, annually, or whichever period suits you best.
- Equipment And Device Management Policy
You have to establish an equipment and device management policy that outlines how equipment is supposed to be used in the organization. You must develop a transparent policy because everyone in the organization should know this. An inventory management policy encourages employees to become more accountable and responsible with their equipment and machinery.
Bear in mind that this equipment belongs to the organization. Therefore, employees ought to handle it with care. For example, you could institute a systematic logging system that allows employees to log in and out every time they utilize specific equipment. You’ll be able to see who has what and at what time.
- Track And Schedule Maintenance
You must ensure that your equipment maintenance records are up to date. If you have a lot of equipment, this could be difficult. However, this could be much easier if you have an inventory management system in place. Still, if you don’t track the usage of the equipment, you won’t be able to determine when it’s due for service. Or, with machines or technology, you won’t know when they’re due for an update. Plus, you must keep track of your equipment’s maintenance and warranties.
- Track Damages And Losses
There should be a procedure detailing how employees report lost, stolen, or damaged equipment. Please don’t write off the fact that equipment is fallible and susceptible to damage or failure. Damages must be taken into account. But there should be a procedure in place that employees should follow if they want to report a case.
Remember, it’s not always the employee’s fault that equipment is damaged. But it should be accounted for nonetheless. Ideally, this process should be detailed in the equipment inventory policy mentioned above.
Having a large workforce often compounds the problem of human resource management. But it also makes it harder to manage company resources. However, businesses can use inventory tracking systems to keep track of their equipment much more effectively. There are many inventory management solutions to choose from. You just need to look for the one that meets your business’s needs.