The Benefits of Asset and Inventory Tracking
Business software with asset and inventory management can allow integrators to function more efficiently and even help create RMR. simPRO’s Param Singh breaks down how in the latest Security Speaking podcast.
One component of running a business that can be overlooked is having an effective business software solution, especially one that is tailored specifically for your industry.
For example, security integrators can have hundreds if not thousands of pieces of equipment on-hand. That means they need software that is able to effectively keep track of those parts and where they are — whether that be in the warehouse, on a truck or at a jobsite.
That is why it is important to utilize a software that includes an asset and inventory management feature.
Asset and inventory tracking can help security integrators make more profit by improving efficiency, as well as generating recurring monthly revenue (RMR).
“The asset is something that’s going to provide more visibility over your customers, what equipment they have on site. You can use it to market to them. You can use it to provide better service and fix the issues that they have. You can also use it for RMR. Go ahead and put them on a maintenance plan. Go ahead and put them on some kind of recurring testing, to start generating recurring revenue for your business,” explains Param Singh, account executive at simPRO.
Especially during times of supply constraints, knowing exactly where you stand when it comes to inventory is crucial. The right business software can allow integrators to avoid last minute trips to wholesalers by pre-allocating inventory to a job or ordering ahead of time.
It is also integral to have a software that is intuitive and easy to use. As uncovered in SSI‘s 2022 Software Deep Dive, two of the primary reasons a business abandons its software are difficulty of use and lack of employee buy-in.
“If you don’t have an easy to use system, it doesn’t matter what features it has. They’re not going to use it. If you’re putting this much pressure on your team — and inventory is a big deal, companies should focus on it — but if you’re not going to provide them with an easy to use system, over time they’re going to use it less, and they’re going to fall back to their old methods. They’re going to start missing things and then they’re going to start seeing parts walking out the warehouse. There is that money that you’re just losing because things aren’t just being tracked properly,” Singh says.
For more on asset and inventory tracking, including what to look for in an inventory tool, how tracking assets can benefit organizations and much more, check out SSI‘s conversation with Singh in latest edition of Security Speaking below, or listen or download it directly from SSI. You can also listen to it via your streaming platform of choice.
Listen to this podcast using the embedded player below.
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