Are you still tracking your IT inventory with spreadsheets or old-fashioned pen and paper? There’s a better, more efficient way that can greatly improve your business operations and have a positive impact on your bottom line.
As your business grows, it gets more complicated to do asset tracking without a comprehensive platform. The sooner you implement your asset management solution, the better.
In this post, we’ll discuss what a computer inventory system is, the benefits that come with it, and four of the top asset management solutions available.
What is a computer inventory management system?
Computerized inventory systems are a type of software that helps businesses monitor their inventory in real-time to simplify business operations. You may have heard these systems referred to as asset management software. Essentially, the software is used as a tool to help businesses track assets or inventory, generate reports, comply with industry regulations, and understand demand.
What are the benefits of using an inventory management system?
No matter what the size of your business, if you have physical inventory, then you can benefit from implementing an inventory management system. Here are some of the top benefits that most IT teams see from utilizing the software including:
- Simplified overall inventory management
- More efficient use of employee hours
- Reduced risk of human error
- Track monetary value of asset inventory
4 examples of computer inventory systems
There are multiple solutions to choose from, including modifying existing tools you may already be using as dedicated asset management software.
It comes down to understanding the key features your company needs.
1. Excel
With all the inventory management solutions available, some still prefer the DIY approach. For others, the volume of inventory isn’t high enough to justify investing in a more robust inventory system yet, or the budget simply won’t allow for it. In these cases, using Excel spreadsheets can be a viable option.
The biggest advantage to using Excel is the low barrier to entry. It’s easy to get started, and most people already have experience with the software. This means no extensive training to learn how to use the tool. Often, businesses that decide to go the Excel route for inventory management already use the software in their processes and can easily work it into their existing operations.
The problem with using Excel is that the software wasn’t designed specifically for asset management. Though it’s a useful tool that can be customized for a variety of projects, Excel can’t track inventory in real-time. It relies on users to input inventory changes as they happen, which opens your system up to human error. Plus, sharing an excel file more often than not leaves you with unreliable data.
If you already have Microsoft 365 or Excel on your devices then there’s no additional cost to add the spreadsheet tool to your business operations. If you don’t have it yet, then you’ll need to purchase it. Microsoft 365 Business Basic plans begin at $5 per user each month. You’ll get the full suite of Microsoft products with the plan, including PowerPoint, Outlook, Team, and OneDrive. For many, these additional tools are well worth the cost.
2. QuickBooks Enterprise
QuickBooks is a popular accounting solution for small businesses. Some QuickBooks packages, including QuickBooks Enterprise, include basic inventory management features. If you’re a small business already using QuickBooks Enterprise or if you simply need an accounting function to go along with your inventory system, then this could be the right tool for you.
In addition, it can also integrate readily with a variety of other apps and business tools. This is helpful if you already have other software baked into your business processes. Another advantage is the ability to generate reports.
Unfortunately, QuickBooks Enterprise isn’t the most robust inventory management solution out there. It was designed for small businesses and isn’t really designed for IT teams. Not to mention, some users have experienced difficulty with backing up data, which can be concerning when you have a significant inventory volume.
QuickBooks Enterprise is affordable for most small businesses. Keep in mind, it’s a multi-use tool, so you’re paying for accounting and bookkeeping features in addition to inventory tracking. QuickBooks Enterprise version 22 begins at just under $1,500 for the year. This plan includes up to 30 team members with unique roles and logins.
3. Enterprise Resource Planning Software (ERPs)
Microsoft Dynamics 365 and Netsuite are two of the most robust ERP solutions. It can include inventory management as well as accounting, supply chain management, and point-of-sale functions in a single platform, depending on your plan. This solution is good for larger businesses or those that are looking to scale their operations within the confines of a single tool.
ERPs typically also have artificial intelligence capabilities that provide data-based recommendations for business intelligence, trend spotting, and more.
One of the biggest cons can also be a strength, which is ERPs are a blank canvas. There is a steep learning curve, and a ton of customization is needed in order to start using it. Most businesses will need specialized consultants and developers to not only launch an ERP but also to maintain it.
Given these are enterprise tools, you can expect enterprise-type pricing, with most ERPs costing upwards of $100k per year.
4. Asset Management Software
While business owners in small businesses with minimal assets might find Excel to be more than enough and large enterprises need the functionality of enterprise-level software, like an ERP, dedicated asset management software, can be a great alternative for midsize businesses.
For starters, this software is specifically designed to streamline the asset tagging and tracking process in real-time across your entire network. Both physical assets and software assets can be tracked.
In addition, you can set up user request portals, create asset maintenance processes, run inventory reports, set up role-based access rights, scan asset bar codes on a mobile device, and more.
Many asset management software companies, including Reftab, offer a limited freemium version. Paid plans start around $30 per month and include unlimited users and mobile apps for iOS and Android so you don’t have to purchase extra equipment to scan barcodes.
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When it comes to computer inventory systems, you have options. Keep in mind that you want to find the best solution that not just fits your organization today but where you want your company to be in the future.
Ready to get started? Try Reftab for free.
