Organizations have this tendency of buying expensive equipment, they think that it enhances the efficiency with which their employee perform their tasks. But they don't keep track of their assets. Maintenance of these costly assets is equally important to keep their efficiency up. Negligence of these tasks can lead to major asset failure, increased downtime, asset misplacement, asset theft, and so on. No organization will want to be in a situation like this.

Following our very informative recent virtual roundtable of supply chain executives facilitated by my colleague David Kane, I was anxious to take a turn in the moderator’s chair for our next executive roundtable, ‘How to Maximize ROI of Your Inventory in Today’s Uncertain World?’, this past August 11.

When work is done manually the chances are that reports are not accurate. When reports are not accurate the decision based on these reports will not be accurate. Some organizations just make decisions based on assumptions, again decisions based on assumptions are not accurate which is why automated business reports are essential. In this blog, we will know how reports are helpful in improving maintenance equipment. But first, let us know what business reports are!

“How much Inventory is left for the next batch of production?” Is this easy for you to answer this? If not, then there is a management glitch, which you must take care of. If your organization is still keeping a track of inventory manually it must be a time and money-consuming task. Whereas, if an organization wishes to switch to an automated Inventory Management Software, it makes the task very easy. Let us first know what inventory is & how inventory management helps!

These days technology is essential for businesses as their clients only want the best technology. Moreover, competition is high and having the best technology is significant for running daily operations successfully. Therefore, when an organization is equipped with a lot of assets in order to keep them maintained. In the market, there are several technologies available for effective asset management such as Barcode, QR Code, RFID, GPS, BLE, NFC, IoT, etc.