Why a Good Government Inventory System is Crucial

Written by Small Business Magazine on March 8, 2018. Posted in Da form 3161, Property inventory management software, Tracking software

Types of audit software

If you are part of any agency, you know that keeping track of resources can be a real struggle. There are files to keep safe and accessible, employees to keep track of, and all kinds of equipment. You need to know where your assets are at all times, but using a government inventory system that is old or outdated can make the task harder than it should be. You need the right inventory tracking software to make sure you are in compliance.

The Need For a Good Government Inventory System

In the United States, huge amounts of capital are typically tied up in inventory: a full 7% of the GDP when combined with accounts receivable and accounts payable. With retailers, for example, about $1.43 worth of inventory sits in warehouses for every $1 of sales made. Additionally, few warehouses are efficient. In fact, according to a study by iBenchmarking Warehouse Performance, less than 30% of warehouses are.

What Can the Right Inventory System Do?

A warehouse management system, or WMS, can decrease the errors of warehouse management by as much as 70% while lowering the cost of transportation by 10%-20%. A government inventory system is also reliable. Old systems, from paper to computer spreadsheets, can make it too easy to lose track of your assets. Good asset tracking solutions keep track of everything in real time, 24 hours a day. They also help you avoid redundancies and make sure that everything and everyone is accounted for.

Is a Good Government Inventory System Hard to Use?

Technology can be hard to navigate, and it’s easy to be negative about new systems. Sometimes the effort required to learn a new system is just not worth it, particularly if systems are changing constantly. But the new inventory tracking software available on the market today has been developed by and for people working in real life situations. Typically, a new government inventory system is easy to use and works actively to save time and money by reducing labor costs and equipment needs.

Will a Good System Reduce Security Risks?

While ease of use is important and saving money is crucial, the most important thing of all is keeping information safe, especially when it is the personal and private information of individuals. Government agencies can be especially at risk because they are special targets. Asset tracking software is just the tool for protecting vital information. It makes it easy to restrict access to only those employees who need to know it, and people can be added to or removed from that access list with ease.

We all live in a digital age, and every entity needs technological solutions that let them keep careful track of everything and everyone in their organization. Doing so safely is also crucial. Thankfully, options are available for government inventory management that make it easy and safe.

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