Asset Tracking Versus Inventory Tracking
The TRXio team is often asked what the difference is between asset tracking and inventory tracking? These terms are often used interchangeably, so they are the same thing, right? Wrong. Let’s start with some definitions of each term.
- Assets are items that your company owns, including equipment, computers, machinery, furniture and office supplies. Your assets are part of a very stable group that doesn’t change much. However, it still necessary to effectively track your assets since many of them have a limited lifespan and you need to be ready to replace them, or locate them.
- Inventory is the product that your company sells, along with the goods needed to produce your product. Unlike assets, your inventory is very fluid and is a constant moving target. Proper inventory tracking is absolutely critical to your business’s profitability and efficiency.
Asset traceability tracks assets on a check-in, check out basis, allowing employees to know exactly where a specific item is located in real time. Using TRXio for asset management can result in better knowledge of where your equipment is at any given time, which reduces labor costs, eliminates equipment losses, and reduces unnecessary duplicate purchases.
When TRXio is used for inventory tracking, it eliminates time-consuming, labor-intensive, and error-prone physical inventory counts by replacing manual, double-entry inventory control methods with scan-and-go tools and mobile app workflows to move, manage and account for inventory. This leads to higher profits, increased employee accountability and improved efficiency.
TRXio can be utilized for both inventory tracking and asset tracking to improve efficiency and reduce costs. For more information on the differences between asset tracking and inventory tracking, or learn how TRXio can help your business with either item, please contact us at 844-868-7225.
Answers to Other Inventory Questions: