Track Your Inventory…Really, Really Well
We enjoyed Commercial Integrator’s recent article, “Follow These 5 Tips for Increasing Profitability in 2019,” which suggests ways for companies to prepare for a more challenging economy that may be looming on the horizon. The article recommends several ways for AV companies to increase profitability, including adding services revenue, effectively tracking time, finding upsell opportunities and embracing convergence. These practices can be applied to many different industries.
Shrinkage is one of the biggest profit-drains that your business may need to address. The Commercial Integrator article also recommends, “Managing Inventory Really, Really Well,” and poses the question:
“If you over-order for a job, what happens to those extra parts? Are they disappearing? You need to know.”
The article also addresses other key AV inventory management issues that tend to eat away at profits, including reordering parts that are already in stock, or forgetting about parts in different locations (i.e. trucks warehouse, etc). You may also have once-valuable inventory go “stale” and no longer be useful. And, then there is missing key parts. We recently wrote about, “Doing it right the first time,” to avoid that dreaded scenario where you are missing one critical part needed to finish a project.
Proper inventory control allows you to get a handle on shrinkage and parts management in order to increase profitability. By effectively tracking the inventory and assets you own, you only order what is needed to complete a job.
TRXio will help you become more profitable through item-level traceability. The system allows you to set required min/max values for items on your trucks or in your warehouse and alert designated users when items hit these levels. This ensures that you always have the necessary parts on hand to complete a job, or that you don’t order too much.
Other AV Inventory Management Resources: