Inventory Management – Things To Look Out For And Why To Invest For Your Business

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Inventory Management – Things To Look Out For And Why To Invest For Your Business

Posted by on February 08th, 2022 in Blog, Telecom Expense Management

Telecom inventory management is described as the tracking and coordinating physical assets and service agreements. It means knowing what equipment you have in your possession. This ultimately helps better manage infrastructure, control costs, and understand what part each piece of equipment plays in your business processes. The understanding and importance of telecom inventory management are crucial to businesses of all sizes. Your enterprise’s critical components and implementing a necessary inventory strategy are key to success. For example, understanding what your assets cost, where they are located, and what they are. Inventory management can help keep track of your assets, but it can also support other services such as planning, forecasting, budgeting, invoice auditing, and network optimization.

What are some key reasons inventory management is so essential for my company?

You will want to avoid paying for unused or unneeded services. Inventory management can help with this. It is not uncommon for a business to have untouched assets because of the doubt that they may have a purpose or belong to a specific area or team of the company. For example, they may no longer deploy mobile devices or POTS lines, but the company will continue to pay for it because they show it as active. It’s essential to have a vendor to help maintain and manage your inventory as they will give your business the insight you need by comparing invoices with services.

As assets and services are constantly changing, inventory management helps to standardize processes across your business. Wireless services will move daily, fixed lines are added, and changes are made frequently. In addition, employees may join or leave your business, which keeps your inventory in constant flux. Proper telecom inventory management means adopting software that can track, manage, and report all mobile and fixed telecom assets.

What problems can I run into if I do not have inventory management?

Technology is costly, and with it constantly changing, upgrading, and adding new features, you want to ensure that your business has a close on your inventory to keep your business profitable. Some difficulties can arise if you do not manage your inventory. Take a look at a few that we find essential:

  • Canceling orders because you don’t have the necessary parts
  • Higher Shrinkage
  • High Lead Times
  • Damaged Relations with Suppliers
  • Decreased Cash Flow
  • Customers not satisfied
  • High customer turnover rate
  • An increasing number of orders being canceled

It is vital to have a trustworthy source of records. It helps to keep track of inventory and pinpoint any shrinkages. You want to know where your inventory is going, who will install it, and where it is needed. With robust inventory management, you can find something quickly when needed. You can capture your inventory’s complexities as it moves through the supply chain.