It’s Time to Update Your Company’s Inventory Management

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Inventory InfographicToronto’s Auditor General Beverly Romeo-Beehler says the Toronto Transit Commission has “deficiencies” in its warehouse operations resulting in over a million dollars in unaccounted for inventory. The report found that $427,000 of inventory was lost due to shrinkage which includes possible loss or theft; another $1 million of inventory was unaccounted for because of adjustments. With issues such as using outdated methods to manage inventory, improper warehouse training, or just simple theft, it can be difficult to manage these problems and account for thousands of dollars’ worth of inventory. Auditor General Romeo-Beehler admits that that the most important thing is to keep track of what they buy; she also admits to the system being “very old” at TTC, and that changes must be made.

By using an automated cloud solution, such situations can be prevented. With an inventory management solution, it is easy to simplify and streamline your inventory management processes. Here are a couple of benefits that an inventory management solution could offer in preventing heavy asset loss:

  • Real-time information: when using accurate, real-time tracking, you are able to make better purchasing decisions and minimize misdirected and misplaced inventory.
  • Visibility: with better centralized visibility, you are able to maintain control as inventory moves to a new location or through the supply chain.
  • Automation: eliminate costly manual processes add optimize inventory through automation. This way, fewer errors are made and assets can be tracked sing RFID or barcoding technology.
  • Inventory tracking: improve purchasing decisions while minimizing misdirected and misplaced inventory through accurate real-time tracking.

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