- Introduction:
Are you battling to comprehend the high costs associated with inventory management systems? Or do you need visibility into the Device Inventory of your business? A suitable device inventory system can maximize ROI and save you money. That is why a business owner or an IT professional needs to look for a device inventory management system that works for you and your business.
ROI is, of course, significant in any aspect of a business. It should also be the basis of any business decision that is made. ROI is a key performance indicator that enables and pushes strategic decisions across the business. Forbes (2024) describes ROI as allowing you to comprehend how much profit you have made or lost based on your investment.
One of the most important aspects of a company is its inventory. Depending on your industry, your business would deal with several items daily. (Or devices in this case.) Anyone who has dealt with inventory management systems will understand that they can ensure that everything is accounted for and used correctly. Regarding ROI, device inventory management can have a considerable impact with IT asset management specifically. ROI is maximized due to the efficiency of the exemplary Device Inventory Management system.
Any business that does not have the suitable Device Inventory Management system in place, will understand its implications for the business. From the vast security risk it poses to the wasted resources and productivity. There are many benefits to having a Device Inventory Management system as well.
Benefits of Efficient Device Inventory Management:
Expect many benefits from an efficient Device Inventory Management system. Namely, cost reduction, improved productivity, enhanced security and increased user satisfaction.
Cost Reduction:
– When looking at the cost reduction aspect of these systems. You will be pleasantly surprised by just how much they can reduce costs. One of the ways that they reduce costs would be through decreasing the number of device purchases that are made. This is done by increasing the efficiency of different aspects like procurement planning and the utilization of the devices.
– As a business owner, you will also be excited to see how having an efficient Device Inventory Management system can reduce the number of redundant device purchases. A way that this happens would be through lifecycle management. While the system keeps a good eye on everything in the inventory, you can get good visibility of all of the stock. Imagine a business that needs a device for a new employee. Instead of buying a new one, you would be able to identify a suitable device for the employee that is already on the system. That is not too far down the lifecycle and more than adequate to use.
– The system knows where every device is in its lifecycle and condition. A business will know where to push devices through to maintenance instead of buying new ones. This ultimately reduces the waste of devices across the business.
– Expect cost savings with the efficient and streamlined maintenance and repair process. As previously mentioned, the system knows where every device is in its lifecycle. While it is aware of this, plans can be made around the downtime of the devices. It is minimizing any costs associated with the downtime of the devices.
– You can also expect to save money while the devices are continuously optimized with power saving.
Improved Productivity:
– When looking for a time saver and an increase in productivity. These efficient systems do it all. An efficient Device Inventory Management system has all the information you need at the click of a mouse. While the filtering feature is excellent, you can find exactly what you need—reducing any time previously spent searching for devices.
– Faster deployment times can help businesses on an organizational level, not only because of employees’ minimal downtime between deploying the devices. However, because of the speed, they can start on tasks once the devices are received. Increased productivity can be seen through this with IT employees specifically.
Enhanced Security:
– Any IT department will have security in mind in all their business practices. While there is a security infrastructure for all devices, tracking the devices to mitigate any potential security risks when they are organized and tracked is much easier.
– Data security in device management is essential. Especially when most businesses run off of the data they hold. When an efficient inventory management facility is in place, software updates and security patches happen regularly.
Increased User Satisfaction:
– Having devices readily available and well maintained for employees can increase the user’s experience. Often, waiting on technology can be frustrating. While waiting can be frustrating, it can also be counterproductive to wait for the suitable device with readily available software.
– An efficient Device Inventory Management system will ensure the proper devices are assigned to the right users. This essentially optimizes performance.
– When an employee needs certain functions out of a device. They must be receiving a device with these features. Not getting a suitable device can lead to downtime and decreased productivity, where tasks cannot be completed.
Strategies for Efficient Device Inventory Management:
When looking for efficient Device Inventory Management, there are a few steps that you can take to approach this process.
1.) Initial assessment and documentation: This includes taking stock of the current devices within the business and understanding the scope of devices in the ecosystem. Once the devices are known, documentation of the devices needs to be completed next. Ensure that every single device is accounted for correctly.
2.) Inventory Management System Options: The next step must include choosing the inventory management tools that fit your business’s unique needs. The right IT professionals will be able to help ensure that the software you are using syncs with the company’s needs.
3.) Policy and procedures: As the tool has been chosen, policies and procedures must be developed. This is essential for maintaining structure throughout the department. It will also clear up any blurred lines when it comes to responsibilities.
4.) Continuous updates: Regularly updating the inventory of the devices should keep the information accurate. They are allowing for the data to be streamlined. This should also include regular updates throughout the system.
5.) Tagging and labelling devices will move across the business. The first call will be to tag the devices. This way, you can scan the device to be identified. Ensure that all the correct information is stored on these devices. This information must include location codes and serial numbers. Data can be collected efficiently using automated tools.
Device categorization and asset tagging are so important when looking to start the organization of the ecosystem of devices across the business. This will be integral in ensuring that everything is tracked and managed correctly.
6.) Device lifecycle monitoring: Once the devices are in the system, the lifecycles should be able to be tracked. They are used to maintain the devices from the moment they are bought.
7.) Implementation of security and compliance: As mentioned previously, security measures are paramount. While it is a non-negotiable part of the process, this will be to save your data.
You can leverage technology and software for inventory tracking. These systems help streamline the IT processes and increase accuracy when tracking devices. This ultimately gives business owners better visibility of technology across the business.
Here are some tips to optimize device lifecycles and disposal processes.
– Implement a strategy to manage the lifecycle.
– Oversee usage and performance patterns.
– Roll out upgrades and implement regular upgrades.
– Inform teams on procedures and processes.
As a business owner, you will be happy to know that there are many benefits to integrating device management with other IT systems within the business. It saves costs by reducing duplication and resources. Integrating these systems also increases efficiency. It gives teams a better overview of the business as a whole.
Key Takeaways:
An efficient Device Inventory Management system can save your business money and increase ROI drastically. While in place properly, these systems can help reduce costs, increase productivity as well as enhance security and increase user satisfaction.
The financial benefits of having an efficient Device Inventory Management system can be seen through decreased device purchases and keeping a good view of stock where they are in their lifecycles. The streamlined nature of these systems is for cost savings, and they go as far as to increase productivity within the workplace.
Contact our Ignition IT team today if your business needs a Device Inventory Management system. With over 25 years in the industry, our team has the insights and experience to give your business the right solution for you.
