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Technology plays an integral role in streamlining IT inventory management for multinational organizations.
This venture can be an expensive and overwhelming nightmare without the right tools. But robust tech-driven solutions provide a better path forward, helping enterprises efficiently manage thousands of assets across multiple locations.
This article covers six game-changing technologies that improve enterprise inventory management and then breaks down six standout benefits of a tech-driven approach.
Understanding the challenges of inventory management
IT inventory management is the practice of tracking, managing, and optimizing the organization's IT assets.
It’s a challenging task, especially for global enterprises with complex, geographically dispersed operations.
Multinational corporations must deal with varied currencies and regulations while tracking countless assets across borders. And amidst this complicated context, organizational leaders must ensure accurate data and compliance while simultaneously optimizing workflows.
Modern tech solutions help leaders better address the challenges of IT inventory management. These tools streamline operations, improve internal processes, and produce impactful overarching results.
6 core technologies to improve IT inventory management
Let’s examine six core technologies that enable efficient IT inventory management.
1. Inventory management software
This software provides a centralized system with various core functionalities for tracking and managing IT assets.
It streamlines inventory management by providing a single comprehensive database of IT assets. It enables real-time tracking of inventory levels and automated alerts for relevant changes, such as low stock or expiring licenses. It also gives leaders reporting and analytics capabilities.
Inventory management software increases efficiency, accuracy, and visibility while improving compliance and offering valuable insights that enhance decision-making.
2. Barcode and RFID scanning
Barcode and Radio Frequency Identification (RFID) scanning automate data capture. They enable instant asset identification, data transmission, and data integration.
Barcodes are visual patterns that represent unique product codes for IT inventory. Professionals use them for quick, accurate asset identification. They need an unobstructed view to work and function via laser scanners.
RFID tags work through radio waves, so they don’t require a direct line of sight. Professionals use them to track assets without line of sight, manage complex or valuable resources, and scan multiple codes simultaneously. RFID tags are handy for enterprises with a large number of IT assets.
Both technologies instantly capture relevant information related to physical resources or products, enabling automated inventory tracking. They increase efficiency, accuracy, and visibility.
3. Network discovery tools
These tools scan networks to automatically identify and classify all connected devices. They inventory network devices, collecting information such as IP addresses, operating systems, and installed software. This kind of networking solution also examines the relationships between IT assets.
Network discovery tools optimize management activities while providing network-related insights. These impacts augment efficiency and improve decision-making capabilities.
4. IT Asset Management (ITAM) software
IATM software performs a range of functionalities.
It centralizes processes by combining IT inventory management with asset lifecycle management. It tracks the financials of IT assets, such as depreciation and total cost of ownership. IATM systems also support software license compliance and track patch management.
These solutions improve compliance, reduce costs, and optimize efficiency.
5. Cloud-based inventory management
This technology leverages cloud platforms for inventory management. It offers scalability and accessibility to accommodate growing inventory needs while providing real-time data synchronization across locations.
Cloud-based solutions for inventory management allow professionals to access systems from anywhere with an internet connection. The cloud model also enhances an enterprise's inventory-management backup capacity.
It reduces IT infrastructure costs, enhances backup capacity, and expands oversight to offer greater visibility.
6. Mobile inventory management
This technology leverages mobile devices for inventory management processes. It lets professionals access inventory data, track inventory, and distribute or capture data on the go. Functionalities include barcode and RFID scanning, data sharing, and forecasting.
Mobile inventory management increases accuracy and visibility while streamlining workflows to improve efficiency. It’s a welcome solution for large workforces scattered across locations.
Benefits of technology-driven inventory management
With core technologies like these, IT leaders can optimize inventory management to cultivate impactful benefits for their organization.
Let’s break down the six standout reasons for adopting a tech-driven inventory management approach.
Increased efficiency
According to Gartner, 51% of inventory management software buyers are driven to purchase solutions due to inefficiency. All six standout solutions we discussed satisfy this top user motivation by automating tasks and optimizing workflows. They allow IT staff to focus on more impactful strategic initiatives.
Improved accuracy
Inventory management tech reduces manual errors and ensures reliable data. This improves compliance, engenders greater credibility, and reduces time waste. These impacts are especially vital for enterprises with geographically-dispersed locations.
Enhanced visibility
These technology solutions offer enterprise leaders expanded oversight and augmented control by providing real-time, 360-degree views of inventory levels across locations. This enhanced visibility helps professionals pinpoint opportunities and prevent problems. Forbes Business Council members highlight the significance of this advantage by positioning visibility and control as a core pillar of a well-optimized inventory system.
Reduced costs
A tech-driven approach optimizes procurement and prevents overstocking. This reduces waste, minimizes regular expenses, and increases revenues.
Improved compliance
Inventory management solutions centralize operational practices and activities. This streamlines and standardizes compliance, helping ensure adherence to software licensing agreements and regulatory requirements.
Better decision-making
These solutions enhance decision-making by providing data-driven insights that improve strategic planning and resource allocation.
Conclusion: Optimizing enterprise IT inventory management
Inventory management is incredibly challenging for multilocation enterprises with sprawling and complicated operations. By adopting certain technologies, however, businesses can improve internal processes while fostering better decision-making and reducing costs.
Are you looking for ways to optimize IT inventory management? Finding the right technology solutions for your enterprise is the best place to start.
Contact Advantage Communications Group for expert guidance on selecting and implementing the perfect tools, while managing those assets seamlessly with our Command Center® platform. We specialize in enterprise connectivity services for the entire technology lifecycle.
Why wait to revolutionize your IT inventory management processes and results? Request a consultation today.