Hardware Inventory Tracking Software

Hardware inventory tracking software allows IT businesses to track and manage the parts, such as PCs, laptops, servers, routers, and other endpoint devices and peripherals. This software tracks and manages hardware inventories. It tracks Windows, Mac, and Android systems on networks to collect and store information about hardware, computers, and servers in a database.

Reports are used to make this information easy to look up. The system inventory tool’s reports include both a graphical picture and a “drill-down” feature that lets you see more details on each computer’s hardware and software, such as its warranty management and how it is used further. The all-in-one hardware inventory tracking software helps you with other essential business operations.

Here are the some common types of inventory software that IT companies can use to track their hardware inventory:

1: Manual Inventory Management

Many small IT company owners manually track their inventory, particularly if they have fewer hardware items or products. Using a spreadsheet is the easiest method to perform manual inventory management. 

A small IT company that may have little resources at their hand, for instance, may use a spreadsheet or paper to monitor inventory purchases and usage. Additionally, the proprietor can configure the spreadsheet to calculate when ingredients must be reordered.

2: Periodic Inventory Management

A periodic inventory system requires the IT company’s employees to keep track of the hardware components on hand at predetermined intervals, such as daily, weekly, monthly, quarterly, and annually. It keeps the company updated on what is happening inside its hardware inventory at particular intervals.

The periodic inventory management system is more precise when inventory is counted more frequently. Employees enter the numbers into a spreadsheet. They can use the appropriate spreadsheet formulas to determine whether they have sufficient supplies for the week or if she needs to purchase more.

3: Barcode Tracking System

Barcode-based inventory management systems enhance the precision and efficiency of your hardware inventory management. Every time a hardware item is detected, the inventory is updated, making these systems perpetual. Barcode technology is utilised by all major retailers as part of a comprehensive inventory management system.

When a barcode is scanned at the point of sale, data on inventory sales are promptly transmitted to a larger system that maintains usage statistics. The purchasing department makes purchasing decisions based on sales and extant inventory levels using these data.

4: Radio Frequency Identification

Radiofrequency identification (RFID) has raised the bar for perpetual inventory management. While barcode technology has dramatically improved the accuracy and efficacy of managing inventory, RFID has also created a name for it for perpetual inventory management. 

IT businesses may use RFID technology to transport thousands of hardware inventory items through their doors. RFID utilises both active and passive technologies to manage inventory movements.

Here are the following two types of RFID technology to manage the inventory:

A) Active RFID Technology

Active RFID technology employs tag readers that are permanently installed throughout a facility. When a hardware item with an RFID tag passes the reader, its location is logged in the inventory management software. Active systems function optimally in environments requiring real-time inventory monitoring or inventory security issues.

B) Passive RFID Technology

To monitor inventory with passive RFID technology, portable readers are required. As with an active system, once the tag of an inventory item is scanned, the movement data is transmitted to the business’s inventory management software. Because passive RFID technology comes with a reading range of up to 40 feet and active RFID technology comes with a reading range of up to 300 feet, it significantly improves the accuracy of moving inventory throughout a warehouse.

Here are the following benefits of using the hardware inventory tracking software:

1: Automates The Business Task

The hardware inventory tracking software allows the IT business to easily track their computers, laptops, servers, routers and other endpoint devices and peripherals effortlessly. Earlier businesses used the random google excel sheet or papers to note the inventory.

Using these methods to track down the inventory needed to be more accurate and frequently led to human error. The hardware inventory tracking software automates your inventory tracking, allowing real-time visibility of stocks coming in and outside your inventory.

2: Helps With Audits And Reports 

The hardware inventory tracking software provides IT businesses with accurate reports based on the sales and other parameters of previous months or years. It helps IT businesses make crucial decisions based on valuable reports.

These customisable business reports provide a quick snapshot of the current state and also help in audits, further supporting the IT business in identifying discrepancies, risks, or areas for improvement within an organisation’s practices or systems.

3: Save Time And Resources

IT businesses can use the hardware inventory tracking software to eliminate other repetitive tasks inside their business platform. Previously, they had to hire different personnel to perform various tasks, which now can be performed by single personnel or employees in your business platform.

The all-in-one hardware inventory tracking software can also help your IT business to create customised and professional-looking bills, invoices, estimates and quotations etc, besides tracking your inventory in real-time. The all-in-one software improves the overall business operations of your IT company.

4: Better Customer Service

A big part of customer satisfaction is giving people what hardware items your customer wants. Hardware Inventory tracking software will send automatic alerts to your phone when there aren’t enough of a popular item in stock. This will help your IT business keep those hardware items in your inventory. With your source information in one place, you can see how much you have on hand and quickly order more.

Keeping the hardware in store, which is high in demand and on the shelves, can also turn one-time buyers into repeat customers. They know you’ll have what they need, which makes them grateful for your business and keeps them returning to buy from you. Hardware inventory tools can help you keep current customers and bring in new ones.

5: Manage Multiple Hardware Inventory

Large IT Businesses are typically the earliest customers of inventory management software. It is because the primary benefits of hardware inventory tracking software lie in connecting multiple warehouses and consolidating all relevant data points. These applications provide a clear view of the complete supply chain by facilitating inventory tracking and its movement across various warehouse locations. 

Therefore, when an inventory runs out of a particular hardware item, they can request it from another location. This software can display which locations have the product, along with its quantity and cost. In addition, sophisticated inventory management software facilitates the placement of orders while automatically updating the stock level.

6: Improve The Supply Chain

When discussing supply chain operations, unforeseen obstacles or fluctuations may occur in your inventory over time. With the appropriate hardware inventory tracking software, retailers can properly diversify their supply chain and become more equipped for these shocks.

With the data you generate about your Hardware inventory stocks, you can reduce the risk of long waiting times if a supplier cannot deliver the particular hardware products on time, and you can prepare for the demands in advance to maintain the optimal inventory quantity in the warehouse. 

7: Improved Data Security

Modern hardware inventory tracking software allows users to restrict access to the company’s inventory. These permissions help prevent the potential costs of a data breach. It comes with advanced multi-layered encryption technology, preventing your valuable business data from being intact.

Hardware Inventory management systems also ensure a company’s internal operations remain private from vendors and service personnel. This concentration of information can serve as a buffer against cyberattacks and help make troubleshooting errors more efficient.

8: Enhanced Customer Experience

A well-organised and accurate hardware inventory tracking software can enhance customer satisfaction. IT Companies can swiftly and accurately fulfil customer orders, which increases customer satisfaction. You can also use all-in-one to customise your bills and invoices.

This level of customer service can increase consumer trust and loyalty, strengthening the business’s relationship with its clients. It contributes to a more favourable brand image and can increase profits as more consumers purchase your products.

Here are the following practices for managing your hardware inventory:

1: Categories Your Inventory Using ABC Analysis

ABC analysis is a method for categorising your hardware inventory from most important to least important. A-items are the best-selling hardware items with the highest priority stock, necessitating regular reordering and quality control. B-items are valuable, medium-priority goods that must be reordered every month.

C-items are in low-priority of your hardware inventory, often carried in large quantities with slight reordering. Organising your hardware inventory based on how it sells and how much value it adds to your company will help you optimise storage space and streamline order fulfilment. It makes your inventory more organised and easy to find.

2: Establish Your Inventory KPIs

Key performance indicators (KPIs) for your hardware inventory track your progress towards a target over a predetermined time and concerning a certain objective. These reports assist in removing the need for speculation by providing you with distinct benchmarks to achieve weekly, quarterly, or annually.

You’ll be able to gather much information required to make informed, strategic choices for your IT company when you use them. It helps your inventory to become more organised and helps eliminate unnecessary hardware items from your business inventory.

3: Adopt the Batch Tracking Method

Batch tracking is also called lot tracking by many other businesses. It is a method of efficiently tracking your hardware items along the distribution chain by employing batch numbers. A “batch” is a specific set of goods created together using the same materials.

Use an automatic batch tracking system to record information on all of the hardware items in your batch, keeping that information accessible if you need it immediately, such as in the case of a product recall.

4: Use Accurate Reorder Point Formula

When you’ve reached the lowest hardware stock of inventory, the reorder point formula here comes into play, telling you approximately when you should order new stock. The reorder point formula is based on your ability to maintain that inventory level.

Use a tried-and-true mathematical calculation to guide you in ordering the appropriate quantity of hardware items in your IT inventory every month. You will be more susceptible to the ups and downs experienced in the market. 

5: Carry Safety Stock Inventory

It would help if you always kept a small surplus of hardware devices in your IT inventory in the form of safety stock inventory to protect yourself from fluctuations in market demand and lead times. With a sufficient inventory of safety stocks, you can avoid having a decrease in earnings or unrecoverable clientele and may suffer a gradual decline in market share.

If you ensure making use of safety stock is what elevates this practice to the level of an essential best practice for stock management. It provides insurance against sudden and unanticipated increases in demand. Moreover, it provides the elimination of the risk of stockouts and a cushion for lead periods that are greater than expected.

6: Use A Cloud Based Inventory Management

Using Excel inventory management may not be viable for your hardware inventory. Unlike locally installed applications, Cloud-based hardware inventory tracking software allows you to pay for the functionality you require today and simply upgrade when the time comes.

You’ll pay a single, predictable subscription price for a “package” that best meets your specific feature needs and team size; then, when your business grows, upgrading is as simple as a few clicks away. In addition to stress-free upgrades, cloud software providers work in the background to ensure that things continue to run correctly. If you have any queries or need anything corrected, they’ll have a support team ready to help.

7: Demand Forecasting

Demand forecasting is predicting future inventory levels for IT companies by analysing historical data, trends, and imminently foreseeable events. Accurate forecasting ensures that IT businesses may have sufficient inventory of hardware items to meet customer demand without tying up capital to any unnecessary inventory. 

Forecasting is the process of analysing data to identify patterns and trends to respond to changing conditions and gratify customer demand. It makes your business inventory more precise and helps your IT business match your clients’ demands.

8: Have The Constant Check Over Your Business

Conduct periodic audits and monitoring sessions to ensure that your hardware inventory matches your reports. Traditionally there are three methods for monitoring: physical inventory, spot inspections, and cycle counting. A physical inventory involves counting all your inventory and should be conducted at least annually if not more frequently, to coincide with income tax returns. 

Selecting one or two products randomly from the inventory, physically inspecting them, and comparing them to what is documented or stored in your software system constitutes spot-checking. Spot checks are optimal for mass-produced items. Reconciliation is distributed throughout the year via cycle tallying. Each product has its audit period, although high-value items should be examined more frequently.

1: Plan Up Your Inventory Space

Vyapar offers the most advanced hardware inventory tracking software with compelling features. It enhances your business’s commercial performance. Using the Vyapar app’s features, such as business reports, you can monitor the sales of your IT business. It will help you determine the effectiveness of your inventory management.

As hardware inventory tracking software, Vyapar stores business data within the application. It simplifies the process for business proprietors to develop an effective strategy and plan their business inventory. Utilising hardware inventory software monitoring features maximises inventory space utilisation. Our software features facilitate the identification of unsold products. 

Using the features of Vyapar, such as inventory tracking, you can record and identify products. The production number, expiration date, manufacturing date, slot number, and other details are used for monitoring. These are immediately recorded in the system upon arrival. It allows you to have the necessary hardware inventory for sales when needed. In addition, keeping a record ensures that no theft goes undetected.

2: Track Your Business Orders 

The professional hardware inventory tracking software makes sales/purchase orders simpler. With our hardware inventory tracking and management solutions, all stock adjustments happen effortlessly with automation. Using Vyapar makes it seamless to set due dates and monitor all orders. It ensures surplus inventory to meet the fluctuations in your list.

Using our Vyapar application makes it simpler to make purchase or sale order formats. Vyapar hardware inventory tracking software can help prepare formats in PDF, Word, and Excel. Using our software saves time and effort. You can prepare for all orders in advance to ensure timely delivery without fail.

Having real-time tracking capabilities is a must to fulfil orders timely. Using Vyapar software prevents unnecessary losses. It can help improve facilities which in turn increases satisfaction among customers. By tracking your hardware inventory, you can save time and use it to fulfil other essential requirements of your business.

3: Automatic Data Backup

Vyapar hardware inventory tracking software is entirely secure and can store data precisely. Our free software allows you to keep backups of your valuable business data by creating automated Google Drive backups. Vyapar inventory management software makes it simple to recover data rapidly. 

Our mobile app will protect your business data with encrypted for added security, and the Vyapar app is the most advanced free software available. The “auto-backup” feature makes data backups effortless for any business in India. After activation, a daily backup is created every day at a fixed time, making it easier to maintain the latest data in the backups.

Most IT enterprises in India have used this hardware inventory tracking software to save time and effort. The app has an encryption system that controls data access as required.

4: Real-Time Inventory Tracking Facility

Real-time figures provide the most transparent picture of your IT company’s inventory and sales performance. Our free inventory tracking software enables you to take prompt action before your hardware inventory begins to run low. You can monitor your real-time inventory and place new orders with your suppliers before a product runs out.

The hardware inventory tracking software by Vyapar enables you to set up automatic order allocation with your supplier. Nonetheless, real-time data will allow you to prepare for unanticipated seasonal sales. Therefore, be equipped with sufficient stock to retain every opportunity and maximise your returns.

The finest inventory tracking software eliminates the need to perform manual tasks because it automates most processes. In addition, the mobile app’s regular inspections and data matching prevent items from being misplaced. It is straightforward to implement replacement immediately. It assists with routine hardware inventory management needs.

5: Create Sales And Purchase Order

You can monitor your hardware items at any time and from anywhere. Therefore, you need not be in your business inventory to place a new order to replenish your stock. You can place orders for new inventory before your stock runs out. 

Our free hardware inventory tracking software allows you to set an alert for purchase orders before your stock falls below a predetermined level. The Vyapar software guarantees that your IT business will always have sufficient hardware inventory to match your client’s requirements and will never have to return empty-handed. 

Using our intelligent inventory management technology with our mobile application is no longer a pipe fantasy. Many small and medium-sized businesses in India have benefited from inventory management by reducing their superfluous stockpiling. Millions of businesses across India trust Vyapar to track inventory and other business operations.

6: Online/Offline Business Software

Using our premium hardware inventory tracking tool, you must continue business operations due to weak internet connectivity. You can use the app’s offline billing and payment features to generate bills and receive your payment from your clients without any further delays.

The Vyapar app assists businesses in generating bills, invoices, estimates and quotations etc., for your customers without requiring you to stay online. You can rely on our premium hardware inventory tracking software to validate your transactions and update your inventory database when connecting it to the internet.

Using our Vyapar software features, you must continue business operations with weak internet connectivity. You can use the online/ offline cloud-inventory software in your IT business to receive payments through cash, cheque and eWallets, which do not require an active internet connection, making it an excellent option for India’s remote locations.

Frequently Asked Questions (FAQs’)