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How to Reduce and Avoid Phantom Inventory in Your Business? - Asset Infinity

Source: https://www.assetinfinity.com/blog/how-to-reduce-and-avoid-phantom-inventory

Phantom inventory is that inventory that does not exist in the business for utilization. The audit process can be a long process specifically when you have a lot of inventory. For better results, you can perform inventory audits frequently. The inventory cycle count is very similar to the audit procedure. It is a perpetual inventory count however, for this process accuracy is very important. The best way to get rid of phantom inventory is to keep track of inventory through automated software such as inventory management software.

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Asset Infinity is a leading B2B company offering cloud based fixed asset tracking & management software. It also provides EAM & CMMS software for asset management.
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Asset Infinity

What Are Different Types of Maintenance Strategies? Which One Fits Your Business? - Asset Infinity
Asset tracking management software is very helpful for CMMS to make operations easier and more efficient. It makes management that much extra proficient and powerful. CMMS also spells savings for a company. Overall, CMMS enables the management team to make smart decisions on the back of efficient operations and cost-saving on assets.
For any business or company's assets are a very significant part because without assets any company will not be able to complete the work order. Therefore, assets are considered as the backbone of any organization. However, strategies are also crucial, if they are not executed precisely then results will not be as you have expected.
When technology started growing, all businesses used Excel sheets and accounting software to manage their tasks. These programs were not designed specifically for asset management because technology at that time had just started to develop. asset management software today provides peace to the mind and it is cost-effective too comparing to older methods like spreadsheets.
Barcode technology is one of the oldest techniques used for asset tracking.The barcode and QR code are quite similar to each other. QR code can indeed be called an advanced version of the barcode. The code is used for the asset or inventory tracking.
Why Should I Use an Asset Tracking System If I Already Have Fixed Asset Accounting in My ERP?
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