How To Keep Track Of Inventory: 5 Secrets You Need To Know

Tracking inventory can transform your event planning business overnight into a serious market leader. In the fast-paced rental industry scene, juggling equipment demands can be difficult, but you can streamline management with these secrets.

Secret #1: Embrace virtual tools to simplify inventory management.

Your competitors use virtual tools to make their businesses run more smoothly, so why shouldn’t you do the same?

Using rental management software helps you manage different types of equipment more easily. With advanced technology to help simplify the process, you can streamline how you track what’s available, schedule bookings and monitor the status of your equipment.

Just imagine having all the key details about your inventory at your fingertips, so you can minimise any potential miscommunications.

Get real-time updates with cloud-based systems.

Rentals live and die by the clock, so you want to be on top of bookings all the time. That’s why real-time updates could spell the difference between a client booking with your business or your competition.

If you’re not using them yet, cloud-based systems offer real-time updates across all your devices, keeping you in the loop whether you’re in the office or onsite. This means you can confirm availability on the spot to prevent issues such as double-booking equipment, which can cause logistical headaches and delays.

Secret #2: Reduce errors with barcodes and RFID.

Barcodes are like the trusty sidekick in your inventory management. They provide a swift and precise way to identify equipment, so you can cut down on manual errors that can disrupt your day. Barcodes streamline the process of tracking check-ins and check-outs. Instead of manually inputting data, a barcode instantly pulls up all the necessary information, which boosts both efficiency and accuracy.

In a similar way, if you want to know how to keep track of inventory, oversee valuable gear with Radio Frequency Identification (RFID) technology.

Unlike barcodes that require direct scanning, RFID tags use radio waves, allowing you to track multiple items simultaneously without needing line-of-sight. This makes locating equipment a breeze, even when it’s hidden in storage.

Once you add these tools to your inventory system, you don’t have to waste time searching for lost items and more time focusing on delivering great service to your clients. Start by assessing your current system to identify areas where these technologies can make the most impact. Afterwards, investing in compatible hardware and booking software for rentals is key.

Secret #3: Keep your inventory accurate with regular checks.

Instead of shutting down operations for a massive annual inventory check, consider cycle counting? It offers a more manageable alternative to traditional inventory audits by allowing you to count a subset of your inventory regularly.

This ongoing process can be seamlessly integrated into your daily operations to avoid any major disruptions often caused by full-scale yearly counts. Plus, cycle counting usually offers a continual review of inventory records to enhance both accuracy and efficiency throughout the year.

At the end of the day, it’s important for businesses to reconcile discrepancies between physical and recorded inventory. When your physical counts don’t match your records, it’s time to investigate. Simply review recent transactions to spot any errors or omissions. To help with this review, something like party rental software can assist with past quotes and invoices.

Secret #4: Use inventory data to forecast demand and stock smart.

Whether your business has been around for a year or ten, drawing from past data can effectively predict equipment requirements. When you understand customer preferences and historical usage patterns, you gain a clearer vision of what’s to come.

This predictive approach allows you to gear up adequately and ensure you have the right equipment ready when your clients require it. Staying ahead of demand by leveraging this information strategically reduces stress and enhances client satisfaction.

Adjust stock based on seasonal trends.

Identifying and adapting to seasonal trends is essential for inventory management. For instance, outdoor event equipment like tents and sound systems may be particularly sought after during the warmer seasons when outdoor events are popular. On the other hand, indoor setups could see a surge as temperatures drop and indicate a seasonal shift in priorities.

All businesses do a form of tracking seasonal trends, but if you can refine your observations and target them to your market niche, you could pull in more bookings against your competitors. You not only cater to your clients’ needs more efficiently but also optimise rental turnover and reduce excess stock.

This stock adjustment also highlights optimal inventory utilisation and maximises rental potential, especially with the convenience and organisation rental industry software can bring to the table.

Keep inventory balanced with smart reorder points.

Setting these points involves determining specific stock levels that automatically trigger restocking and prevent both shortages and overstocks. This method requires analysing past sales data and lead times to ensure timely replenishments without tipping the scales towards excess or scarcity.

Properly establishing these reorder points lets you create a seamless flow in equipment availability, keeping your operation running smoothly and your clients fulfilled. Efficient status tracking paired with strategic reorder points leads to a well-balanced inventory.

Secret #5: Re-echo your team’s training on top inventory practices.

As your business grows, your day-to-day processes may change. That’s why it’s important to revisit how consistent the current data entry and record-keeping processes are with your team.

Your inventory records should function like the GPS of your rental business, with such instructions guiding everyone towards maintaining an organised operation. Sometimes, you need a map to remind you where you are and how close your business is to its biggest targets.

Logging each check-in and check-out also helps minimise mix-ups and guarantees a clear view of availability at any time. You can further streamline this process through the power of advanced technology like equipment rental software, which has features like scheduling, inventory management and more.

Prevent losses with proper gear handling and storage.

When you train your team on the necessity of handling, cleaning and storing each item correctly, you can significantly prolong the life of your equipment. To give you a better idea, protective cases for delicate audio-visual equipment and secure stacking for chairs can prevent unnecessary damage.

Remember, proper handling and storage practices safeguard your assets and enhance customer satisfaction, so promote accountability in inventory management. This attention to care reduces repair and replacement costs and also ensures your gear will be ready to meet event standards for flawless execution.

Accountability among staff is also vital for maintaining inventory accuracy. Each member’s role in upholding record integrity and equipment care should be transparently defined and encouraged. Conducting regular check-ins to discuss inventory challenges and acknowledging diligent work can foster a culture of ownership and responsibility.

This approach reduces errors and promotes team cohesion, making it so that everyone is committed to preserving the quality and accuracy of your business’ inventory.

Key Points to Remember

• Embrace virtual tools to simplify inventory management: Use technology to track inventory, schedule bookings and monitor equipment status in real-time to minimise miscommunications and streamline operations.
• Improve accuracy with barcodes and RFID technology: Barcodes simplify equipment identification, while RFID tags help ensure quicker and easier equipment location.
• Adopt cycle counting: Perform frequent, smaller counts to maintain record accuracy without disrupting operations.
• Forecast demand with historical data: Use past trends to predict client needs, ensuring you have the right equipment when needed.
• Prioritise proper equipment care: Train staff in correct handling, cleaning and storage practices to extend equipment’s lifespan and reduce costs.

At Gecko, we simplify the renting process through our intuitive equipment management software. This way, businesses can interact optimally with their customers without misunderstandings.