Many large businesses have separate departments for tracking and monitoring inventory. Smaller companies devote a lot of time to the process. The main reason why so much importance is attributed to inventory tracking is that it saves money and time.

1. Real Time Inventory Tracking for Fuel Delivery and HVAC Businesses
Many large businesses have separate departments for tracking and monitoring
inventory. Smaller companies devote a lot of time to the process. The main reason why
so much importance is attributed to inventory tracking is that it saves money and time. A
vast sum of money is spent by businesses on inventory with most of them wanting to
know the amount of inventory there is at any given time. Most people in IT businesses
do not find value in tracking inventory because it is simply not on their radar. However,
for managers of field service and fuel delivery teams, it is vital to track inventory. It helps
management dispatch the right truck/van with the right inventory so the job gets done
the first time, saving much in fuel and payroll costs and improving customer service,
which of course improves margins.
Real-time fleet inventory tracking helps you automatically order products for resale so
that you do not exhaust your stock. This method is also integrated with the dispatching
and routing system so that customers receive exceptional customer service. Inventory is
required by businesses in some form or the other. Due to the ever-increasing cost of
inventory, it is not cost effective to have a warehouse of parts and pieces and this is
where this new technology comes in. It now tracks what inventory you have on hand,
what has been used for each job, and communicates this automatically so you reorder
only what you need. This, of course, cuts down on all forms of inventory “shrink”. Since
it works in real-time, it also helps managers find any discrepancies faster, cutting down
on inventory reconciliation time. Fuel delivery, HVAC, and field service companies have
sizable investments tied up in their inventory. This solution helps reduce inventory loss
and management time.
By tracking inventory, you can monitor where it belongs in the supply chain. Through
this process, companies can receive data on the amount of inventory that is owned,
where the inventories are located, their status (rejected, returned, damaged or on hold)
and deter loss and theft. Through appropriate management, businesses can determine
the inventory that is to be used, sold, moved, purchased or destroyed.

2. In order to improve inventory management, many companies are moving to a few new
scanning systems. Barcode scanning, newer QR code scanning, near field
communication (NFC) and through RFID or Radio frequency identification. This
technology is available in two ways – active and passive RFID. Active RFID is suitable
for environments with security issues or that need real-time tracking details. Passive
RFID is best when employed with hand-held scanners without the security issues. All
are cost effective and getting easier to employ.
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Real-time inventory tracking helps field businesses cut inventory costs, and dispatch the
right field asset to a job. This, combined with built-in fleet tracking, equips businesses
for quick and efficient growth.