Conquering the Myths of Inventory Management with MobileInventory www.waspbarcode.com
Copyright 2006, Wasp Technologies. All rights reserved. No part of this publication may be copied, or used in any form or by any means, without the express written permission of Wasp Technologies. Contacting Wasp Technologies Wasp Technologies 1400 10th St. Plano, T 75074 Phone: 214.547.4100 Fax: 214.547.4101 Web: www.waspbarcode.com 1 214.547.4100
Contents Inventory vs. Assets Worksheet...................................................i Introduction: The Myths of Inventory Management................................5 Myth #1: It s easier to leave things as they are than to change to a new system.....6 Myth #2: I don t have the staff to implement a new inventory system..............8 Myth #3: Inventory management solutions are too expensive for small enterprises. 9 Myth #4: If something goes wrong, I m all on my own...........................10 The Solution..................................................................10 What do I do now?............................................................11 www.waspbarcode.com 2
Inventory vs. Assets Worksheet The first step in determining a solution is to understand whether you are dealing with assets or inventory. Inventory, however, refers to objects that are sold, distributed, or otherwise consumed by a company. These temporary objects include retail items and office supplies. To begin, compare your objects with the chart below to determine what kind of solution you need. Assets are permanent objects that a business uses internally, such as computers, tools, or educational material. Although employees may check the object in or out to go out on an assignment, or even use at home, an asset ultimately belongs to the company and must be returned to the company. Description Inventory Assets Objects used internally, such as computers, tools, and educational materials. Objects temporarily stored to be distributed at a later date (as in a warehouse). Objects are for sale or resale. Employees may check objects in and out for company use. Objects are permanent, such as furniture and computers. Objects are temporary and/or often replaced, such as paper, pens, and other consumables. Employees must return objects. Employees can sell or discard objects. NOTE: This packet exclusively deals with creating an inventory solution. If you find that you need an asset control solution instead, please visit our website at www.waspbarcode.com/asset_management/asset_learn.asp or call 214.547.4100 for a free white paper overview of asset management. 3 214.547.4100
The Myths of Inventory Management You don t have to be a major retail chain to understand the hassles and pitfalls of inventory management. Efficiently tracking inventory can be a major hassle for any business, regardless of size. Businesses today are wasting countless dollars due to their lack of a streamlined automated inventory control system. Money is wasted by Time spent taking manual physical inventory Loss sales opportunities due to improper stock levels Increased inventory carrying costs from inventory overages Slow and costly purchasing process Salary costs of employees searching for inventory A statistic was recently released showing that only 10% of all distribution centers and warehouses in North America are automated with barcodes. This fact is easily understandable when you consider the large percentage of these businesses that would be considered small businesses. So why have so many small businesses refused to enable their company with the same proven technology that every major enterprise takes advantage of? Historically, inventory management systems were not priced or designed for small enterprises. Many of these early systems would cost thousands to purchase and install, and require a company to have a dedicated department to manage the system. In addition, many of these solutions have hidden residual costs for annual support agreements. Finally many of the previous support and are unwilling to customize a solution that fits your unique company s needs. However, at System ID Warehouse, we have spent over 18 years providing big business solutions at small business prices. We have put together this packet to help you take your first step on the road to developing your own efficient, cost-effective inventory tracking system. To do so, we must first conquer the myths of inventory management that so often keep small businesses from reaching their goals. With Wasp MobileInventory, your business will no longer be plagued by the high cost of losing valuable time and inventory. With this packet, we will show you how an affordable inventory management solution can make your business more productive and successful. www.waspbarcode.com 4
Myth #1 It s easier to leave things as they are than to change to a new system. Admittedly, change is never easy. But in business, change equals growth. Of course implementing a new system takes time and energy, but you are probably already wasting time futility tracking each item by hand. Or perhaps you don t currently track items, in which case you may be reordering products you already have on hand, and running out of products before you know you need to reorder. You find yourself having to turn customers away because of lost or missing products, and losing their business to a competitor. In the long run, is that truly easier than executing a new system that will save you time, money, and stress? The first step in the process takes the most time assigning and affixing barcodes for each item. However, once your automated system is in place, you won t believe the amount of time and hassle you ve saved. Checking your inventory weekly, monthly, or quarterly will no longer keep you and your employees after hours for long stretches at a time. The stress of never knowing exactly how much product you need, and when you need it, will be eliminated. And our reports engine will keep you informed at all times, regarding growth, sales, shrinkage, and other inventory issues. How the solution works Inventory arrives Inventory received Print barcode labels Wasp MobileInventory 5 Reports generated 214.547.4100 Inventory pulled Inventory shelved
Myth #2 Idon t have the staff to implement a new inventory system. Our MobileInventory software offers a better alternative to the inefficient and time-consuming inventory tracking systems of the past. The system is so user friendly that even beginners can install it themselves, which saves you installation cost and time. This easy to install system contains just four simple steps: (1) Create barcode labels, (2) Print and affix labels, (3) Scan barcodes, and (4) Generate reports. Each step in the process is easy enough for a beginner to handle, and we have outlined them here for your convenience. If you have any problems or questions along the way, don t hesitate to contact our customer service representatives for free tech support. Step 1 Create Barcode Labels First, you set up your database by entering all of your information into the inventory management application. This can be the most time consuming step; however, if your business uses Excel, you can easily import this information into MobileInventory. Once you have imputed your inventory, individual item tag numbers are automatically assigned (or you can manually enter them). Step 2 Print and Affix Labels You can print the item tags either on an existing laser printer, or a dedicated label printer. You then adhere the tags onto individual items. Step 3 Scanning Barcodes When employees move, check in/ out, sell, or dispose of inventory, the item tag is scanned with a mobile device (using an integrated barcode scanner) or a barcode reader attached to your desktop PC. Thus your inventory is automatically updated in the system. This creates an efficient, error-free automated system. You can also use mobile devices for regular inventories and to verify an item s location, employee/ department assignation, updated condition, etc. All data is sent back to the main database by simply connecting the mobile device and pressing a single button to synchronize the databases. Step 4 Generating Reports Each employee or department then uses this up-to-the-minute data to generate powerful reports that help you track your inventory and gauge losses. These reports can include information such as total inventory value, insurance valuation, location of inventory and total amount of inventory. www.waspbarcode.com 6
Myth #3 Inventory management solutions are too expensive for small enterprises Perhaps you ve looked into automated systems in the past and seen price tags for thousands of dollars. Systems designed for large enterprises can cost tens of thousands for equipment and installation. Those solutions just aren t practical for smaller enterprises. Fortunately, however, not all inventory control solutions are created the same. Wasp MobileInventory, is extremely affordable and so easy to set up, you don t need to waste money on professional installation. The complete package costs less than $1500! With free tech support and award winning customer service, this inventory management system will actually save your business money in no time. 7 214.547.4100
Myth #4 If something goes wrong, I m all on my own. At Wasp Barcode, we are with you every step of the way. Our dedicated tech support is available 24/7 to help you with any challenges you may encounter when installing or applying this product. Customer service is our main concern, and our representatives can talk you through each phase of the process. In addition, all Wasp Bar Code products are warranted to be free of defects and/or flaws for a period of one year from the date of purchase. If, however, at any time you are not completely satisfied with any of our products, simply return them within 30 days of date of purchase, to the original place of purchase, for a full refund. www.waspbarcode.com 8
The Solution The MobileInventory solution comes with everything you need to create your own unique inventory tracking system. To create a complete system, you must have four main components, which work together to provide complete inventory tracking control. These four components are the MobileInventory software application, barcode label generation software, a mobile device, and a reports engine. Together they form the easiest and most complete inventory tracking system for your business. Part I: MobileInventory Application Our MobileInventory application is the force that drives the entire system. This efficient and affordable software can run on both a PC and a mobile device. Wasp technologies has developed this software specifically to hold all of your pertinent inventory information. You can track your inventory by site, location, serial number, purchase order number, supplier code, date code, lot, pallet, and customer. Also, you can input user-defined text, numeric, and date information for customers, items, locations, manufacturers, and suppliers. Part II: Barcode Label Generation Software Barcode label generation software is necessary to label and track your inventory. With the software, you can assign each piece of inventory a unique tracking number, and create a barcode based on this number. You then print the number and affix the barcode on your piece of inventory. Part III: Mobile Devices Mobile devices allow you to take a barcode reader to the inventory in its resting location. Creating inventories is fast and easy with our convenient scanning equipment. These physical inventories allow you a wide range of inventory tracking flexibility, from POS to interoffice inventory management. Part IV: Reports Engine With our integrated reports engine, you will know the exact location of your entire inventory. This package includes all of our most popular pre-built reports. In addition, you can use Crystal Reports, the standard reporting software in the industry, to customize reports in just a few clicks! Track Your Inventory with the WDT2200 Portable Data Collector MobileInventory is an easy to use inventory control application that enables you to track and analyze inventory data on both your personal computer and a mobile Wasp Portable Data Terminal WDT2200. The combo pack includes MobileInventory inventory management software, and a WDT2200 portable data collector with built-in, long-range CCD bar code scanner. 9 214.547.4100
These components create a complete inventory tracking system. You can purchase a complete kit to get you started, or work with one of our customer service representatives to customize your inventory management package. What do I do next? The next step is simple. Visit www.waspbarcode.com to download a free ten-day evaluation of MobileInventory. This fully functional trial allows you to test the application and learn just how simple the solution to your inventory tracking problems can be. Unfortunately, even after reviewing the demo, many businesses find it difficult to visualize the entire process without purchasing the solution. For this very reason, Wasp includes a 30-day return policy that gives you additional time to ensure that this solution fits your specific needs and business processes. Businesses of all sizes are finding our just how easy it is to implement the MobileInventory solution. Wasp has designed this solution to be flexible and customizable to your unique inventory management needs. Current users range from small businesses without dedicated I.T. resources to global companies with inventory spread throughout the global economy. The bottom line is, are you ready to conquer the myths of inventory management and get your business to run more smoothly and efficiently than you imagined? With MobileInventory on your team, you will. www.waspbarcode.com 10
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