Top Tips to Manage School Inventory Effectively
Managing inventory is a big and responsible task. In the industrial sector, inventory builds the foundation of business success. The efficient and correct tracking of the assets and resources will help the business to be on the correct track to fulfil the customer order and also know the stock status. In the same way, educational institutes also maintain a large set of resources, they are assets to the institute. This set contains laptops, desktop computers, projectors used for various purposes, books in the library, and other assets used in the library. It is difficult to manage every entry for each of these assets manually. So, there is a continuous demand for a school inventory management system from the educational sector.
With the increasing use of digitalized tools, educational institutes are becoming smarter. Manual tracking and record-keeping have their own drawbacks. There are many generic inventory management systems available in the market, but the nature and procedures of asset handling are different in the educational institute than the industrial assets. So, these systems cannot fulfil the demands of an educational institute to handle the inventory. Vidyalaya fulfils the demands by introducing tailor-made school management software, specifically designed by thoroughly understand the special needs of the education sector.
There are certain challenges to managing the school assets:
- Textbooks are one of the essential things of the educational institute. Keeping the track of the number of textbooks that are being issued to the students of different classes is a tedious task. Circulating books at the commencement of the course and taking back the books at the end of the academic year is a true challenge.
- School equipment has the possibility of getting stolen. An effective school inventory management system helps to identify potential theft issues.
- Inventory is difficult to manage when there is the possibility of cross-school or district transfer of assets.
- Manually tracking each asset is a difficult task.
Learning these challenges, a dedicated school inventory management system can meet these challenges efficiently. Vidyalaya, an education industry software provider releases outstanding software to manage the school inventory. Here are top tips shared to manage school inventory with better efficiency:
Tagging of all assets
Tracking and record-keeping are possible accurately only if all assets are tagged. Inventory administrators can get clear insights into what is there in the stock and which assets are out of their place with the help of Vidyalaya’s school inventory management system. A unique number preferably by barcode or RFID tag is assigned so that the tagging and tracking process is fast. The scanner will identify the assets and make the proper entry in the system for in/out.
Make regular audits
Audits are conducted on regular basis to control the school inventory management. The audit reports depict the discrepancies if any when actual assets are compared with the recorded assets. If more time is spent, then there are more chances of errors happening. Vidyalaya’s school management software assists the auditors by maintaining accurate records. Also, the customize and standard reporting will retrieve the desired data within less time.
Maintain a backup schedule
Maintaining a backup is equally important to store data accurately. The backup taken at a scheduled time will help to recover data in case of an emergency. Vidyalaya’s school inventory management system stores all data on the cloud so that additional security is provided. Along with that, the application will have disaster management and recovery option.
Consistently keep accurate records
Regular inventory audits yield accurate records and provide the firm foundation for financial analysis. This can give you exact insights so that you have clear information about which resources need to replenish and which resources need to discard. Vidyalaya’s school inventory management software helps you to achieve this with its efficient features.
Generate reports regularly
Stock management is all about reports. The stock manager and the school administration require to generate multiple stock reports so that the updated status of school inventory is known and further actions can be taken efficiently. Vidyalaya help to generate reports at less cost with optimum profit with its school management system.
Here are the benefits you can get from a cloud-based school inventory management software like Vidyalaya:
- Fast audits
- No more lost items
- Savings on property insurance
- Collection and storage of relative information about assets in a centralized location
- Reduced taxes
- Significant time saving
- Accurate reporting
Maintaining an inventory is a thankless and monotonous job but its importance is not negligible. The accurate inventory management system will help to know what equipment has and what is out of its place for usage/loss/need to order. The updated status of inventory helps the educational management to assign an accurate financial budget to hire/procure assets that are used in the educational institute. This all is a very time-consuming process, but with Vidyalaya’s school inventory management software, it is just a few clicks away.