5 Steps to Help Prevent Inventory Losses
Keeping track of "things" can be daunting - especially if you are a school district with thousands of items ranging from band instruments and books to cameras, cars, cleaning equipment, and computers, and from iPads, tablets, and TVs to sports equipment. The list goes on. According to auditors, inventory losses of 20 percent are not uncommon in school districts!
The costs of these “things” can be shocking especially when you need to replace items that you once owned but now cannot find. For example, a 2013 audit of a Tennessee school district found more than $48 million in equipment was missing; and in another audit, a Philadelphia City School system found that it was missing equipment totaling $196,000.
With the move toward expensive notebooks and other mobile devices, schools need help in preventing inventory losses due to theft, accidental loss, and destruction of property. The following five steps will help reduce school inventory losses:
- Install asset tracking and inventory management software
- Train individuals using the asset tracking/inventory management software
- Limit access to inventory management programs
- Inform employees and students of new inventory tracking and security measures
Tracking assets and managing inventory is fundamental to keeping dollars in the classroom instead of in replacement costs.
What challenges you most in keeping track of your inventory?
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Posted on Thu, February 26, 2015
by Anne filed under