Correctly managing HVAC equipment inventory can make or break a business. In fact, globally, retailers recorded $1.75 trillion in losses due to mismanaged inventory in 2019. In today’s fast-paced market filled with almost 120,000 HVAC contractors in the United States alone, inventory stock-outs and mismanaged inventory can lead a potential customer—or worse yet, an existing customer—to walk away.
This article will explore how to better manage your HVAC equipment with inventory management software and a smart inventory management system to help you maintain an edge over your competitors.
What is the best way to keep track of inventory?
Inventory management software is the best way to keep track of your inventory. It is an important part of the supply chain management process to help businesses maintain accurate records of inventory levels, orders, sales, and deliveries. With inventory management software, you can say goodbye to building an HVAC inventory spreadsheet manually and automate the process.
The best inventory management software solutions will help everyone—from field technicians to service managers to office staff—be on the same page about what is currently in stock. When seeking an inventory management software solution, look for the following features:
Maintains Multi-Location Inventory in Real Time
It is important for everyone on the team to have access to reliable inventory, including how much of what products are currently in stock—and where. Tracking inventory across a variety of locations, including service vans, the shop, and the warehouse will provide each member of your team with a full view of inventory, whether that’s through a web-based application or a printable spreadsheet.
Allows for Easy Inventory Analysis on any Device
Being able to access inventory on the go, across any device, will help your field technicians get the inventory information they need quickly and painlessly. Look for an inventory management software that has an HVAC inventory app that stands alone or is part of a larger, full-service app.
Provides Stock Reports
Many inventory management software programs provide automated reports that can be pulled at any time. This will optimize staff time by cutting down on manual stock checks. While regular inventory checks are still a best practice, automated reports can cut down on one-off checks.
Provides data to forecast demand
Perhaps one of the best features of inventory management software is the ability to forecast demand. With the ability to create reports on historic stock purchase habits, you can better understand what you’ll need to purchase and on what time frame.
How do you create an inventory management system?
Inventory management software is only as good as your inventory management system. In other words, finding and implementing the software is only part of the solution. You also need to create systems and protocols to help your company maintain accurate equipment inventory. Use these tips to ensure your inventory stays accurate.
- Run regular inventory checks and corrections: Software is only as good as the team running it. Perform regular inventory checks and make corrections as needed to ensure your numbers stay accurate.
- Make use of automation: Inventory management systems can automate tasks like the tracking of spare parts, overstock and understock. In other words, automation will free up time for performing other tasks.
- Optimize your reports: Create and run reports on purchasing habits regularly to understand trends and build out forecasts for the long and short term. This will help you budget your cash flow for the future.
- Set goals and track them: Know your key performance indicators (KPIs) around inventory control, such as improving inventory accuracy. Over time, your software will track historic trends around KPIs to help your team meet or surpass goals.
Acumatica: the HVAC Software for your Small Business
Circle City Software Solutions believes in Acumatica as the best field service management platform available. If you are ready to take better control of your equipment inventory, Acumatica is the HVAC software solution for you. This complete end-to-end platform will allow you to manage your entire business in one powerful program. Manage and control inventory, view dashboards and reports from any web-enabled device, streamline dispatching, reduce response times and minimize costs with Acumatica. Contact us today to schedule a demo.