With the growth of online shopping through large and small platforms alike (looking at you, Amazon), the need for efficient shipping and manufacturing systems have grown alongside it. Goods that are ordered online are typically shipped from warehouses – of which we have seen a nearly seven percent growth in the last half of the decade – and an adequate asset tracking system.
The right asset tracking system has become crucial for keeping track of inventory, as an asset tracking system or other such tracking inventory tracking software can keep track of inventory, preventing the loss of the subsequent funds lost alongside misplaced inventory items. As there are around one trillion dollars of lost capital tied up in lost inventory – around seven percent of the GDP, in fact – an effective asset tracking system has become crucial for the success of any company or distributor of goods. Otherwise, it is far too likely for considerable sums of money to be lost from company to company.
Without the implementation of an asset tracking system or other inventory tracking software, the odds of inventory loss are none too ideal. Part of this can be tied directly to the warehouses that they come from. Unfortunately, warehouse efficiency is lacking in all parts of the United States and it is estimated that less than half – less than thirty percent even – of all warehouses in the country are considered to run efficiently with no tied up inventory.
Installing the right asset tracking system can help to combat this lack of efficiency and therefore save considerable amounts of money. In fact, efficiency has been shown to rise by as much as twenty percent when an asset tracking system is incorporated into the typical warehouse operations, as a digitized system is far more likely to accurately be able to keep track of inventory and shipments made. With less margin for error, total operating expenses can be dropped by as much as thirty five percent, saving considerable sums of money in many industries that provide goods to people all around the country.
As nearly seventy percent of all warehouses use their mobile devices as part of their inventory management systems and protocol, a shift is clearly being made to a more technologically driven system. However, only around thirty percent of all warehouses all throughout the country have fully made the switch to a WMS system and asset tracking system. Without fully making the switch, it is unlikely that they will able to be as efficient as they would like to be – and as efficient as they need to be to not waste money and to be able to save it instead.
The right inventory system is everything of a necessity for many warehouses in the United States, as the majority of warehouses that have not put into use such automated systems have a number of problems such as holding on to too much inventory. But finding the right asset tracking system can help to reduce these errors and problems, saving money on everything – even the overall shipping costs that the company accrues. The shipping industry is vast and it will only continue to grow as online shopping practices become more and more popular and convenient, as well as more reliable, than ever before. Online shopping has already caused a considerable increase in the number of warehouses to store inventory necessary in all places of the United States, and the number of warehouses that are needed is only expected to grow with the growth of online shopping practices in the next coming years.