Office Inventory Management: Tips and Tricks

Effective office inventory management brings efficiency to operations and enhances employee productivity. Read our guide to get the best tips for managing office inventory.  

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Running a business is a complex task that involves everything from critical decision-making to the effective execution of operations. However, business activities get seriously hampered if your office runs short of supplies. The staff simply cannot work to their full potential in the case, resulting in unnecessary delays. Therefore, office inventory management is a critical element in business success, leading to 20% more revenues

If your company has multiple offices, the picture becomes even more complex. Ordering the wrong equipment or not managing it properly can cause financial losses in an environment where being competitive is everything. On the other hand, a well-thought-out office inventory management plan can make your business more efficient and reduce overall costs. 

Since office equipment management is so critical, we have developed some tips to help you stay on top of the game. Let's look into the details now. 

What is Office Inventory Management? 

Office supplies inventory simply means the equipment and supplies you need to keep office operations running smoothly. The most common office supplies examples are toners, inks, and paper. 

Managing office inventory refers to recording stock levels, reordering items, and more. By brainstorming around it, we ensure enough items are in stock without going overboard or facing shortages. 

Tips for Managing Office Inventory 

As we know, robust inventory management has several benefits, such as productivity gains, reduced costs, valuable data, and more. So, let's see how you can do that with the following tips. 

1. Audit Regularly  

One of the best ways to manage your inventory is to audit it regularly. It involves keeping a count of the office inventory list, such as furniture, printer cartridges, computers, and more.

Keeping an eye on the quality is also crucial, as you wouldn't want to work on a computer that crashes during an important assignment or a printer that doesn't print out something when you really need it. Auditing inventory also informs you about the damages or discrepancies in your budget. 

With offices becoming more complex by adding equipment, tracking everything has become trickier. That's where cloud-based office inventory management comes in, making your life much easier by tracking every item in the inventory and notifying you when something is running low in stock. As a result, you know when to order and the exact number that you require. 

2. Assign Roles and Responsibilities 

Assigning roles and responsibilities among staff members involved in the inventory process can change how you manage office inventory. For instance, you can assign one person to order and store the inventory and another to distribute it. 

When it comes to auditing how and where the inventory is being used and the costs associated with it, you can assign another team member. Dividing tasks like these makes it easier for everyone and ensures across-the-board accountability.

3. Implement Robust Procedures 

Streamlining business processes requires implementing robust procedures, and office inventory management is no different. Establishing these policies regulates the whole process and removes the potential for substandard practices in the office supply inventory list. For instance, a team member should follow a set procedure when ordering or returning an item. 

Similarly, handling theft, losses, and damage to inventory items should also happen through a well-defined procedure. Implementing robust policies ensures compliance and transparency in handling office equipment in the long run. 

4. Do Regular Monitoring and Evaluation 

Monitoring and evaluation are crucial to improve any business operation, including office inventory management. It helps you know how well you're doing by measuring the accuracy and efficiency of your approach. Moreover, it highlights areas where you can improve to perform even better. 

You can use key performance indicators here, such as:

  • Inventory turnover ratio
  • Accuracy rate 
  • Carrying cost 

Moreover, you can use feedback and surveys to indicate potential improvements and challenges. Ultimately, monitoring and evaluation help you improve your decision-making process and make inventory management more innovative. 

5. Ensure Stock Rotation 

Office inventory management requires regular stock rotation, especially when you have items with expiry dates. The absence of stock rotation leads to perishable goods going to waste because you didn't use them. The first-in, first-out (FIFO) method is pretty helpful here, meaning the items you buy first should be used first. Using FIFO ensures you use the perishable items before they're spoiled and your money goes down the drain. 

6. Categorize Supplies 

Categorization helps you better understand the use of items based on their nature and makes office inventory management more efficient. You can immediately create major item categories, such as stationery, electronics, furniture, and more. It enhances your decision-making process by making budget allocations and creating reorder priorities much easier. 

7. Have a Robust Reorder System 

A well-thought-out office inventory management plan also means you never run out of any item. You order the exact number you need without overstocking, so you easily avoid extra expenditure, disruptions, and delays caused by surpluses and shortages.

Specific formulas like the economic order quantity (EOQ) can help here, as they allow you to know the exact number of each item you should order based on various factors, such as storage and cost. However, these formulas could be a bit tricky for some people. 

The best option here is to use a cloud-based inventory management software that automatically informs you about all the above-mentioned variables without you having to fill paper sheets with mathematical equations and calculations. 

8. Order in Bulk 

It goes without saying that ordering anything in bulk saves you a few bucks, and the same applies to office inventory. Order your office inventory in bulk to enjoy special discounts from suppliers. Moreover, track the heavily used items and calculate the amount of time they take to arrive. It will require additional effort but will pay off in the long run. 

Manage Your Office Equipment Effectively with Itefy 

Managing and tracking your office equipment manually can take a toll on you. To remove your burden, Itefy offers an efficient and elegant solution in a dedicated Asset Management System. It has all the features that make your life much easier, such as tracking usage and location, scheduling maintenance, better asset utilization, detailed insights, and more.

Itefy’s Asset Management System also helps you delegate responsibilities to your staff so everyone knows what to do. With live statistics, you're always up-to-date about your inventory to avoid unnecessary surprises like item shortages. Moreover, with laptop, desktop, tablet, and smartphone support, we have ensured that you can track your inventory wherever you are.

So, why wait when you can take your office inventory management to the next level immediately? Contact us today and purchase a package that suits your finances.