Hardware Procurement: Avoid These 4 Things to Excel at Your Inventory Management

Around 75% of companies have been negatively affected by the supply chain crisis.

The supply chain crisis has led to delays in the delivery of goods, increased expenses, and reduced productivity, making it difficult for companies to plan for their future. Businesses are under pressure to come up with solutions to deal with the negative consequences of the crisis and keep their operations stable. Luckily, there are some considerations that you can keep in mind to avoid this mess.

Why you need to be aware of the supply chain crisis

The supply chain crisis can have a number of impacts on companies and their onboarding experiences for new employees. Some of the ways in which it can affect businesses include:

1. Delays in the delivery of equipment and other supplies: If a company is unable to receive the equipment and supplies it needs in a timely manner, this can cause delays in its operations and impact the onboarding experience for new employees.

2. Increased costs: If a company is unable to source supplies from its usual supplier or must source them from a more expensive source, it may incur additional costs. These costs could be passed on to employees in the form of reduced benefits or lower salaries.

3. Reduced productivity: If a company is unable to access the equipment and supplies it needs to operate at full capacity, it may experience a reduction in productivity. This could lead to delays in the onboarding process for new employees and make it more difficult for them to get up to speed.

4. Difficulty in forecasting and planning: The supply chain crisis can make it more difficult for companies to predict and plan for future demand due to price volatility, which can impact their ability to accurately forecast staffing needs and onboard new employees.

Overall, the supply chain crisis will continue to create challenges well into 2023. Therefore, it’s vital for businesses to be proactive in finding ways to mitigate these effects and ensure a smooth onboarding process for new hires. Here are the four commonly made mistakes to avoid:

1. Avoid superficiality during onboarding

A new hire's first week sets the tone for their job at large. So, what message would it send if they didn't receive their laptop on time?

A structured onboarding process is an important aspect of a successful new hire experience. It helps to ensure that new employees have the support and resources they need to get up to speed quickly and become productive members of the team. One of the most fundamental aspects of a structured onboarding process is ensuring that new hires have the necessary equipment and supplies before their start date. Without these essential tools, it can be difficult for new employees to complete their tasks and become fully engaged in their work.

If the arrival of equipment is delayed, it can cause problems for both the new hire and the company. In some cases, it may be necessary to delay the start date of a new hire, which can be frustrating for both the employee and the company. In a worst-case scenario, the delay in receiving equipment could lead to the new hire leaving for another opportunity.

We all know a first impression is priceless.

For more tips on how to excel at your hybrid onboarding, check out this whitepaper, which includes real-life examples and best practices from future-proof companies.

2. Avoid ordering hardware until the last minute and build your buffer stock

Accurately forecast your hiring roadmap and build up your buffer stock for 3 months worth of hires.

Traditionally, companies only ordered a new hire’s hardware once they signed their contract. However, now due to frequent stock-outs, this is no longer a viable solution as the equipment may not arrive in time for their first day.

Having buffer stock can help businesses to ensure that they have the supplies they need to meet customer demand and avoid disruptions in their operations. Knowing how many hires you plan to make in the coming year can help you to accurately calculate how much buffer stock you will need. This can help you to avoid running out of supplies or having too much excess inventory.

Having a well-managed buffer stock can help businesses to ensure that they have the supplies they need to meet customer demand and avoid disruptions in their operations. This way, companies can effectively manage their buffer stock and minimize the risk of shortages or disruptions. Having a buffer stock also makes sure you have stable costs regarding your products instead of buying occasionally in times where prices change per month.

3. Avoid limiting yourself to 1-2 suppliers

Make sure you diversify the number of vendors to ensure flexibility and competitive pricing.

It is important for businesses to choose suppliers that are not tied to one particular brand in order to ensure that they are getting the best possible deals and information on stock availability. Suppliers who only sell one brand may be biased in their recommendations and may not provide unbiased information on the best options for a business.

Onboarding new suppliers can take time, as it is important to carefully evaluate the potential supplier and ensure that they are a good fit for your business. Depending on your company's authorization flows, it may take at least a month to set up new suppliers. It is important to allow sufficient time for this process in order to ensure that you are able to establish a successful working relationship with your new supplier. Therefore, choose suppliers wisely and make sure to maintain regular communication with them so you are securing the best possible deals and access to the supplies you need.

4. Avoid disparate asset tracking across departments

Ensure to have one single source of truth for all inventory and automate as much as possible to avoid errors.

Particularly given the rise of remote work and having employees working in various locations, it’s even more integral for businesses to track the location of various assets in a single location. Having one overview not only helps in budget management but is a proactive way to measure an asset’s lifecycle. This allows companies to effectively calculate future needs and creates an opportunity to re-integrate equipment if an employee leaves. This is especially important for companies experiencing high turnover.

Having tools in place to track the status of your equipment can help you to make informed decisions and optimize hardware costs. For example, you can use these tools to track what happens to offboarded equipment, such as whether you sell it or re-use it for a different employee.

Aligning on these matters within the company is also crucial, as it ensures that everyone is on the same page and working towards the same goals. This can help to avoid confusion and ensure that the equipment is being used efficiently and effectively.

Magic formula for a long-term vision: use a dedicated equipment life cycle tool such as Workwize to automate such processes.

Bonus tip: be sustainable

Re-using your stock can be a smart business decision that helps to ensure that you have the supplies you need to meet your business needs while also reducing costs and the environmental impact of your operations. One of the main advantages is that it can help to mitigate the impact of shortages or delays, as you are not constantly sourcing new equipment. This can help to ensure that your business has the supplies it needs to operate effectively.

Final words

Stop doing work software can do for you. Using inventory management software such as Workwize to automate certain tasks can help businesses increase their productivity and save time. This way, employees can focus on more important and valuable tasks.

By adopting a long-term approach and planning ahead when it comes to procuring equipment, businesses can help to ensure that their employees have the resources they need to excel in their roles from the start. This can increase the likelihood that they will stay with the company for an extended period of time.

Choose smart, choose Workwize.

Workwize was invented to help forward-thinking organizations make the inspiring transition to flexible work. Our platform allows your company to select office equipment that is fully tailored to both your company and employees’ needs. We are completely independent of our suppliers, so it doesn’t matter what your colleagues require, it will be available in our large assortment of office supplies.

Interested to know what we can do for your company? Schedule a free demo and discover the endless possibilities with Workwize. Alternatively, download our whitepaper to discover how we facilitate hybrid working.