Managing an inventory manually using Excel spreadsheets is becoming obsolete. It is a slow process prone to input and miscalculation errors that causes high inventory write-off costs. Furthermore, the time it requires can be better spent on more important tasks.

Wasp Inventory Control Case Study — Amarillo National Bank

A case study that illustrates this perfectly is that of the Amarillo National Bank in Amarillo, Texas, the largest family-owned bank in the United States. For many years, the Amarillo National Bank has been performing manual inventory control, using two Excel spreadsheets to order every month supplies such as paper, banking forms, and deposit slips from up to 60 suppliers, and then distributing it to its 13 branch offices.

The amount of time that the process required, the $10,000 in annual inventory write-offs that the bank suffered as a result of billing that lagged behind, and the mistakes that occasionally crept into the records, made the bank purchase the Wasp Inventory Control, an online inventory app that integrates barcode scanners. The Amarillo National Bank was able to use this app’s advanced inventory tools to set minimum ordering levels, check items against the purchase order, track items, and view accurate inventory costs.

The result was a saving of $10,000 in inventory write-offs, as well as the streamlining of the whole inventory management process and a significant reduction in the time that employees have to devote to ordering and managing stock from two days a month to just two hours a month. This alone resulted in a gain of $12,000 per year for more important tasks.

The Bottom Line

Regardless of the type of business you’re running, an online inventory app can reduce costs related to inventory management considerably and make the whole inventory process easier, faster, and more efficient, leading to many long-term benefits.