Whether you’re an independent electrician, operate a large electrical company, or work for a facilities team, there’s no doubt that a solid inventory management tracking strategy is essential to keeping operations running smoothly.
In this article, we’ll explore the importance of maintaining an accurate electrical inventory list, review what needs to be tracked on an electrical inventory list, and touch on how to choose the best inventory management system for your electrical inventory.
Why is it essential to maintain an electrical inventory list?
Regardless of an electrical company’s size or shape, clarity about what inventory is available, where it is located, and how much is needed to meet demand promptly is essential. Here are a few more reasons why companies in the electrical industry are putting so much stock into a well-managed inventory system:
Inventory tracking improves operational efficiency and profitability
Whether your electrical business serves a focused local area or manages extensive projects across multiple states, efficient team operation requires precise knowledge of available inventory and its location.
What’s more, when it comes to running an electrical business, customer satisfaction is crucial. Arriving on a project only to realize test equipment isn’t where it’s supposed to be or wasting time searching for a missing cable is a surefire way to cause delays and, ultimately, unhappy customers.
Optimized inventory management for electricians means always knowing the location of every tool, supply, material, or piece of equipment at any given time, whether operations are run out of a single van or a fleet of 100 vehicles.
However, inventory management is not just about minimizing frustrations and completing tasks more efficiently. An optimized inventory management strategy enables businesses to operate more profitably as well. After all, time wasted is money wasted, and so too is buying parts at higher prices or dealing with the potential inventory shrinkage that can occur when keeping track of expensive supplies and materials is not prioritized.
Tracking electrical inventory leads to better demand forecasting
The best electrical inventory management strategies also make companies more profitable and efficient by improving inventory control strategies. Inventory control is the balancing act of stocking everything required to meet customer demand without tying up cash on supplies and materials that your business does not yet need.
Good inventory control requires a clear understanding of your current inventory and usage. Fortunately, if you choose inventory management software like Sortly, this data will automatically be recorded as you track inventory. The resulting data can inform how you set inventory minimums and help you understand how your business uses supplies and materials over time.
That information, in turn, can lead to more informed and comprehensive demand forecasting and inventory ordering. Your may even be able to negotiate discounts with vendors once you have a data-driven understanding of how much inventory you’ll need to fulfill demand. Plus, you won’t have to worry about stocking excess inventory, ensuring you’re only spending what you need on inventory while avoiding unnecessary carrying costs.
This easy, comprehensive guide will help you:
Free Ebook: Getting Started With Inventory Tracking
What to include on an inventory list for electricians
Now that you understand the benefits of maintaining an electrical inventory list, here’s the information you should start tracking.
Keep in mind that you don’t have to maintain an inventory list on a sheet of paper or even a spreadsheet. Various platforms enable you to automate and digitize your inventory list. Regardless of what platform or system you use, you will want to include information about the following items:
- wiring and cables
- lighting components
- relays and transformers
- connectors and terminals
- circuit breakers and fuses
- outlets and switches
- electrical boxes and enclosures
- meters
- test equipment
- conduits, fittings, and fasteners
- safety gear
- MRO inventory—the “maintenance, repair, and overhaul” inventory that keeps your business running, but is not directly used or consumed by customers
Keep in mind that all these items will also require additional details. Remember to record:
- item name
- description
- part number or SKU
- quantity on hand
- minimum and maximum stock levels
- location (shelf and bin, general location, fleet location, etc.)
- supplier details
- current value
- purchase price
- special storage instructions
- reorder point and lead time
- photos and other attachments, such as manuals or safety instructions
- barcode or QR codes, if available and utilized
Selecting an inventory management system for your electrical inventory
When it comes to mastering your electrical inventory, you have a few paths to consider. You could try the traditional route of manual lists or spreadsheets. However, for a truly efficient and insightful approach, there’s inventory management software like Sortly.
Manual inventory systems, while simple in concept (think pen and paper), quickly become overwhelmed in the dynamic world of electrical work. They’re best suited for the smallest operations managing just a handful of items and a limited team. Even then, accuracy is a constant battle, leading to frustrating stockouts, wasted time searching, and costly ordering mistakes.
Spreadsheets offer a slight upgrade—and we even provide a free electrical inventory spreadsheet below to get you started. It’s a step in the right direction, but spreadsheets lack the visual power and smart automation that truly streamline inventory management. Imagine trying to attach photos of specific connectors, access crucial safety manuals, or quickly scan barcodes with a spreadsheet – it’s clunky and prone to errors, especially when juggling information from the field. These inaccuracies can directly impact your bottom line.
That’s where Sortly shines. With Sortly, a quick scan of a barcode or QR code using your phone or tablet instantly updates your inventory. Your entire team, whether on-site or in the office, can contribute to accurate tracking, providing a central, always up-to-date view of your inventory across all locations.
With Sortly, an electrician across town at one job can instantly check the Sortly app to locate a needed part before even heading to the warehouse, maximizing billable hours. For central teams managing orders and dispatch, Sortly’s visual dashboard provides an immediate snapshot of what every electrician and every location has on hand. This eliminates guesswork, prevents delays, and boosts overall productivity and profitability.
Beyond simple tracking, Sortly empowers you with visual organization, allowing you to attach photos, manuals, and safety information directly to inventory items. This ensures your team has the critical details they need at their fingertips. Plus, Sortly’s smart reporting tools help you gain valuable insights into your inventory trends, optimize stock levels, improve forecasting, and even conduct efficient audits to minimize losses.
Electrical Inventory List
Our free electrical inventory template is a great way to get started when performing your initial review of all electrical inventory items you have on hand.
Keep in mind that even if you’re interested in using an app like Sortly, this spreadsheet can be bulk uploaded into the Sortly system to help you get started tracking inventory in no time.
Alternatively, if you’re not ready to consider inventory software, this spreadsheet can serve as the starting point for your electrical tracking system. Feel free to customize it and make it yours.
Free Download: Electrical Inventory List Template
Download our free electrical inventory list template today! The template is pre-populated with common categories for electrical inventories. Feel free to customize it and make it yours. You can upload it to Sortly whenever you're ready.
About Sortly
Sortly is an inventory management solution that helps you track, manage, and organize your inventory from any device, in any location. We’re an easy-to-use inventory software that’s perfect for large or small companies. Sortly builds inventory tracking seamlessly into your workday so you can save time and money, satisfy your customers, and help your projects succeed.
With Sortly, you can track inventory, supplies, parts, tools, assets, and anything else that matters to your business, including costs of goods sold. Sortly also comes equipped with smart features like barcoding & QR coding, low stock alerts, customizable folders, data-rich reporting, and much more. Best of all, you can update inventory right from your smartphone, whether you’re on the job or on the go.
Whether you’re just getting started with inventory management or you’re an expert looking for a more efficient solution, we can transform how your company manages inventory—so you can focus on your next job. That’s why over 15,000 businesses globally trust us as their inventory management solution.
Start your two-week free trial of Sortly today.
