As we all know that the barcode was invented in 1966 And utilized in business but it was widely used after 1970. However, it became a revolutionary asset tracking technology as it was effective and helpful in keeping track of inventory and assets. Later barcode inventory management system was built to improve data accuracy and its advanced version QR (Quick Response) Code is also launched which was also successful among businesses for asset tracking and marketing purpose.
It was helpful in improving business efficiency. However, the barcode was successful because it was a cost-effective solution and small businesses can use it easily and effectively. In this blog, we will know what the benefits of the barcode management system are. So, without wasting any time let us begin!
What Are the Benefits of an Inventory Asset Tracking Barcode System?
The benefits of the inventory asset tracking Barcode System are discussed below:
1. Cost-Effective Solution
Since barcode is a cost-effective technology, therefore you can utilize this technology without worrying about the cost of labels as it is not expensive at all.
Yes, there will be upfront costs if your organization is not equipped with any barcode system with exceptionally low training costs and purchasing barcode labels. But in the long term, it will be a cost-effective solution.
2. Minimized Human Error
When data is entered manually, then the chances of human error are more as a result inventory is searched somewhere else and found somewhere else. Clerical errors can be dangerous for businesses, for example, in industries such as pharmaceuticals, patient safety is an important concern.
However, with an inventory barcode system, you can eliminate human error by automating the process and human intervention is minimized so accuracy is improved as well.
Moreover, when work is automated it increases the data entry process and saves employees time as well.
3. Asset Information
Every asset is costly and precious for the organization, hence keeping track of each asset is important.
However, lots of organizations do not keep track of it as a result they do not know where assets are located, who is using them, what their status is, and so on! These types of information are crucial when making a strategic decision.
You can get all the information with barcode inventory asset tracking software.
4. Better Forecasting
With the help of data provided by the barcode tracking system, you can use that data to know which of your clients need inventory and when so that you can plan accordingly.
The data is helpful in making informed decisions and enables management to forecast requirements in a better way accordingly you can plan your activities.
5. Accuracy Inventory Count
With an inventory barcode system, you can decrease the chances of asset theft and inventory misplacement. Often it has been seen that inventory is not found when required and as a result productivity production work slows down and productivity suffers.
However, with this software you can easily avoid that kind of scenario as this software accurately provides inventory count and where it is located so you do not have to worry about inventory theft and inventory misplacement and accurate inventory count as well.
How Does Barcode Asset Tracking Work?
For utilizing barcode asset tracking organizations must be equipped with asset tracking software and along with that barcode scanner or smartphone is required.
Each barcode comes with a label sticker that has a unique identification number. Whenever this unique identification is scanned then it fetches all the information related to it such as location status etc.
Barcode is widely used in the retail sector and those organizations which are equipped with a lot of inventory, for example, warehouses.
A barcode asset tracking system is helpful in better decision-making. As it gathers data quickly and efficiently and eliminates the chances of inaccuracy.
Making informed decisions is helpful to organizations in terms of saving money and enhancing the productivity of the organization.
When an organization is equipped with lots of inventory then it is helpful in keeping them safe from theft & misplacement and enables organizations to control stock. Barcode asset tracking eliminates spreadsheet utilization.
If your organization is still using manual tracking methods for asset monitoring & management. You can use barcode asset tracking as this technique is boosting the efficiency of the organization and employees as well.
Small businesses can improve a lot by Investing in barcode asset management software as this software can help in optimizing the bottom line and improve ROI (Return on Investment).
Frequently Asked Questions (FAQs)
Q.1 - What Is the Market Size of Barcode Software?
Since it is widely used in warehouse management and inventory management. According to The Insight Partners, “The barcode software market is expected to grow from US$ 649.07 million in 2020 to US$ 1,046.74 million by 2027; it is estimated to grow at a CAGR (Compound Annual Growth Rate) of 7.1% from 2020 to 2027.”
Q.2 - What Is Barcode Asset Tracking?
Barcode asset tracking has been used by organizations for a long time. With barcode asset tracking you can know the exact location of each asset or inventory. It is a cost-effective solution to track and manage assets physically. Especially sectors that are inventory intensive such as the retail and manufacturing industry.
Q.3 - What Are the Several Types of Asset Tracking Techniques Available Other Than Barcode?
Several types of asset tracking techniques available other than barcodes are QR Code, RFID (Radio Frequency Identification), GPS (Global Positioning System), BLE (Bluetooth Low Energy), IoT (Internet of Things), NFC (Near Field Communication), etc. All these technologies are helpful in asset tracking and provide real-time information. However, a barcode is the most cost-effective solution.