Stock is an important part of the business. It needs to be tracked properly for several reasons. If inventory counting or managed manually it would be time-consuming and prone to error. But when inventory is barcoded then it automates the process. Moreover, it saves time and human errors are reduced.
It is very surprising that there are still a lot of organizations exist that do not utilize any kind of inventory tracking application. Most importantly stock and inventory are important for these types of organizations. Barcodes can be very cost-effective and beneficial for their businesses.
Barcode tags are used in huge quantities as they are cost-effective compared to other technologies. According to the report of Global News Wire, “the global barcode printers market accounted for around USD 2.35 billion in 2017 and is expected to reach approximately USD 3.58 billion by 2024, growing at a CAGR of around 6.26% between 2018 and 2024.” The data show barcode is used abundantly!
Barcode is a technology used for the asset or inventory tracking. Basically, it’s a machine-readable representation of numbers and characters. However, now they are available in two-dimensional form, they are also known as QR Codes (Quick Response Code). Barcode is readable with a barcode scanner.
What is a barcode tag?
The main purpose of the barcode is tracking. It can keep information on location, usage, etc. Another objective of implementing a barcode tag is to keep assets safe from asset theft or misplacement. Barcode tags are easy to use and very cost-effective. They are used in stock management also efficiently. Barcode tags work as a unique identification of assets or inventory.
Barcode helps in effective stock management in many ways:
Barcoding boosts accuracy
When you have a barcode system it improves accuracy. When the barcode scanner app is used and paired with the system, information feeding becomes simple and data accuracy is also enhanced. As we know there can be reading mistakes that can also occur but they are a very slight chance of error compared to humans.
A decent stock administration methodology improves the accuracy of stock orders. Stock management encourages you to sort out precisely how much stock you need to have for a particular period of time (15 days, 1 month, etc.). This will help forestall item lacking and permit you to keep enough stock & avoid too many stock problems.
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When the scanner is used for scanning barcode tags rather than writing manually it saves employees time & also saves them from boring work. They can use their time for some other work and be more productive. This feature comes in really handy where there are lots of inventories. This can be helpful in the understanding trend of utilization of inventory & accordingly they can be used for increasing sales.
Grow your business
With the inventory system, you can manage inventory on a big scale. With a barcode system in place, inventory will not be an issue, as a team will know inventory quantity all the time and customers will find products it will be in stock so no sales loss will occur and customer satisfaction will be increased. Whenever inventory count is low, they will be refilled from stock by the team. One will always be aware of how many units are left and when to reorder.
With the data collected with a barcode inventory system, you will know the fast-selling product as well as slow-selling products, and this way you increase stock levels. Fast selling product is economical and slow-selling products are expensive & you can plan according to grow your business.
What are the advantages of effective inventory management?
There are several benefits of effective inventory management:
- Sales growth – It has been noticed that when inventory is optimized proactively then sales numbers are increased by 5 to 10 percent.
- Enhanced customer loyalty – When a customer finds all the products in place then customer experience is improved. They start trusting your organization. They will keep coming to your store when they know they can find all the things here.
- Better stock handling – Actively managing inventory can also decrease stock issues and an inventory management system allows you to manage inventory efficiently.
- Plan for increasing performance – With data you can plan for festive events and during the festive season sales numbers can be increased. Data tracking and monitoring trend are also helpful in optimizing performance. A good and effective inventory management system can save time and results in enhanced productivity.
With the inventory system, you can manage inventory on a big scale. It will not matter how much inventory you received. As it increases accuracy reduces human mistake chances & provides more control over your inventory. The automated barcode inventory system is really helpful in business growth.
Asset management software can be used for effective inventory management. As it can track inventory and costly assets. It also provides a detailed report about products which is helpful in the decision-making process.