Top 6 Reasons to Implement Inventory Management with Barcodes
By GOIS September 27, 2022
Read Time:3minsAs your business grows, so does your inventory. In order to manage your inventory, an inventory management system with barcodes can help you increase your efficiency in surprisingly simple yet important ways, and it can also save you a lot of time and money in all sorts of areas of your clientele. What’s more, as inventory management software evolves, new features arise like a barcode system. In short, your business deserves the best management techniques you can give it, so why not start with how you handle your inventory?
A typical barcode inventory system includes hardware, such as barcode printers and scanners and software that runs on computers and mobile devices that allow for barcode scanning and other operations.
There are a number of reasons why the role of inventory management software, along with barcodes, will not only improve your day-to-day operations, but boost your bottom line in the long run.
1. IT’S SIMPLE
Overall, implementing inventory management software with a barcode system is just a great way to control your inventory in a more efficient way. You could have the misconception that an Excel spreadsheet is an easier route. Manually keying in each SKU number of hundreds of items a day is not easy. Easy is when your inventory items have a unique barcode label, information can be added to certain items in inventory and associated information can be recalled with one quick and simple scan. Inventory can be viewed in real time, anytime with one scan.
2. IT’S COST EFFECTIVE
Across many industries, barcodes offer automatic product identification, extremely fast recognition and implementation of data. Although application complexity varies, it costs just a few cents per barcode label. Plus, you can lower your overhead and cut down on training time and labor, improving productivity. It will also lower the costs of capital for carrying excess inventory since knowing exactly what is in stock will help avoid ordering an abundance of anything.
3. BARCODE TECHNOLOGY
We all know how quickly technology advances. Barcodes are no different. The technology is available now and can be implemented by anyone. The earlier your business adopts a barcoded inventory management system, the better. Being proactive and implementing best inventory management practices will save time and money in the long run. Too many businesses wait until they are faced with missing, lost or damaged inventory before making the choice to start taking inventory management serious. By then it has cost them thousands of dollars. Following these simple steps will not only save your company time and money but will ultimately improve customer satisfaction as well.
4. ELIMINATE ERROR
Handwriting or manually keying numbers can be a pain; barcoding is a breeze. For every one thousand keystrokes made by a person, there are an average of 10 errors made. However, when using a barcode scanner, only one error is made for every 10 thousand scans. Errors in the front-end eventually mean shipment delays when employees have to search for items that may not be in stock or are misplaced. In addition, data mistakes can cause overspending when too much inventory is ordered.
What business doesn’t want to keep their items and their customers safe? Barcode technology prevents mistakes and mix-ups, which is not just an inconvenience to the end-user, but could be harmful, especially in the pharmaceutical and healthcare industries. In addition, barcodes are traceable and fully auditable, promoting theft deterrence, peace of mind, and a demonstrable reduction in loss and liability.
6. INVENTORY TRACKING WITH BARCODES SAVE TIME
It saves time. When the inventory in your warehouse is not organized with an automated system, your employees will spend too much time keying in or writing down inventory, as well as physical searching for items in the warehouse to ship.
Less time searching means more time filling orders correctly and on-time.
Don’t wait until your business is faced with an inventory crisis before implementing barcodes along with dedicated inventory management software. Too many businesses wait until they are faced with missing, lost or damaged inventory before making the choice to start taking inventory management serious. By then it has cost them thousands of dollars. Following these simple steps will not only save your company time and money but will ultimately improve customer satisfaction as well.
In what ways can inventory management software, that use barcodes, improve your operations?
Poor inventory management accounts for a high percentage of business failure. But adopting a barcode inventory management system can help your company function efficiently and make more profits in the long run.
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