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Barcode for Asset and Inventory Management

Barcode for Asset and Inventory Management

Barcodes have been in commercial use since the 70s and are very relevant even today. The simple implementation and easy to follow working of a barcode makes it the go to option for many businesses, with varied sizes, belonging to diverse areas.

Typically, barcodes can be seen on fast moving consumer goods like food packages, dairy items, shampoo bottles, etc. The purpose behind this kind of barcode labeling is simply the identification of the product. Most barcodes use the Universal Product Code (UPC) which has 12 numerical digits that categorizes and identifies a particular item.

What is a barcode?

Traditional Barcodes are one dimensional image with columns whereas QR codes (quick response) are also barcode image but two dimensional (matrix).

Barcodes are used for various purposes in distinct business settings but most importantly, barcodes are used for asset management and inventory management. Few beneficiaries in this category are retail businesses, healthcare, education, supply chain, logistics etc.

What is Asset Management?

Asset Management, in simple terms is a process that allows you to keep track of all of your assets, all the time. This is achieved by asset tagging and tracking which provide a greater degree of visibility to your assets.

What is Inventory Management?

Like asset management, inventory management also involves asset tagging and tracking, but in this case there are several other factors that must be considered. Inventory management is a complex process which involves a whole set of measures that allow you greater visibility into your inventory and also provide you with enough data and insights to control your inventory.

In Inventory management, you also need to order new stock for replenishment and you need to keep track of asset life cycle in order to clear some stock as well. Lead time is also very critical to inventory management.

Streamline Asset and Inventory Management with Barcodes:

With technological advancements over past decade, various automatic identification and data capture tools have emerged that allow you to tag and track assets and help you manage inventory very smoothly.

RFID, QR codes (matrix barcode), BLE etc. are some of the AIDC tools that allow efficient identification and tracking but easy implementation and low cost make barcode an easy choice for many large as well as small businesses.

In this changing business landscape where companies are introducing at least some degree of automation in day to day business operations to meet customer demands, enhance customer experience as well as to drive growth, barcode has been a safe and easy choice for asset management and inventory management.

Here are some of the ways in which barcode can streamline asset management and inventory management:

1. Barcodes, when implemented correctly, can remove the use of paper logs and spreadsheets.

2. Employees can take stock of inventory in a quick manner by scanning the barcode labels on the stocks/assets and the asset data will be stored on a computer.

3. Barcode provide some degree of automation, hence minimize human errors.

4. Using barcodes, assets can be classified into various categories, which makes for easy identification and helps in stock clearance as well. It also prevents losses that occur due to β€˜out of stock’ scenarios in retail stores.

5. Barcodes on assets also help with stock replenishment in inventory by giving us insights on lead time.

6. A thermal transfer printer can allow you to print your own barcode labels which brings down the implementation costs and proves to be a cost effective measure.

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  • Created on Mar 23, 2023

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