In today's fast-paced business environment, effective asset management is crucial for organizations to maintain operational efficiency and maximize productivity. One key aspect of asset management is asset visibility, which refers to the ability to accurately track and monitor assets throughout their lifecycle.
Asset management is of primary importance in businesses be it the IT industry, supply chains, manufacturing, warehousing, retail stores, or healthcare facilities. Keeping accurate records of all the assets with the help of AIDC technologies (RFID and Barcode) has become the norm. Correctly identifying and tracking all assets with barcoding solutions such as asset management systems and inventory management systems where all the assets are tagged with barcodes and QR Codes, have allowed for enhanced asset visibility in large warehouses. The software system helps with accurate inventory control while creating automated reports for better insights.
Barcode technology, particularly QR codes, is a powerful tool to enhance asset visibility and streamline asset management processes. Let’s see how barcoding is implemented to enable better asset management and enhanced asset visibility.
Barcoding has been the traditional method to label items for quick identification. One can easily identify barcodes in retail apparel and merchandise, consignments, and posts. The implementation involves tagging each item with a barcode/ QR Code (2-D barcode) and integrating the asset management software system.
Implementing barcode technology involves a few key steps:
Each asset is assigned a unique barcode or QR code that serves as its digital identity. The barcode label with barcode contains essential information about the asset, such as its type, location, and maintenance history.
UPC Barcodes or QR Codes can be printed on asset labels using specialized barcode printers or generated digitally and then printed. Various kinds of barcode ribbons and barcode printers are used to get cost-effective barcode printing with quality prints as required. The labels are typically made of durable materials such as synthetic fabric, paper, polyester, etc. to withstand various environmental conditions.
The barcodes can be read using barcode scanners, including handheld barcode scanners or mobile devices/smartphones equipped with barcode scanning capabilities. These devices capture the barcode information and transmit it to asset management software.
With QR Codes scanning feature in smartphones, staff members can easily scan 2D barcodes/QR Codes which allows for some cost-cutting opportunities for business owners.
Asset Management Software
A robust asset management software system is essential for capturing, storing, and analyzing barcode data. The software system allows organizations to track asset movements, putaway and reshuffling activities, schedule maintenance, generate reports, and streamline asset-related processes. When staff members scan the inbound or outbound assets, consignments, or pallets, the data is automatically updated with the software system, and inventory records are updated to reflect the true state of the inventory stocks.
Why Choose QR Codes over UPC Barcodes?
QR Codes, short for quick response codes, offer better results when it comes to asset management whether it is asset tagging, identification via quick QR scan, or tracking of items throughout the inventory. QR Codes are simply better and more efficient. A simple QR code can hold more data than a UPC barcode, as well as offers quick 360-degree scanning which can be done using a smartphone.
More importantly, a QR Code can be scanned even when it is slightly scraped or damaged and you can generate QR codes and customize and add texts and other data on the internet for free.
QR Benefits in Asset Management
While 1D barcodes, also known as UPC barcodes have been traditionally used in item labeling, GS1 is now trying to replace UPC barcodes with advanced QR Codes by 2027 and during the transition period, it suggests to use of barcodes and QR codes together.
QR codes/barcodes offer several benefits in asset management as follows:
Enhanced Data Storage with QR Codes
Unlike traditional barcodes, QR codes can store large amounts of data, including text, URLs, and images. QR codes offer versatile applications in asset management as they can hold detailed asset information, maintenance schedules, and even user manuals.
QR Code offers Quick and Accurate Scanning
QR codes can be scanned quickly and accurately, even from a distance. Thus QR Code reduces the time and effort required to track assets, ensuring efficient asset management processes.
Improved Asset Tracking
QR codes enable real-time asset tracking, providing organizations with up-to-date information about the asset's location, status, and usage. QR Codes on assets can help prevent loss, theft, and misplaced assets which results in enhanced overall asset visibility.
QR codes can be linked to asset maintenance schedules, allowing organizations to streamline maintenance processes. Maintenance technicians can scan the QR code to access detailed maintenance instructions, service history, and warranty information, ensuring timely and accurate repairs.
Data Analytics with QR Code Technology
The data captured through QR codes can be leveraged for data analytics, enabling organizations to identify trends, optimize asset utilization, and make informed decisions regarding asset investments and replacements.
To summarize, Barcode technology, particularly QR codes, offers significant advantages in enhancing asset visibility and streamlining asset management processes. Businesses implementing barcode technology experience improved asset tracking, enhanced data analytics, and streamlined maintenance. Thus, barcoding has become a vital component in optimizing asset management, enhancing asset visibility, and driving operational efficiency.
- Last updated on Nov 14, 2023