How To Make The Best Use Of A Barcode Asset Management System

3 Ways you can use barcode asset management system

Technology is deeply interwoven in business tasks today. It spans over financial planning, marketing automation, supply chain management and the like.

Owing to the ever-expanding use of technology, it only makes sense to use it for tracking your asset repository too. One simple and common way to go about this is via barcode labeling.

Barcodes come with unique identification numbers for each asset. When paired with a cloud based asset tracking system, they iron out all your inventory management workflows.

All you need to do is scan the barcode label on each asset. This will log in asset details such as name, identification number, and asset specifications into the system.

All your asset data gets recorded in a secure cloud database. You can later extract asset information whenever you need to checkout an asset to an employee or to a job site.

A barcode asset management system tracks your items in real-time. It updates asset records in the system whenever you move items across different locations or transfer them between users.

Automated data entry via barcode scanning of asset labels also eliminates the chance of human typographical error. Asset tagging is not just limited to using barcode labels.

It also involves using QR codes, RFID tags, and GPS trackers. Then why go for a barcode asset management system in particular?

Benefits of barcode asset management system

  • Barcode labels are extremely versatile. They can typically adhere to items of all materials and sizes. This feature enables exhaustive data collection, no matter what kind of assets you work with.
  • Unlike GPS tags, barcode labels are highly customizable. You can modify the template for labels and include the asset information of your own choosing.  
  • Barcode labels are inexpensive to design and print as compared to RFID and QR tags. They are your best pick if you’re looking for an asset tracking solution that is light on your pocket.

Choosing the right barcode label for your business needs

Once you have decided to implement a barcode asset management system, the next step is to select which labels to use.

Thorough knowledge of the nature of your business tasks and ultimate goals greatly helps in this pursuit. This way you can narrow down to barcode label options that work best in your work environment.

Businesses normally decide on a barcode label using the following criteria.

  1. Affordability: If you’re looking for a cost-effective option, vinyl or polypropylene labels are your best bet. Both work under varying temperature ranges and cost less than their more expensive counterparts.
  2. Durability: Some companies look for barcode labels that can withstand harsh weather and chemical conditions. Aluminium and 3M polyester barcode labels are the most suitable when it comes to durability. They can adhere to any surface and survive wear and tear for quite long.
  3. High security: Businesses that work with big-ticket items prefer to invest a little extra in reliable security. You can pick tamper evident or destructible vinyl security seals for such assets. Tamper evident labels display a “Void” text and destructible seals disintegrate if anybody tries to pry them off of an asset.
  4. Personalization: Barcode labels whose size and shape can be adjusted based on the amount of asset information they house are ideal in this case.

3 routines you can carry out using a barcode asset management system

With a robust barcode asset management system in place, you can step up your asset tracking practices. Instant updates on the usage and location of assets keep you informed of your daily operations.

A barcode asset management system also offers in-depth insights about asset utilization patterns so you can oversee your procurement needs.

Here’s how you can incorporate a barcode system in your daily workflows to boost business performance.

1. Monitor the work status of each of your assets for efficient reservation

Monitor work status of each of your assets for efficient reservation

Each barcode tag carries a unique asset ID. It lets you track the tasks associated with each asset as they happen. Let’s say an employee wants to check out a laptop for a sales call. They can update the work status of the laptop against its unique ID as “in use for a sales call by user X”.

This way, you can keep tabs on which assets are in use and which are not, and what are they being used for. Barcode tags also come handy when you need to reserve items for future business events.

You can see the availability status of your assets. Items that have not been checked out against their IDs will appear ‘unoccupied’. This helps prevent conflicted bookings of the same asset for different events happening at the same time.

2. Track asset locations to curb theft and misplacement

Organizations often struggle with tracking asset movements across locations. Failure to do so may result in theft and misplacement of items.

This not only boils down to unpredictable delays and unwarranted loss of equipment but also raises your procurement costs. To manage asset locations, you can choose to include location IDs on your asset labels.

For instance, tools and equipment that belong to a warehouse in Brooklyn can have BKLYN printed on them to identify their default location.

Whenever an asset is checked out of its default location, the system gets updated to reveal its current location. In addition to this, a barcode asset management system enables you to even trace items by sub-locations.

Say you scan a label for an HP printer, the system will reveal which floor of which office that printer is at.

Access to precise data regarding the whereabouts of your assets, whether big or small, greatly curbs chances of misplacement and secures assets against theft.

Barcode labeling also plays a pivotal role in tracking asset movements across assembly lines in production facilities.

It also helps keep a check on items in transit while they are shipped to remote business or customer locations. This asset tracking routine is particularly suited to manufacturing, distribution and retail industry.

3. Document asset history to make purchase decisions

Document asset history to make purchase decisions

Blindly going on an asset purchase spree is not a wise thing to do. It is recommended to examine the usage and service history of your assets so you can smartly invest in ones that bring the highest return.

You can clock in and track such asset details using a barcode asset management system. These may include the following.

  • Service history: This covers how frequently an asset was checked in for maintenance. This way you can keep repair costs under check. Past service sessions can be used to schedule future ones and estimate when an asset needs to be disposed of.
  • Usage history: Keeping a log of how asset use evolves over time enables you to modify procurement preferences. Say you notice that an office floor requires photocopying, scanning and printing jobs to be done at the same time to save time. You can send out purchase orders for a multi-purpose printer in such a case.
  • Inventory thresholds: It is key to maintain optimal stock levels to avoid unexpected shortage or over stocking. You can set minimum threshold level for your inventory stock with a barcode system. Whenever stock quantity against an asset ID reaches this threshold, the system automatically alerts the concerned vendors to replenish that asset.

Barcode asset management system gives you the most out of your bucks

Asset management, if done in a cost-effective way, can boost the productivity and growth of your business, whilst keeping expenses at bay.

Many companies out there use various asset tracking systems to achieve this goal. A rock-solid barcode asset management system is your perfect pick in this pursuit.

It enables you to document and monitor all asset-related activities. With it, you have access to updated asset records and location data. You can oversee daily workflows, have repair sessions under the reins and make informed purchase decisions.

Barcode asset management system lets you analyze the financial gain from each of your assets and their associated workflows, so you can do away with ones that do not bring enough profits.

You can even zero in on and improve business practices that have the potential for growth. A barcode asset management system is not just light on your pocket but also gives you the most out of the little you invest.

Read More: 5 Ways To Effectively Implement A Barcode System In Your Business

About EZOfficeInventory

EZOfficeInventory is the leading barcode asset tracking system. It enables you to design and create Barcodes in bulk with ease. You can manage items across locations, run audits, and scan using a third-party scanner or our mobile app. We offer a free 15-day trial – no credit card required!

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