Take control of your inventory: Learn how to use barcodes
Poor tracking systems pose the greatest threat to business inventories. Lack of an information record database often leads companies to lose out on a substantial part of their capital investments. But, why is this so?
According to a research, it was found out that theft is a common cause of retail inventory loss. Apart from this, the report puts worldwide losses because of overstocks at $471 Billion and out-of-stock losses at $634 Billion. While this seems like an alarmingly large number, it can be controlled.
A robust management strategy which aims to minimize inventory malpractices is the solution to all your problems. Such software programs rely upon the use of barcode technology to reduce inefficiencies.
To help you choose barcode tracking software, you should know what the technology has to offer your company:
- Different types of hardware: Since the purpose of a barcode is to tag all your inventory, you should select the one which meets your firm’s’ requirements. Some hardware combinations work better together and allow you to customize labels.
- 1D Vs. 2D barcodes: Two-dimensional barcodes offer a more in-depth range of features as compared to the 1D barcode. 2D codes have the ability to store information relevant to inventory while 1D only offers to simply scan items.
- Integration with other software: You need to decide whether you want to use your barcode tracking system in combination with other software. This way you can manage all work operations from a single source.
Once you learn about how the technology works, it becomes easier to implement inventory control software barcode scanner for your business. Doing so can help you raise revenues and achieve optimal asset utilization in the following ways:
1. Monitor usage with strict check-in and checkout processes
Daily tasks in any company, regardless of size, revolve extensive use of inventory items. Oftentimes it happens that employees take out official laptops for external meetings and conferences. In an absence of a tracking system, it becomes extremely difficult to monitor asset usage patterns. When there is no mechanism to record asset ownership, this ultimately leads to high instances of loss through theft and misplacement. For this reason, inventory control with barcode scanner is a good option for your business.
By endorsing this technology, you will be able to label all your inventory items. Doing this helps to scan items against usernames in an online database every time an asset is checked-in or checked-out. Streamline inventory management processes to improve data transparency and lower the risk of asset loss.
2. Create custom-built label designs for all your assets
For easy reference, inventory can be categorized into several different types based on their use. Say, for instance, financial calculators maybe only used by the finance department in a company. In order to address these specific needs, it becomes imperative to come up with a customized database.
This can be achieved through inventory control with barcode scanner in a few simple steps. Using the 2D technology, your barcode label has the option to store detailed information regarding your tools and machines.
The label designer allows you to create customized designs for all your assets to make check-in and check-out practices easier. You can then use these tailored labels accurate equipment data into your system. A comprehensive information base lets you retrieve required assets with ease. Tag all your tools with customized labels to enable seamless work operations across departments.
3. Define inventory modules to deal with stock outs
Stock management can be a little tricky if you fail to keep a track of your firm’s consumption habits. Due to changing market demands, a company might shift its preference from product A to product B. To help you deal with similar situations, it is important that you plan and execute inventory control with barcode scanner to improve business performance. Such systems let you set stock thresholds levels to automatically generate purchase order receipts for asset renewal.
Defining optimized inventory stock modules gives you the following benefits:
- Streamlined warehouse management for easy tool retrieval
- Accurate depiction of consumption rates
- Higher rate of inventory turnover
Achieve economies of scale and raise productivity levels by eliminating risks involved with inventory shortages.
4. Configure service tickets for timely maintenance
Inventory is susceptible to wear and tear due to usage over time. The best way to deal with asset depreciation is to schedule timely maintenance sessions. This is only possible if you tag all your tools and store their relevant repair and service vendor details in an online database.
An inventory control with barcode scanner mechanism can come in handy to help you plan repair workshops for your equipment. You can simply check all your assets in for maintenance by scanning them into the system. This allows you to send out notifications and alerts regarding the service events. Keep all your tools and machines in shape with regular maintenance practices.
Photo by Russ Hendricks
Did you know? Survey results suggest that the Barcode Scanner market revenue is predicted to grow to $3.18 million in 2030 from $2.12 million in 2016.
Use EZOfficeInventory to foster high rate of return
The key to business success is to learn from its weaknesses and build upon its strengths. While it takes some time to put together the right company strategies for high profits, you can get some help to do so. EZOfficeInventory is a software which offers inventory control with barcode scanner to optimize asset utilization for increased efficiency levels.
A barcode label on all your assets allows you to streamline daily functions for maximum outcomes. Tagging your tools lets you access availability status through an online dashboard. By using this, you can book venues, equipment or any other asset you need for a particular event. Pre-plan all your meetings to avoid last minute cancellations.
Apart from this EZOfficeInventory comes with a report and analysis tool to let your business generate performance reports for a different time period. Customized labels give you the option to document asset usage in isolation as well to study specific consumption patterns. Choose EZOfficeInventory for your business to gain a higher rate of returns on your capital investments.
Get to know how to implement inventory control with barcode scanner?
EZOfficeInventory lets you design inventory control using barcode scanner and is currently being used by a multitude of organizations worldwide. It allows firms to improve tool performance to achieve a higher rate of returns on investment.