Evolution of technology and asset tracking software
The era of industrial revolution introduced completely new production processes and technologies to the world. Through these mechanisms, businessmen were able to achieve higher standards of productivity. As mass production of consumer goods increased in the market, so did the labor cost. This change led to a rise in the amount of inventory stock owned by businesses and higher sales became the ultimate goal of the retail markets. But what was the role technology playing in all this?
The first drastic change came in the 1800’s with the invention of the machine-readable punch card. This device allowed people to record a variety of goods. Commonly known today as tracking of assets. In 1960’s, a team of retailers came together to bring to the world to use barcodes, also used in present times. Moving forward 20 years to 1980’s, the traditional tracking system was launched which streamlined asset management even more. Unfortunately, asset tracking system in the 80’s wasn’t as efficient as it is now. The system lacked the functionality of automatically updating asset records. After inventory barcode scanning, information had to be recorded manually into computers.
Sometime later manual inventory tracking was replaced by scanners and ultimately Radio Frequency Identification (RFID) hit the markets around 2000’s. This technology gave way to advance tracking without the product actually being in sight. RFID also allowed the barcode to store more information about the product! Asset tracking software has evolved rapidly over time and is now increasingly being used by tech institutions for complex tasks [Source]. Continue reading