Introduction
Inventory is the heart and soul of any business. Whether you run a small business or a large enterprise, inventory management needs to be accurate and seamless at all points. One of the primary things which will give a clear picture of the financial health of your business is, inventory movement. You would certainly not wish to be oblivious towards the stock management in your business, given its importance, right?
Since digitisation has been taking the world by storm, every process in businesses is being automated for smooth and accurate operations. Barcode inventory management is also one of them, which can help you dramatically increase your efficiency in surprisingly simple yet important ways, and it can also save you a great deal of time and money in all sorts of areas of your business.
What is a Barcode?
Barcodes are a machine-readable code in the form of numbers and a pattern of parallel lines of varying widths, printed on a commodity and used especially for stock control.
Barcodes are an essential part of inventory management. With a simple scan of a barcode, you can do what would take several minutes, or even hours, to do manually. Here are several benefits of using barcodes:
- Save time and boost efficiency
- Instantly update your inventory system
- Enjoy greater data accuracy
- Manage inventory across multiple locations
In accounting, the use of barcodes can provide very detailed up-to-date information about the product which is sold in any retail shop or point of sale.
Reasons why Barcode Inventory Management Will Boost your Business
· Simple and cost-effective
To use barcode for tracking your inventory is no rocket science and requires no technical expertise. All you’ve to do is install a purchase a barcode reader and connect it with your computer/laptop, and you’re good to go. One scan is all you need, and all the information can be added to certain items in inventory and associated data can be recalled instantly. While many think that barcode machines cost a bomb, it isn’t true. It costs as little as Rs 1500 and the amount of load it takes off from inventory management team at that price is commendable.
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Ensure Data Accuracy
Manual keying of numbers would result in numerous errors and is also extremely cumbersome. When you’re competing with so many players in the market and trying your best to beat everyone to the top, you need to have a more streamlined process which will give you accurate results in lesser time. Data mistakes could result in several issues such as, shipment delays, under and overstocking, excess expenditure and even misplacement of stocks. Barcoding system allows users to enter key values accurately mitigating any scope for errors.
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Barcodes Provide Security
Since barcodes are fully traceable and auditable, various kinds of liabilities like theft or losses can be tracked with ease. Any sort of mistakes or mix-ups can be prevented, resulting in increased customer satisfaction. A unique code for every product makes it seamless to gather any information attached to it which ultimately results in transparency between the buyer and the seller.
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Saves Time and Manage Inventory Across Multiple Locations
With such peculiar features and accurate results, it is obvious that barcoding system to manage inventory saves time and increases efficiency. When the inventory in your warehouse is not organized with an automated system, your employees will spend too much time keying in or writing down inventory, as well as physical searching for items in the warehouse to ship. Thus, implementation of barcoding system to seamlessly manage inventory across multiple location will give you more time filling orders correctly and on-time.
