Inefficient inventory management leaves many modern businesses behind their competition. If you’re still part of the 43% of businesses that don’t track inventory or still do so using manual methods, barcode inventory software offers key features that overcome the limitations of manual inventory management, while making workflows more efficient.
Consider these key features and benefits of barcode inventory software if your construction or trade company is one of the thousands of American businesses in need of an inventory overhaul.
How do barcodes work?
Barcodes are representations of the characters that make up designated product codes. They can be generated by most text applications and used to scan items into or out of a warehouse, stockroom, or store.
Certain barcodes can be assigned to specific locations, which are recorded in the system when the item is scanned. Barcodes have become necessary in the retail industry to keep accurate item counts and shipping records. However, they are just as advantageous for inventory management in construction and trade companies.
The benefits of barcode inventory software
A Lower Margin of Error
Some studies have shown that as few as 63% of businesses keep inaccurate inventory counts. The error rates in traditional, manual inventory counting methods far exceed those of modern barcode inventory software, which can scan items in and out of warehouses, multiple worksites, and then store the data in one system. Anytime a barcode is scanned, the entire system is updated in real-time.
A Simplified Workflow
Manual inventory management takes time and leaves company records vulnerable error. Even when everything works the way it should, records are costly to store. Barcodes allow employees to scan tools, equipment, or items in and out of the system without requiring manual storage. Anyone with access to the hub can view the locations of items, the company’s stock levels, and other important information on any compatible device.
Increased Productivity
Overstocks and understocks account for large portions of a business’s inventory control budget, even in construction. Inventory software can be set with alerts to reorder tools or items at certain inventory levels, special orders or seasonal changes can be scheduled in advance, and stocking changes can be observed and responded to in less time than systems that rely on manual tracking methods.
Additionally, versatile barcode software can designate tools and equipment within “location groups” that allow you and your admins to make specific adjustments to inventory changes for each location or each group.
Lower Costs
Barcode systems lower costs in construction and trade industry businesses in several ways. Better visibility in on-site item tracking reduces the downtime that normally results from items being misplaced or sent to the wrong site. Data collected automatically by the system can be used to manage reorder cycles more efficiently.
Most importantly, barcode inventory software prepares businesses to meet client expectations, raising their customer rating profile and improving performance. The ability to scan and monitor all significant tools, equipment, and products, whether on-site, on your fleet of field-service vehicles, or in storage, gives construction businesses an edge over any business still reliant on error-prone manual tracking methods in an increasingly data-driven industry.
If you are interested in learning how Fishbowl’s flexible inventory management solution can help your business now, you can book a demo.