In virtually all industries across the globe, maintaining accurate inventory counts can be challenging. Despite the fact that inventory distortion led to $1.8 trillion in lost revenue in 2020, many businesses leave their inventory counts to chance.
Barcode inventory software returns control of inventory management to business owners. By centralizing the management system to one UI that can be accessed on any smart device, automated barcoding increases, accuracy, efficiency, profits, growth, and security in the businesses that implement it. This is why nearly three-quarters of businesses plan to implement mobile devices into their warehouse management flow in the next year.
What is barcode inventory software?
Barcode inventory software allows you to print labels for your products and scan them directly into a database. Once scanned, products can be tracked at every step of the supply chain, from arrival to shipment to delivery.
There are numerous benefits to having barcode inventory software working behind the scenes of a warehouse workflow. These include:
- Real-time visibility for all products at every step of the supply chain
- Accurate stock counts that help managers make more informed reorder decisions
- Reporting metrics that can be accessed anywhere for better control of outcomes
- Lower waste, due to reducing unnecessary understocks and overstocks
Barcode inventory software makes it possible for businesses to improve workflow efficiency, by implementing the following 5 changes:
Increased stock accuracy
Barcode inventory software links a business’s whole catalog of UPC barcodes into one database, allowing managers to set re-order alerts, so they can respond to demand changes, stock outs, and spoilage as soon as possible. This means that inventory costs can be reduced, while profit-tracking features can help teams forecast inventory based on sales data collection.
As an example, consider that spoilage costs food and beverage businesses billions of dollars per year. The source of spoilage is likely overstocking inventory for the time of year, the current demand forecast, or the market conditions. To combat it, barcode inventory software gives managers more visibility of their numbers in relation to market changes, so they can be alerted of new conditions and shift the parameters of their reordering schedule.
Increased workflow productivity
Productivity goes up when businesses integrate barcode scanning software for several reasons, including reducing human error, eliminating manual labor time, and reducing the need for unnecessary employee training. For example, past systems required data entry experience to get inventory spreadsheets working with the company accounting software. Dedicated barcode inventory software replaces all of that.
Additionally, workers no longer have to painstakingly search warehouses for stock items using manual retrieval methods. Barcoding allows them to look it up in their inventory management software and see exactly where it is.
More accurate decision-making
Barcode inventory software provides real-time market, sales, and profit data to help managers make informed decisions about their ordering schedule. Using UPC barcodes to centralize this data means that you can access real-time data on product availability from any smart device, at multiple storage locations.
Customizing customer service responses is another advantage to having this data readily available. When product questions come up, your team can respond far more quickly. Custom data metrics allow you to see the effects of this closer management in accurate, real-time reports.
Better scalability
Businesses that plan to grow need software solutions that will adapt to new warehouses, changing stock numbers, and different supplier relationships. Compared to manual tracking methods, barcode inventory software can be easily expanded to accommodate a growing business’s needs.
Higher security
Barcode software can be accessed from laptops, smartphones, tablets, or desktops. Vendors can create custom access permissions, so that managers can change who has access to the system. In some cases, even customers can use the software to solve their inquiries on their own.
The takeaway
Barcode labeling systems have the potential to give businesses the edge over their competition in the post-pandemic landscape. Demand changes occur faster, so a warehouse management system that can respond just as quickly will soon go from being an advantage to being a necessity.