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4 Ways How Barcodes Improve Inventory Management

Inventory management plays a crucial role in warehouse operations. Using the right inventory management software helps in optimizing the day-to-day operations of a warehouse. While some businesses are adopting warehouse management, it is not shocking to see small and medium businesses use Excel to manage inventory.

They find it comfortable to use Excel as they do not manage a large amount of inventory. The employees manually enter the items being received and shipped.

Studies show that nearly 9 out of 10 spreadsheets have errors. Unsurprisingly, a majority of these errors are due to manual data entry. But as a business grows, using Excel is an inefficient method to track inventory.

Three major challenges of using Excel to monitor inventory are:

A. Manual Data Entry

Manual data entry is cumbersome and is prone to human errors in the long run. Locating these errors in the spreadsheets is like searching for a needle in a haystack. It is time-consuming and costs the business money.

B. Inaccurate Inventory Forecasting

Managers constantly need to update the spreadsheets every time the inventory is purchased and sold. If these spreadsheets are not regularly updated, managers will not be able to keep track of the inventory levels across the warehouse. Hence, they will forecast inventory inaccurately.

C. Ineffective Location Management

It is necessary to know the location of the inventory in a warehouse. Excel does not help in real-time tracking unless managers manually input the location of each item. Since not all employees have access to these spreadsheets, they will have to search for the inventory by memory. As a result, there is a delay in order fulfillment.

So, how can a business improve its inventory management? It’s simple. Implementing an inventory management software along with barcode scanning will help the business to run day-to-day operations smoothly.

Barcode scanning technology enhances warehouse operations on a large scale. Let us take a look at 4 ways how it helps warehouse managers to monitor inventory.

A. Barcode Scanners Increase Employees’ Productivity

Barcode scanners are easy to use. With a quick scan, employees can find information like serial number, supplier’s name, price, date of manufacture and other related information. It takes a minimum amount of time to train employees to use barcode scanners. Hence, employees can focus on major activities in the warehouse.

B. Barcodes Eliminates Error

Did you know that the simplest barcode has an error rate of not more than
1 error in 394,000 scans? Barcodes help in recording and updating inventory with negligible error rates. Employees can now avoid the whole process of recording the items manually during receiving and shipping.

C. Barcodes Help in Location Management

Warehouses are large and it can be near to impossible to remember the location of all the items across the warehouse. Barcode scanners help in tracking the location of the inventory from the point of purchase to sale. Employees can easily locate the inventory, thus improving the order fulfillment time.

D. Barcodes Help in Forecasting

Barcodes not only records information like price, supplier’s name. It also records the inventory levels in real-time. Managers can set re-order points to purchase new stock. With regular automatic reminders and updates, managers can plan and forecast the inventory. As a result, the business will not suffer stock-out situations and reduces its inventory carry costs.

It’s better to be safe than sorry. Before your business hits a crisis due to poor inventory management, implement an effective Inventory Management software with the barcode technology to boost the bottom line of your business. 

Click here to save your business on time.


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