Let’s face it, inventory control and management is probably the single most critical factor when it comes to maximizing a company’s profitability. Ensuring that your company maintains an appropriate level of inventory is crucial in ensuring that the company isn’t spending money on stock items that can become outdated or expired. When you consider how much money your company can tie up in inventory and other assets that can depreciate over time, the numbers can be staggering, and scary. In fact, depending on the size of your company your inventory could equal over 45% of your total operating budget! This is why maintaining an accurate inventory management system is critical to your company’s success.
The benefits of using bar codes with your inventory management system
Aside from improving your overall bottom line, the top 5 other reasons to use barcodes for inventory control management are:
- Inventory Accuracy – Scanning a barcode is faster and more reliable than having to manually input the required inventory data.
- Time – It only takes a few moments to scan each barcode. Just think about how much time you would spend in line at the supermarket if the cashier had to manually enter and record each item that you purchased. Using barcodes makes your employees, and your processes, more efficient.
- Inventory Control – Once a barcode is scanned and added to a particular database, you will gain valuable insight into the status of your inventory including shipping, receiving, and inventory quantities.
- Versatility – Barcodes can be used for any type of data collection and include up to 2000 characters of information depending on the type of barcode and can usually be attached to any surface. (For reference, this bullet point is 198 characters including spaces.)
- Reducing labor costs – It usually only takes a few minutes for an employee to learn how to use a barcode reader. Rather than fumbling around with individual items’ serial numbers, barcodes enable your employees to focus their energy on more important tasks, improving your company productivity and saving your company time and money.
If you are looking to effectively manage your inventory, increase operational efficiency, and increase productivity, then give Peak Technologies a call to discuss your specific inventory control needs.