Barcode Asset and Inventory Tracking Meaning, Benefits & More?

If you have products or assets in really large numbers, then, you need to make your asset-tracking game strong. By doing so you can reduce the chances of lost inventory and operational inefficiencies. In this context, barcode asset tracking has come up as a transformative solution for managing assets, making it more efficient and error-free.

In this blog, BuyBarCode – a leading barcode software provider in India – will unveil everything about barcode asset tracking and inventory management. From meaning to its whole working process, we have covered every valuable point in this blog.

Let’s start!

What is Barcode Asset Tracking?

Barcodes represent a set of advanced techniques for tracking inventory that optimize asset utilization while also allowing for customization!

A barcode asset tracking is a method of tracking products using barcodes. These barcodes are printed on labels and affixed to items, allowing for quick scanning with a reader or smartphone. This system enables real-time visibility into the location and quantity of each item in your warehouse or store.

Three fundamental components are used to build barcode asset tracking systems:

• Barcode labels
• Barcode scanners
• Asset tracking software

Each item is tagged with a barcode with its unique identifiers like name, description, identification number, current location, and status. The scanned barcodes then encode the information that is being captured and recorded in the asset tracking software’s database. The software stores, processes, and manages the data, providing accurate and real-time insights into asset inventories.

Benefits of Barcode Asset Tracking Systems

There are numerous benefits of using asset barcodes for organizations. Here are some of the most effective and common benefits of utilizing barcode asset tracking systems.

More Accuracy and Error Reduction

When it comes to your assets, you cannot afford to allow silly errors that can affect the success of your business and inventory management goals. Using Barcodes instantly eliminates the chances of manual errors such as wrong typos, misread numbers, and other common mistakes. By using 2D barcode labels, your asset management processes can be greatly enhanced.

The information about any asset can be processed, anywhere, at any time, simply by scanning the comprehensive barcode label. This makes daily tasks for your staff easier and makes them work faster!

Conduct Audits More Faster and Efficiently

Auditing is a complex process but with barcodes, the auditing of assets becomes an easy process.  Finding a special asset requires a quick scan of tags with a barcode scanner or a smartphone. One click will give you the entire information about the product such as usage, maintenance, and location history.

Multiple items can be scanned in seconds, appreciably speeding up the inventory processes. With quick and efficient audits, it is now easier to confirm compliance with all relevant financial and accounting rules.

Cost-effective Asset Tracking

As compared to other tracking methods, implementing barcode scanners for inventory tracking is a low cost tracking solution. Barcode scanner offers an effective solution for businesses that help in managing warehouses with valuable products.

Barcodes can be printed inexpensively, and the required hardware (barcode scanners or mobile devices) is widely available.

Reduce Human Errors

One of the major issues with manual asset tracking solutions is the risk of mistakes that remains unnoticeable until it’s too late. By adopting barcode inventory tracking system, the organization can have errorless procedures such as data transfer, misreading serial numbers and jumbling of small cells on an old spreadsheet.

Easy to Use

One of the major advantages of a barcode asset tracking system lies in its simplicity, unlike other tagging methods. Barcodes, being self adhesive, can easily be applied to products throughout the office. And after that, scanning the label with a reader is as easy as pointing it at it. The rest of the procedure is completed by the asset management system.

Integration with Software Systems

Barcode possesses seamless integration systems with inventory management software, ensuring that barcode data facilitates real-time updates, automated alerts, and informed decision-making.

For example, warehouse managers receive timely alerts when stock levels drop below a specified threshold, enabling prompt reordering actions.

Also Read: Barcodes and QR Codes: Benefits, Comparison, and More

Other Benefits Include:

• Captures vast amount of information about each asset
• Increases data integrity
• Increased accountability
• Reduces labor costs due to shorter time of inventory data entry
• Provides immediate access to the location of each asset
• Eliminates missed maintenance schedules
• Better Data Analysis and Reporting
• Enhanced Security and Theft Prevention
• Real-Time Asset Tracking and Visibility
• Minimal Training Requirements

Also Read: Different Types of Barcodes and Labels

How Does Barcode Asset Tracking Work?

Barcode asset tracking is a seamless process that integrates barcode solutions to manage physical assets, which offers a blend of accuracy and efficiency.

Below are the steps of how the barcode asset tracking system works.

Step 1: Labeling Assets with Barcodes

The very first step is to attach a unique barcode and a tag to a physical asset or a product. These barcodes, either 1D ( for basic data) or 2D (for more complex information) are then served uniquely to identify each asset.

Step 2: Scanning Barcodes

After completing the labeling, barcode scanners or computer software read the attached barcodes. This step is quick and efficient, which allows it to capture real-time data without making casual errors.

Step 3: Updating the Asset Database

Finally, after completing the scanning process, the entire information transfers to an asset-tracking software system. These inventory tracking systems keep the records and update the asset’s status, location, and other tracked metrics in real-time.

Step 4: Monitoring and Reporting

The asset tracking software records an overview of all the assets of an organization in its final step, which users can access anytime for any purpose. It generates various reports, such as asset locations, status updates, depreciation reports, and maintenance alerts, all essential for informed decision-making and strategic planning.

Barcode Asset Tracking: Final Words

Whether it’s a case of improving equipment visibility or maintaining expenses, a barcode scanner for inventory tracking provides quick information about your assets without compromising on accuracy. It is important to note that the key to a successful asset-tracking system relies on choosing what would be the right technology for your organization.

BuyBarCode has been working tirelessly to deliver unmatched barcode solutions and simplifying shopping experience for end customers. Our product barcode labels and software ensure seamless integration into your product packaging, simplifying the shopping experience and enhancing customer experience for your business.

Wish to have a secure and great barcodes experience for your range of products? We are here to provide the best quality barcodes in India. Still have queries to ask? Leave them in the comment section and get a quick reply from the experts.