Why Barcode Asset Tracking Is an Effective Solution

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Most Asset Tracking Software applications feature effective and modern tracking technologies, including barcode asset tracking.

But, before deciding that this technology is right for your business, it’s best to understand everything about it.

What is Barcode Tracking Technology?

What Is Barcode Asset Tracking?

Barcode tracking is a relatively easy and time-efficient way to collect all possible data from your business equipment. Simply enter the asset’s information, such as date received, maintenance schedule, etc, and the software will build a unique barcode for that asset.

Once printed and attached, you can then gather that asset’s data by scanning the barcode.

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A single barcode has the ability to hold and store extensive data regarding each asset. Meaning, in one scan, you can retrieve all available information about that asset.

There are many benefits to choosing a barcoding system over other technologies, such as RFID asset tracking. For example, barcodes are cheaper to produce and can significantly increase the speed of data collection.

But, the most beneficial factor of using a barcoding system is the high reduction in errors. According to makebarcode.com, the typical error rate for human data entry is 1 per 300 characters. Whereas, the error rate of a barcode scanner can be as accurate as 1 error in 36 trillion characters.

The Benefits of Barcode Asset Tracking

A typical barcode tracking system would include both hardware and software. Small businesses might only need to generate barcodes using an online tool and use a basic barcode tracking system that prints labels and works with a scanner.

However, for more advanced inventory management requirements, a more comprehensive system could be in order.

A quality system can have many benefits, including:

  • Allowing you to design custom labels.
  • Printing multiple barcode labels at the same time.
  • Effectively managing orders by scanning a barcode when needed, or automatically re-order stock when quantities reach a set minimum.
  • Allowing you to check product status.
  • Updating stock quantities as part of the packing/shipping process.
  • Tracking barcodes in different geographical locations anywhere in the world.
  • Integrating with in-house accounting or ERP systems and mobile apps.
  • Sending alerts and notifications to help staff manage asset tracking and management.

Barcode Asset Tracking 101 Infographic

How Much Does Barcode Tracking Technology Cost?

The cost for a barcode tracking system really depends on the assets you want to track and manage. It also depends on what kind of hardware you need.

For example, barcode tracking software on its own might cost a few hundred pounds. A complete starter kit bundle containing software, a scanner, and a printer could cost more than a thousand pounds.

Whereas an asset tracking tool could be a significant investment if purchased upfront.

Asset management software typically includes features to help you manage the entire lifecycle of your assets, from purchase through to routine maintenance through to asset disposal.

Is Barcode Tracking Right for Your Business?

All businesses, large or small, have inventory or specific assets to track and manage.

If you’re wondering whether you should be investing in barcode tracking technology, ask yourself the following questions on how you manage asset tracking and inventory currently.

  1. Do you or your employees spend hours manually inputting orders and updating your stock cycle?
  2. Are you frustrated with complicated spreadsheets and messy paper records?
  3. Is your current system prone to errors?
  4. Do you need to increase business productivity and efficiency?
  5. Do you have the budget to invest in a barcode asset tracking system?