Bar coding systems are a mainstay among leading retailers. If you aren’t using barcode technology in your business, you could face potential losses. But, you need to understand the biggest advantages before making the switch.
Retailers know traceability is an essential part of the supply chain. A recent study has shown that a lack of traceability could cause a $6.6 billion loss in global trade revenue.
Barcode systems are among the most widely used traceability systems today. They’ve proven effective across retailers and throughout the supply chain. This applies to retailers managing stores and warehouses.
Warehouse inventory management is particularly challenging. It comes at great cost, whether owning or renting. Inefficiencies affect all aspects of the operation.
We’ll review some barcode applications in these areas. Then we’ll discuss the top-five advantages of using barcodes in your business.
Components and Applications of Barcoding Systems
There are proven risks for retailers without traceability systems. There is no protection against the margin for human error. Vulnerable companies cannot hold supply chain operatives accountable.
Sensitivities to these distributions can overshadow investments in traceability. Fortunately, barcode technology is accessible and easy to adopt. Here are five components and applications you can leverage.
The best barcode readers can function in all warehouse environments and retail stores. They have superior connectivity and speed. They can collect data, giving managers a clearer view of the status of sensitive products.
For example, food retailers need data on how frozen products have been transported and the effect on shelf life. The right technology provides insights into how goods are handled at every junction.
Barcodes provide visibility into how much stock you have in your warehouse. They also help you identify inefficiencies. You can eliminate barriers that are a drain on your warehousing investment.
A digital system ensures your stock is up to standard and aligned with your ledgers. Even small companies need a streamlined method for recordkeeping. This alone justifies the investment.
Barcode data can tell you lots about your customers. The right technology gives you better visibility into product performance. You can do more with marketing and sales efforts with that information.
You’re servicing customers better when you can pull up records quickly. You’re also more likely to save money on returns. It’s easier to return items to stock or keep track of related losses.
These are just five examples of how barcodes work for businesses. Each offers outstanding benefits to your business. We’ll review how bar coding systems help you succeed next.