Since the first consumer barcode was scanned in 1974, the use of barcodes for tracking assets has been revolutionary in helping businesses enhance data accuracy and accelerate inventory management. Barcodes are so widely used that GS1 estimates that more than 5 million barcodes are scanned on a daily basis.

Barcode asset tagging is a simple yet powerful solution that creates a unique id for each asset within an organization, attaches the small barcode, and then tracks its key details, such as location, condition, and serial number, in an asset tracking platform. Nearly every organization needs a software asset management system, where fixed asset software manages the long-term and tangible pieces of equipment or machinery that a company owns and uses to generate income. In this blog, you’ll learn the benefits of using barcode tagging in asset tracking and managing.

Benefits of Using Barcodes for Asset Tracking in Manufacturing

• Improve Speed and Accuracy

Barcode asset tracking automates and accelerates essential business processes, such as inventory management, which facilitates the best practices for asset tracking and it generates more revenue.

• Minimize Human Errors

Asset tracking manually is susceptible to human errors, which can be costly, especially when they go undetected until it’s too late. Thus, barcode asset tracking automates the operation and minimizes human errors.

• Increases data integrity

Barcode asset tracking is a reliable and fast way of tracking assets, which reduces the risk of errors, and increases the efficiency of asset-tracking processes. Thus, this enhances data integrity within the organization.

• Immediate access to the location of each asset

Barcodes provide real-time visibility into the location and status of each asset. This allows the manufacturers to track the assets as they move throughout the manufacturing process.

• Increased inventory accuracy

Asset tracking can help manufacturers to maintain accurate inventory levels by providing real-time visibility into the status and the location of assets. Thus, this can help the manufacturers prevent overstocking, avoid stockouts and reduce inventory carrying costs.

Conclusion

Barcode asset tracking is an undeniably crucial aspect of asset inventory management and is often appreciated by both large and small business owners. The above-mentioned benefits can help your business supply chain be more efficient, which in turn saves more money and time.

Infraon understands that tracking the asset’s lifecycle is not at all an easy task. That’s where our asset management software comes into the picture, which tracks and manages the organization’s assets efficiently. We have expertise in optimizing Return on Investment (ROI), which helps in asset performance and overall business productivity. To know more, check out our website.