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Manage Your Inventory Effectively Using Barcodes

ram@justransact.com 2015-09-04 05:53:00

As a retail store owner, you should be aware of which item moves faster and real time status of in-store stocks. Inventory management, as it is called, is an important tool which helps the businesses to plan their strategy on day-to-day basis.
 
Manual inventory entries may lead to unforeseen errors and duplication of purchases of goods already exist in go-downs or stores and hence loss of revenues. Botched inventory management is nightmare for any business and no trader would appreciate it in his or her store, particularly if it means the loss of revenue and customers for them.
 
Barcodes play a vital role in managing your inventory with the help of customized software support. So if you are one of the small businesses who is really concerned about revenue and profits, turn your focus on inventory with dedicated and customized management with barcodes, which will not only better your day-to-day operations, but also increase your bottom line in the long run.
 
Simple To Use
You don't have to be a software wizard to handle inventory control software. Also, don't be under the impression that with an Excel spreadsheet you can manage your inventory well. You must have been facing a lot of practical difficulties in manually entering SKU numbers of hundreds of products a day. Since now-a-days items have a unique barcode label, the same can be added to inventory in a jiffy and data concerned can be recalled with one click. Inventory can also be viewed in real time with just one scan.
 
Cost Effective
Barcodes are useful for automatic product identification and fast recognition and implementation of data. Though application varies for different industries, the cost per barcode label remains miniscule. In addition, you can improve productivity, reduce overhead costs and reduce expense on training and labour. Importantly, inventory management through barcodes helps to lower the capital expenditure of holding excess inventory since knowing the stock details precisely will help avoid procuring the same goods already available in stock.
 
Tax Benefit
Effective inventory management system can help you avoid paying excessive tax unnecessarily. When you disclose taxable income, you are allowed to deduct your inventory costs. Having clarity on inventory level will help you make accurate deductions.
 
It is better to adopt barcoded inventory management system earlier in your business to avoid recurring losses, and save time and money in the long run. As the level of awareness is less on inventory management in India, businesses wake up only after being faced problems in terms of missing, damaged or lost inventory. But the losses would be phenomenal by then.
 
Minimize Human Error
Manual entry can be painful and also lead to errors which at times may go unnoticed. Finding a missing inventory will be a daunting task for the store staff who adopts manual entries. Errors can be many. In departmental stores, it means not getting a particular item when customers ask for it and in export and import business, the error may lead to shipment delays when employees fail to locate items that may not be in stock or are got misplaced. Moreover, data errors can lead to overspending by ordering excessive goods.
 
Security
On safety side, Barcode technology prevents human errors and mix-ups. It may cause inconvenience to the end-user and can also be at times harmful, especially when dealing with products of pharmaceutical and healthcare industries. Another greatest advantage is that barcodes help to trace lost items, aid auditing process, theft deterrence and reduce considerably the loss and liability.
 
Saves Time And Labour
Inventory management saves time. For example, you have a warehouse where inventory is not organized. Then your employees will be spending too much time in keying in or taking down inventory, as well as searching physical for items in the warehouse to ship.
 
Conventional inventory management causes high percentage of business failures. But having a barcode inventory management system you can make your business organized and sustainable in the long run.
 

- K. Ramanathan   ram@justransact.com

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