Gone are the days when organizations used to depend on manual logs and tedious spreadsheets to manage assets.
With technology integrating with every facet of organizational operations, the need to leverage smarter and swifter systems for asset tracking is more than ever.
Enter the barcode asset tracking system–a real game changer in the realm of asset management! It has strategically transformed asset management from monotonous administrative work to an optimized process.
What is a barcode tracking solution?Â
A barcode asset tracking solution is a cutting-edge solution that allows businesses to design and assign asset labels to store essential asset information.
The solution has adapted to the changing trends of organizational needs. For instance, it now leverages the sophisticated 2D barcode models that support more than 7000 characters per barcode. Using this model, the user does not have to toggle between systems to store and access a large quantity of information.
While previously barcodes served only as item identifiers, a barcode tracking system brings out and utilizes their full potential by expediting check-in and check-out processes and enabling quick scans. The system enhances precision and accuracy in data tracking and provides real-time insights into an organization’s asset landscape.
Read more: 5 Ways an Asset Management System Can Be Used for Optimized Operations
What are the benefits of barcode inventory tracking and management?
Barcode asset tracking offers a myriad of benefits. While it helps improve overall productivity and business efficiency, businesses can reduce the time it takes to scan assets and handle them logistically.
Here’s are some more ways how barcode asset tracking is beneficial for businesses:
-> Multi-functional barcode scanning
-> Reduced theft and inventory loss
-> Unparalleled accuracy
-> Simplified inventory management
What are the steps involved in asset tracking with barcodes?Â
A barcode asset management software empowers users to catalog, track, and manage assets faster and more efficiently from one place.
Generating barcodes using the system is a step-by-step process. Let’s look at some basic steps required:
-> Needs assessment
Assess the purpose behind generating a barcode, including what and how much information needs to be stored. Identify if the assets are to be used in the office, or moved across multiple locations so relevant information can be encoded in the barcode, such as asset location.
-> Choose the asset type
Select the asset for which you are generating a barcode to access its information from the asset database. Create a new asset or choose an already existing one to add or update information.
-> Design customizationsÂ
Use the pre-defined templates to design a barcode or create your own to suit your asset type. Create a design that does not compromise a barcode’s scannability. For example, do not use too many patterns or different fonts. Make the design consistent across similar assets.
-> Test the barcode
Before printing the barcodes, make sure they are working properly. Use a barcode scanner or mobile app to ensure the data is accessible, scannable, and readable.
By following these steps, organizations can make sure that every piece of information in a barcode has a valuable purpose.
How can a barcode tracking system be used for increased productivity?
Barcode tracking systems have revolutionized the way businesses manage their assets. There are several ways such systems help develop operational efficiencies and increase productivity:
1. Consolidated asset register
An asset register serves as an asset repository allowing managers to access all asset information from a single source.
Barcode asset tracking leverages an asset register by drawing details like asset name, identification number, and owner name and consolidating it all into a unique code.
Let’s suppose, your construction manager needs to know the checkout location of a crane while on-site. By using a barcode asset tracking system, they can retrieve its information through a scan without referring to manual records. This enhances visibility into an organization’s critical assets and gives instant access to the required information.
In addition to this, the integration of barcode asset tracking with the asset register facilitates financial decision-making. A finance manager can scan the barcode to access the financial profile of an asset–including accumulated depreciation, acquisition cost, and maintenance expenses. This speed and accuracy can be critical during financial audits when managers need instant access to asset details. With the barcodes, managers are able to cross-match data in the system with their own records for increased accountability.
Every time a user makes a change to an asset’s information using the barcode, the asset register updates as well–reflecting its most recent version.
2. Customized barcodesÂ
Managers can assign unique patterns to each barcode to enhance their visual appeal and usability using a barcode asset tracking system. This includes tailoring the barcode design based on the type of information to be included. For example, they can add the organizational logo to distinguish the organization’s assets.
Likewise, users can also design the look of a barcode according to an element, such as, an item, member,or location. They can adjust color, font and alignment of the barcode to match it with the corporate brand. This level of customization ensures that the generated design is according to a user’s preferences.
The system also enables users to generate and allocate different barcodes to each asset, helping prevent duplication. This is especially useful for organizations handling various kinds of assets.
For instance, all IT equipment could have a distinct design compared to office furniture, allowing employees to visually identify and process assets more efficiently.
3. Barcode inventory tracking
With a barcode tracking solution, organizations can automate the process of inventory management to establish greater control over inventory. You can scan every inventory item at the time of checkin and check out and take quick actions using the system. Here, the mobile application for the tracking system comes in handy as it eliminates the need for expensive and wired scanners to scan inventory items.
Warehouse management is better streamlined when managers can check-in, check-out, reserve, or make edits to an asset’s information through a single scan.
For example, the warehouse manager of a school can reserve whiteboards for the upcoming summer school by scanning them and checking their availability. Similarly, scanning at check in and check out helps managers keep an exact count and identify unused or underutilized whiteboards. With this information, the manager can reallocate the extra whiteboards.
Barcode scanning helps maintain optimal asset thresholds since managers have data about asset availability and quantity. The stock thresholds and quantities can be updated simultaneously so users do not have to manually update the numbers every time they scan an item. This automation in stock tracking reduces the chances of discrepancies in records and helps avoid overstocking and understocking.
So, users are only a scan away from conducting various actions in the asset tracking system.
4. Designated asset custodians
Lack of transparency in asset tracking is a valid concern for many organizations often leading to asset theft and financial loss.
For instance, the World Health Organization reports that 10-20% of a hospital’s assets are stolen or lost, leading to a loss of nearly $3000 per year.
Most organizations experiencing frequent asset thefts usually do not have a dedicated system to track asset usage and custodianship. Unlike generic labels, a distinguishing barcode detects the asset’s movement and helps trace it back to its rightful owner.
With a barcode tracking solution, users can allocate assets to an authorized personnel–asset custodian–for upkeep and tracking. The custodian will verify the physical assets with the asset register by scanning to ensure that every asset is accounted for.
The custodian can maintain a detailed record of the asset history, including service checks, repairs, location changes, etc by scanning the barcode. This helps in tracking the asset’s lifecycle and determining aspects like depreciation at a glance.
Managers or authorized personnel in charge of particular assets only have access to make changes to an asset’s information. This adds a layer of security. In case, a third party scans the asset barcode, they will not be able to access its information or make changes to it. So, the custodian can track asset use by restricting information and asset access.
Conclusion
With the rapidly changing landscape of asset management, organizations leveraging asset tracking tools are automatically at an advantage. These tools facilitate newer methods of barcode tracking–for instance, mobile applications for scanning–that do not require expensive technology.
Finding the right solution to track assets is the key to streamlining the tracking of assets and enhancing operational workflows.
A barcode asset tracking system provides a consolidated platform to conduct all tracking activities smoothly and a channel to record asset details. It eliminates the need to use multiple systems to track data and create barcodes, making asset tracking less time-consuming.
It is, in fact, a robust solution to harness the power of real-time data and strategic decision-making.
Frequently Asked Questions (FAQs)
1. What is a barcode asset tracking system?
A barcode asset tracking system is a centralized platform used for assigning barcode labels to physical assets to track their location.
2. Why is barcode management software important?
Barcode management systems help improve the operational efficiency of an organization allowing users to tag assets, centralize information, track their location, and reduce asset duplication.
3. How to utilize a barcode label?
A barcode label can simply be scanned to access asset information using an asset management solution with a hand scanner, or a mobile device.
About EZOfficeInventoryÂ
EZOfficeInventory is an asset management software that can help you manage your fixed assets. It offers features such as quick check-in, checkout, maintenance and depreciation tracking to ensure your fixed assets are performing at optimal levels at all times.
