10 benefits of barcodes to business
Updated: Aug 17, 2021
How barcodes give you bang for your buck
The versatile barcode is essential to businesses as a cost effective and reliable way to improve efficiency and ultimately reduce overheads. Here are just ten ways in which this is achieved:
1 Inventory control
Barcodes make it possible to track inventory precisely, reducing inventory administration levels and lowering overheads. Fast selling inventory can be identified and quickly and automatically reordered. Slow selling inventory can be identified preventing inventory build up. A single barcode can inform you where on the globe your product is located and when it has arrived at it's destination, assuring tracking accountability.
Barcodes importantly aid in the preventable loss to any business whether deliberate or inadvertent, i.e. ‘shrinkage’.
2 Reduction in employee training time
A hand held scanner can be mastered in a matter of minutes as opposed to the time needed to learn how to input entire inventories and their pricing, which ultimately results in less expenditure in employee training time.
3 Elimination of human error
Barcode scanning is fast and reliable, infinitely more so than input by hand.
4 Inexpensive to print
Barcode images are relatively inexpensive to design and print and cheap to mass produce. They can be customised and printed on various materials and therefore a cost effective business adoption.
5 Data collection
Barcodes are very versatile and can be used to collect many different kinds of data. They can be used to track inventory, shipping and location of equipment. Historical data can be used to predict seasonal fluctuations.
6 Instant data retrieval
The retrieval of information is instantaneous as it is scanned into a central computer and therefore immediately available. This saves time and costs involved in manual data capture and retrieval.
7 Better decision making
Because barcodes provide rapid reliable information retailers are able to make accelerated, accurate and informed decisions which improves efficiency and results in savings in time and money.
8 Customer satisfaction and retention
By improving upon the accuracy, efficiency and accountability aspect of your business, customers will seek out your business and continue to purchase your products. The Wasp Barcode Small Business Report revealed some 43% of small business owners believe improving the existing customer experience, customer retention and loyalty is the best strategy to improve revenue growth.
9 Competition advantage
Businesses in the modern world are expected to keep abreast of technological advances and the adoption of user-friendly, flexible and relatively inexpensive barcode technology gives an obvious edge over the competition.
The above are essential elements for scalability in retail i.e. expansion and revenue growth whilst minimising increases in operational costs. Whatever your business's size, it’s never too early or too late to build an infrastructure that helps you grow. By integrating a barcode system into your business, you are building in scalability.
There are manifold benefits to implementing a barcode system in business.
Barcodes are our business, let Barcode Ireland help yours!