For more than 20 years, distributors, retailers and manufacturers have used variable data and barcoding to better manage their inventories. Barcode labeling has proven to be a relatively simple, cost effective system that provides updated information on inventory status. A business can take advantage of variable data and barcode labeling to keep track of its merchandise and conduct full-scale inventories cycle counts. This can easily be achieved when barcoding is integrated into an existing information system. Barcoding saves a company a lot of time and resources thus saving more money.
Benefits of Variable Data and Barcoding
Any business can benefit with a barcode data collection solution. Capturing data is made more accurate and faster, minimized errors, costs are lowered and managing inventory become easier. The following are benefits of investing in barcode labels:
Reduced Labor Costs
This is the most apparent benefit of investing in barcode labels. A company saves a lot of money in reduced labor costs. Money that would otherwise be used to hire a large workforce to manage manual inventory tracking is instead used in other departments in a company. When a company is able to cut down on labor costs, they reduce their production costs significantly which increases the profit margins.
Improved Management And Better Decision Making
When variable data and barcoding is incorporated in promotional labels, a company can easily gather information that would be impossible or difficult to get in other ways. Barcodes can be placed on product labels where customers can easily scan them using their smartphones to get to the company’s website to get more information or take part in a sweepstake challenge. A company can ask customers to take part in a short survey and in return offer them chances to win great prizes for their time. The information collected allows managers to make fully informed decisions that can affect the direction of the company.
Reduced Revenue Losses
Barcoding has made it easy when it comes to invoicing clients. Barcodes have been used to improve the efficiency of a number of companies by reducing errors when processing payments. When a company relies on manual ways to process invoices, they can easily make errors which can end up costing a company thousands of dollars every year in revenue losses. Barcoding significantly reduces chances of errors.
When data and information is keyed in manually, keyboard data entry creates an average of 1error in 300 keystrokes. That means that the probability of getting accurate data in your system lowers when you rely on manual data entry. On the other hand, barcode data entry has an error rate of 1 in 3 million which gives the system 10,000 times better accuracy. With accurate information, a company can reduce inventory levels and save capital costs.
How The Retail Market Has Benefited From Barcoding
The retail market has significantly benefited from barcoding as everyone is familiar with scanners in department and grocery stores. The point of sale systems have benefited from barcoding in the following ways:
- Reduced inventory costs
- Cost savings
- Customer satisfaction
- Automated reordering
- Quality control
- Productivity measurement systems
- Secured access
- Better decision making
- Time and attendance
If you are looking for variable data and barcode labels for your business, simply talk to us at Hampshire Label today.