A study by Venture Development Center, a leading market intelligence and advisory firm, showed that barcodes reduce errors by a significant margin. While the typical error rate for manual data entry is one error per 300 characters, the error rate for barcodes is insignificantly lower. The error rate is reduced to one error per 36 trillion entries. This level of accuracy alone should be enough for businesses to consider using barcodes for their inventory or pricing control.
2. Reduce Costs
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All the benefits of barcodes culminate in the reduction of costs, and the availability of inexpensive modern equipment has made the barcode technology affordable for most businesses. Although there is an initial expenditure on the hardware and software to establish the barcodes system, the resulting operational efficiency often generates more income compared to the manual data entry.
3. Improve Speed
Barcodes significantly reduce the amount of time you take to feed data into your system, and you will no longer have to read the identification information and correct wrong entries. With barcodes, you can instantly read the package information from multiple products.
The employee training time will also be reduced because it is easy to master the barcode technology, reducing the cost of training employees for a long time. Moreover, your staff does not need to gain familiarity with the whole pricing or inventory system.
4. Extreme Versatility
You can use barcodes to collect almost all kinds of data for inventory purposes. In addition to this, you can attach the barcodes on any surface and use them to track not only your products but also the outgoing shipment and equipment. This adaptive nature of barcode technology has enhanced its use in a variety of products.
5. Improve Operational Efficiency
Since barcodes allow you to record data accurately and faster, you will not spend much time on data entry processes and the physical tracking of products. This allows your staff to attend to other tasks while still responding to the customers’ needs, increasing productivity and high-profit margins.
Apart from inventory control, you can also use the barcode technology to monitor your employees’ work attendance and improve decision-making. Better decision making in the end saves both money and time.
Barcodes are not only affordable but are also user-friendly. They form a comprehensive system that helps you reduce your business’ overhead expenditure significantly. However, before you overhaul your current manual data entry system for the most accurate barcode system, it is important to consider the available vendors and their pricing.
