What is Barcode Inventory Management Software?
Barcode inventory management software is a type of business software that helps a company manage the storing and distribution of products in order to maximize profitability. A barcode inventory management system works with barcode labels and barcode scanners, where each inventory item is assigned a unique product ID for easy categorization and stock maintenance.
How to Pick Barcode Inventory Management Software for a Small Business
What is Barcode Inventory Management Software?
Barcode inventory management software is an automated inventory system that enables asset tracking via barcode scanning . The inventory control system produces unique codes for each product. These are printed as barcode labels and pasted on each liquor bottle. The product code is then scanned by the barcode scanner and important information related to the bottle like dates of manufacture and expiry, name of manufacturer, weight, etc., is uploaded to the barcode inventory system for better inventory management .
Whenever you need details of a wine or liquor bottle in your inventory, you need only search for the product name or product code in the inventory system, and information related to it will be instantly pulled up by the program, helping you keep track of your inventory efficiently. The barcode system will make sure you are constantly updated about any movement in your inventory, from warehouse to sales point.
Price of a Barcode Inventory System: There are several free inventory management systems in the market that support barcode scanning , but if you are interested in an advanced inventory system with added features, you may have to shell out anything between $50 to $500 a month for a subscription, depending on the features you need.
How Does Barcode Inventory Management Software Work?
A barcode inventory management system is made of multiple components, like barcode printers , barcode labels and barcode scanners that work together to process the inventory of a business. The first step in using the barcode inventory system is to have barcode labels generated for each inventory item, assigning unique barcodes or QR codes to each. This is done with the help of barcode printers or ordinary office printers. The inventory system is updated with the product's details from the product code , and the process of inventory tracking is initiated.
Each time a product is moved around, barcode scanners at different locations of the business, at the warehouse or retail outlet, can use the item's product code to track its path down the supply chain . This way, barcode systems make sure no inventory item is lost in transit. From supply chain to warehouse management and order management , inventory software can be used to keep track of every bottle at your bar.
Inventory management requires a lot of work to keep up with your business.
With barcode inventory management software, you can easily track and manage your inventory, resulting in less time spent on manual tasks and more time for your business.
Benefits of Barcode Inventory Management Software
A barcode software used for inventory control can help a business flourish by plugging the gaps in tracking inventory . Compared to a manual inventory management system where item are inventoried by hand, a barcode inventory system automates the process, making it smooth, efficient and accurate. Here's how the barcode inventory system trumps manual methods of stocktake-
- A barcode system promises easy use and efficiency. This means a small business can track its stock, no matter how large, with only a few clicks and scans, almost halving the time and effort it would take to manage inventory .
- Product information can be accessed in seconds with one scan of the barcode or QR code obviating the need to read and note product labels manually.
- The barcode software with its asset tracking features ensures a business doesn't lose a single item of inventory. Each product is accounted for with its unique product code that tracks its every move.
- The barcode system is compatible with a mobile device , making it possible for several employeeswho have the barcode app downloaded on their tablets or mobile phonesto conduct inventory tracking simultaneously. When stocks run out, a barcode system can also issue low stock alerts.
- The barcode inventory system supports real time tracking and analysis of inventory data, which helps a business plan its operations efficiently.
How to Select The Right Barcode Inventory Management Software
Whether you are a small business or a mid-sized business, choosing the right inventory software with barcode scanning is crucial to your bottomline. This will decide how well you are able to manage inventory and optimize it for profits. Selecting the right barcode inventory management software is easy, really. Here's what you need to do-
- Understand your business needs, both current and future, and make sure the features of the inventory software you're shopping for are capable of accommodating your plans for growth, both in size and scale of inventory.
- Make sure that the number of users and devices the barcode software supports can accommodate your business needs.
- Is the barcode inventory system compatible with other software systems your business uses?
- While it's important to test-drive the software's easy use and real time inventory tracking features, it's equally vital to make sure the software has consistently reliable customer care to jump in should the system fail.
- Finally, and most importantly, do the math and try to estimate how much of your operational costs will reduce because of the inventory management software and objectively assess the value it will bring to your business.
The Barcode Inventory Management Software Toolkit
A barcode inventory software must have a few basic components in its toolkit. Here's the list of them-
- Hand-held barcode scanners - The key component of any barcode inventory system , hand-held barcode scanners scan barcodes and QR codes , reading the encoded product information and passing it on to the inventory software for seamless inventory tracking . Smartphones can also double as barcode scanners for some barcode software .
- Barcode printers - A barcode printer is used to print unique barcode labels for each inventory item. Each label sticker is then pasted on the product as its product code or ID.
- Barcode labels - These are stickers pasted on each inventory product to identify them during asset tracking and inventory management in a business.
- Barcode software - The barcode software is the commander-in-chief that runs the whole show in any inventory management system. It's the software that stores all inventory information, prepares analytical reports on inventory usage and management, and integrate with the sales point and warehouse for effective business operations.
Inventory management is a tedious process that requires a great deal of time and effort.
But with the right tools, like barcode inventory management software, stocktaking becomes a breeze. This blog tells you all about it.
Top 5 Barcode Inventory Management Software in the Market
There are several barcode inventory software available in the market. The best have been lined up here.
- Zip Inventory - The Zip Bartender inventory management software offers seamless order management and inventory management features along with shelf to sheet inventory counts that are accurate. The easy transfer and track waste features promise efficient inventory management for your bar.
- Oracle NetSuite - A popular business management system that integrates a number of operations, such as real time asset tracking and inventory management , along with supply chain and warehouse management functions.
- Zoho Inventory - This is a cloud-based inventory software that supports tracking of sales orders, along with inventory control and purchase orders. It also supports warehouse management and integration with online sales platforms such as eBay and Amazon.
- InFlow Inventory - InFlow Inventory is a full-fledged inventory software solution that works on desktops as well as mobile devices with the help of an app. This software allows you to manage inventory and support the supply chain , from warehouse to store with ease.
- Asset Panda - This barcode inventory software supports barcode scanning on mobile devices via its app. It also supports customization, to tailor purchase order management and warehouse management to a business.
Barcode Inventory Management Software FAQs
1- How can barcode inventory management software help my business grow?
From generating reports on inventory status, to warehouse management and order management , the right inventory system performs multiple functions. A barcode inventory software isn't limited to inventory control . It can generate insightful reports on demand and sales to help a business get better deals from vendors and price its menu optimally. The accuracy and efficiency of inventory software can help reduce errors, check losses and drive up profits.
2- What other services can be expected from a good inventory software solution?
A barcode inventory system sounds like it's only capable of inventory management but these software solutions are adept at accounting and auditing as well. From providing customer care solutions to managing database records, the inventory management solution can help a bar business across multiple spheres.