Inventory and stocks are just as important to a business as assets. Keeping track of them and monitoring their usage is also an important aspect of the business. Inventory items are tagged with inventory tags in order to centralise all necessary information in one location, a cloud platform. Hundreds of assets are acquired by an organisation for daily operations. Tools and equipment are circulated from department to department and between different locations to ensure the success of daily activities.
When an organisation has a large number of materials and items (assets and inventory), there is a risk of misplacement, loss, or theft. Administrators track their assets and inventories in order to manage, monitor, and reduce such risks. The best way to track inventory is to label it with unique identity stickers known as barcodes. The inventory sticker system is extremely useful for all inventory-related information. As a result, inventory tags are the best practise for implementing and managing all of the goods and items needed and acquired by the company.
Inventory tags are stickers that are placed on equipment to help with identification. These tags contain codes or identification numbers assigned to a specific item, as well as its details, location, and other information.
What Are the Benefits of Using Inventory Tags?
The inventory sticker system allows for the monitoring of all information from the time an asset or inventory is purchased until it is disposed of. It is being extremely beneficial to the business. Organizations all over the world use them to manage key operations such as:
- Inventory Tracking
- Inventory Counting
- Asset Management
- Improved Visibility
- Seamless Reporting
Selection of Inventory Tags
The selection of inventory tags is determined by the needs of the organisation. Because each entity’s industry and operational sector are unique, so are their preferences and priorities for tailoring inventory tags to their needs. Here are some examples –
- Barcode – When we buy a product from a store, we notice a pattern on the packaging made of thick black lines. It is a machine-readable one-dimensional representation of information using bars and spaces. The pattern includes information such as the serial number, price, quantity, date of manufacture and expiry, manufacturer’s name, and so on. A barcode scanner connected to a computer system is used to read it.
- QR Codes – A pattern made up of a series of pixels arranged in a square grid. Although they appear simple, these patterns can store a large amount of data. These patterns can hold information such as links, account numbers, passwords, and so on for up to 4000 alpha numerals. The main advantage of QR codes is their quick fault tolerance, responsiveness, and smartphone readability.
- RFID – RFID tags have a wide range of applications, from detecting and tracking products to reading product information. RFID technology employs Automatic Identification and Data Capture technology, which allows it to detect and read multiple tags with little or no human intervention. RFID, when combined with GPS technology, can track the location of a product.
It is important to select the type of tags and labels based on the organization’s needs, suitability to achieve goals and objectives, and ability to manage workflow smoothly.