If you run a small business, there are certain things you can avoid to save money. However, one of these should not be the use of barcodes and barcode scanners. There are many great benefits to using barcodes that can certainly help your business. Below are eight of these benefits.
1. They Eliminate the Possibility of Human Error
Without barcodes, employees have to manually enter the price of a product into a cash register or computer terminal on their own. This can lead to mistakes. Those mistakes can hurt your bottom line. It can also lead to fraud. According to CBS News, five percent of business revenue is lost to employee fraud every year.
2. They Reduce the Need for Training
Training expenses can be quite significant for small businesses. Even worse, according to Forbes, only 25 percent of employees improve after training regardless. Thankfully, there isn’t much training required on how to scan a barcode. The process is straight forward and all the complicated steps are performed automatically by the technology.
3. They Are Versatile
Although we usually think of barcodes as holding pricing information, they can do much more than that. They can be designed to include nearly any information you want concerning an item and are especially useful for inventory purposes. A barcode can also be placed nearly anywhere on an item as a sticker.
4. They Create a More Efficient Work Flow
Barcodes remove a lot of steps that previously had to be performed when a customer purchased a product. Today, many of those steps are performed automatically when a barcode is scanned and information relating to that product like its price is automatically added to a checkout total. This makes the entire checkout process quicker and smoother.
5. They Create More Accurate Inventory Control
Barcodes allow inventory to be tracked very precisely. A portable barcode scanner can simply be used to scan each product as it is added into inventory. This can lead to more accurate and efficient inventory control. This in turn will lead to lower overhead expenses since overstock will be purchased less often.
6. The Technology Is Inexpensive
Although it may have been expensive eons ago when the technology was first introduced, this is no longer the case. The wide adoption of barcode technology across retail has lead to increased competition that has brought prices down significantly to very reasonable levels.
7. More Accurate Data Collection
One of the biggest trends in business these days is “big data.” However, for a company to be able to harness its data as a means of creating a competitive advantage, it needs the ability to quickly collect data from products. A barcode scanner simplifies this process. Information that is scanned from your inventory as well as products sold can be stored automatically in databases that can later be accessed and analyzed.
8. They Can Accurately Track Shipments
Barcodes can be used for more than selling products and keeping inventory. They can also be used to more accurately track the shipping of products to customers from an online retailer. Better shipment tracking means increased customer satisfaction.