Having an inventory tagging system can be one of the most indispensable tools that your tech team could use. These systems can help you and your team makes more accurate forecasting and purchasing plans. The single most important aspect of most businesses is the customers. However, in today's marketplace, they might be at their most vulnerable. These days, competition is driven by technology. Due to this, a culture of reviews developed, which now carried a lot of weight in customers' decisions. There are many factors that can play into a customers' happiness, such as being sold out of items. This can lead to poor reviews, which can sway even the most loyal of customers.
Using systems such as spreadsheets to track your inventory inhibits your ability to make accurate informed decisions around your inventory or seasonal variations. To go along with this, you also might be seeing that your taxes and insurance accuracy might not be where it needs to be, which ends up effecting the bottom line. This will cause calculating the value of your assets to be a tedious affair, while setting you up to have redundancies in your inventory. Tracking your inventory in a spreadsheet also makes it almost impossible to pinpoint where lost and stolen inventory occurs. Having and inventory tagging system can help you company overcome most of the obstacles.
As with any technology, there is no system that is going to be perfect for everyone. Look at what you are wanting your system to do, and then research the systems that are out there to see which one has most of the features that you are looking for.
Two of the most useful ways to track your the status and sales of your inventory are through RFID (Radio-frequency Identification) and the use of a POS (Point of Sales) terminal. RFID held track your items, and an RFID reader allows you to scan multiple items at a time, while using a POS allows you to track the sales of your inventory. Using these will help save you time, and allow you to better forecast your decision-making.
Another way to track your items is by the use of barcodes. These track individual items and require that they be scanned individually. This is usually done with a handheld scanner. Barcodes give each item a unique identifier through the use of black and white bars. There are many ways that you can get barcodes for your inventory. These can include buying pre-made codes to purchasing the labels needed to create barcodes and using an inventory management system that has the capability to generate barcodes.