How QR Code Can Improve Inventory Management?
How QR Code Can Improve Inventory Management?
Quick response (QR) coding has emerged as an innovative tool for inventory management. It is an interactive mode of connecting with customers, tracking the movement of goods, and tagging products with detailed information related to manufacturer, pricing, and batch number. This novel way of tagging products also helps boost brand awareness, run a marketing campaign, and strengthen internal processes.
Businesses are increasingly using QR codes to improve their efficiency and reduce operational costs. This tagging system ensures end-to-end tracking and tracing of product, that streamline various supply chain process and helps grow your business.
What is QR Code?
A quick response (QR) code is a scannable matrix barcode (two-dimensional bar code) containing information about the product it is attached to. It can be read by a digital device such as a mobile phone or tablet. It consists of black squares and dots storing information about a product or brand, which can be read in the form website, URL, or PDF. It works as a landing page for a business or product, with a call to action button. It provides easy access to online information using a digital camera on a smartphone. Unlike conventional barcoding which can store only 8-25 characters, QR codes can store up to 4,296 characters including special characters, which barcoding is incapable of.
Ensure High Accuracy
Manual record-keeping reduces business efficiency due to human errors, slow processing, and operational delays in inventory management. The QR code tagging of products reduces errors related to the acquisition, product information, packaging, raw material, expiry date, and inventory management. Digital record-keeping using QR codes reduces the chance of human errors involved in entering the data manually and ensures accuracy. The QR code affixed to an article can be instantly read on a computer or smartphone paired with a scanner, without any human intervention.
Speed Up Inventory Management
Are you still using the manual typing method to manage your inventory? It may drive your efficiency and profitability into a negative trajectory. The QR codes affixed on items enable you to process your inventory much faster than any manual method, allowing you to make decisions with greater speed, and confidence. The removal of manual data keeping, and the introduction of a digital ledger using QR codes, increase the speed of operations and saves a lot of time and resources. Across the supply chain, transactions are recorded with just a single touch using a digital scanner, streamlining the movement of inventory.
Reliable Customer Insights Data
Linked with robust business intelligence software, the QR code system implemented throughout the business process and supply chain provides accurate data on the acquisition, inventory movement, and sales that are helpful in making an instant critical business decision. It increases the speed and accuracy of data collection which improves decision-making. It gathers data on customer buyer patterns very critical for making future strategies. Moreover, it can be customized to receive reliable data according to requirements for business planning based on their taste, preference, geography, and demography.
Boost Productivity and Efficiency
With QR codes automating the entire business process and supply chain, it increases the speed and accuracy of different functional areas including inventory management. Digital record-keeping reduces administrative burden, and operational costs, and enables business owners to track real-time the movement of inventory and update pricing easily using QR-integrated software on a digital device. The automation improves efficiency by saving time and reducing errors in the manual entry of data.
Track Real-Time Inventory Movement
Do you still use the outmoded method to track the flow of inventory? Then you must be missing the boat to the technological revolution that can help your multiply your business. The real-time QR code inventory management allows the entrepreneurs to track the live status of inventory, empowering them with higher control over the supply chain. It connects various stakeholders in the supply chain with a common digital platform to ensure transparency and visibility in the supply cycle from procurement of raw materials to the final distribution of the product.
Incorporating automation in inventory management using QR code-based tracking and identification system reduces various supply chain costs. It automates various functions such as accounting, record keeping, transactions, and data collection. It reduces the cost of training employees for manual data entry, pricing, and various back office works. It also brings down lofty packaging expenses as a large amount of information about a product or company can be stored in a QR code, without needing ample packaging space. Including punctuation marks and special characters, it is able to store information containing 4,296 characters, which is just 8-25 characters with general barcoding.
Protect From Knockoffs
Counterfeit products are a bane for businesses, which can damage their brand image and customer base significantly. Fake products are pumped into the supply chain along with original inventory through various channels of which the owners remain unaware, bringing down their sales and revenue considerably. The QR codes integrated with NFT affixed to the product’s packaging help in verifying the authenticity of the products with a one-touch scan. The blockchain-based anti-counterfeiting by Blokchi is tailored to stop the circulation of counterfeit products in the supply chain.
Businesses are increasingly relying on the technologies such as QR coding for improving their operational efficiency and profitability. Using QR codes they are exploring innovative ways to reduce their expenses on inventory management and stop the damage done by counterfeiting. The intense competition has made it imperative for businesses to incorporate high-tech technologies to strengthen brand integrity and stay top of the mind.