The global barcode market is estimated at nearly $30 billion in 2020, expected to grow over 33% to $40 billion by just 2025. The Indian market itself is expected to grow at a CAGR of 16.8% between 2019-2024. On a closer look, this significant increase in demand, and the sector’s growth, aren’t surprising.
We’re referring to Barcode solutions here – the umbrella term used for a variety of products and features:
⦁ Software that powers traceability and efficient tracking and tracing of inventory
⦁ Supported by hardware components like mobile computers, printers, handheld scanners, infrastructure,
Barcode systems are used to automate data collection to make processes less time-intensive and much more efficient. Specialized software is an integral part of these services – allowing for unparalleled efficiency in tracking and tracing inventory, simplifying sales reporting, and minimising costs.
Why Do You Need Barcode Solution Providers?
Barcode solutions are essential at various steps in supply chains and operational processes. Some of the problems that barcode solutions help solve are:
Unique Identification for Products
First used in 1974, barcode technology has been the ideal solution for one of the most critical asks in supply chain management – the need for a modern, secure method of assigning unique identities to every item in the supply chain. This enables a variety of other advantages, from tracking to logistics and minimization of manual work.
Efficient Product Picking
Barcodes enable faster picking of products, making warehouse operations more efficient. They are easily read by a scanner or a mobile computer. For competent barcode solution providers, this is a standard offering.
Elimination of manual errors
Barcode solutions help in digitizing processes thereby eliminating the possibility of manual error in warehouse management processes and business operations. Since the chance of errors in manually entered data is significantly higher, it is always advisable to invest in accurate technology for these processes.
Accurate Inventory Management
With unique identity being offered to every item or product, barcodes facilitate seamless tracking of products at any point across the supply chain. You can thus keep track of all inventory movement as well as material handling processes accurately. A lot of barcode solution providers help in managing your warehouse processes and inventory management by automating the following process:
⦁ Stocking of goods
⦁ Put-away and storage of goods
⦁ Tracking and locating
⦁ Picking and Dispatch
Efficient Logistics Management
A quality barcode solutions provider will help you track suppliers, orders and even your fleet of transport vehicles if programmed appropriately.
What important factors should you consider?
While choosing the barcode solution provider for your business, it is important to perform your due diligence on what’s important to you, to ascertain the kind of barcode solutions you desire.
Innovation, Technology Support
The most basic inventory management system is often characterised by a software stack that tracks incoming and outgoing inventory. But barcode solutions are now compatible with Bluetooth, WiFi and other network solutions. Moreover, several barcode solution providers also offer a dashboard for live tracking and monitoring your product and transport movement.
Remember to check if you desire compatibility with IoT systems and sensors, and if you need vision systems and other advanced tech integrated into your barcode infrastructure. You need to also see if the tech stack is modular and if it integrates with a large variety of ERP solutions. This should enable you to use the same barcode solutions even if you change your ERP and software infrastructure.
The Complete Software Suite
The more evolved and competent barcode solutions now also pack in useful features such as a vendor management system and dealer management system, offering complete traceability across the supply chain.
Your barcode solution provider should offer an asset management system that optimizes for efficiency and while minimizing risks. You can track your assets in real-time, and integrate it with other systems for complete visibility.
A warehouse management system is a great addition, enabling you to dial up accuracy and control on your warehouse operations.
An effective, well-designed solution suite will help you maintain records of incoming and outgoing inventory, increase transparency on product availability, automate stock-based alerts and even assist with re-orders. Of course, this will also help track missing stock, excessive stock, and waste too.
Since many are competing to be the best barcode solutions in India, the pricing is competitive for a considerable number of options. The best barcode solutions though, will save costs indirectly – by minimizing loss and thefts and optimizing efficiency in operations management, vehicle tracking, etc.
Experience and clientele in the industry
Barcode solution providers such as BCI have served several leading giants across industries like manufacturing, transport, hostel and hospitality sector, biomedical instruments, pharmaceutical, home appliance, automobile, consumer electronics and chemicals industries. Consider reading their case studies that detail how they solved specific problems.