As a business, it is important to be familiar with how Barcodes and QR Codes could be used for fixed asset tracking . Another crucial factor is knowing the advantages and drawbacks associated with barcodes and QR codes. The next step would be to understand the right use cases for their implementation.
Barcode is a method which uses unique identification numbers known as asset codes in order to represent data about them. All the information pertaining to that asset is provided through those numbers. This in turn helps sort out all the inventory management workflows. The QR code technology can be thought of as a modernized version of Barcode label technology. They are user friendly and applied in almost all industrial settings. They have proven to be very efficient in tracking.
The mode of operation of the Barcode inventory tracking system and QR technologies are very similar. They have a vast variety of use cases in many industries, below are five examples of cases:
1. Best suited for manual asset tracking and verification
If your company is equipped with staff for manual tracking, then barcode label and QR code scanning is a good option for consideration. Apart from tracking the names and prices of the products, other information can also be found; like serial number, part number, lots and dates, and more. This will help manage, maintain, and track assets in the best possible way.
2. Do not need to track real-time location of assets
If real time tracking of assets is not needed, the barcode and QR code technology is a good choice to opt for. The information about the assets is updated in the system whenever the tags on the asset are scanned. This technology requires a line of sight of the assets and has to be done manually. Both barcode and QR code scanning technologies are efficient in tracking stationary assets.
3. When you have a low budget and do not want any recurring maintenance on tags
Both barcodes and QR tags are low maintenance. They are low cost in terms of replacements because the labels are permanently either fixed/ printed on the body of the asset. In fact printing on tags also is inexpensive. Another reason that makes them financially viable is that smart phones and tabs can be used for scanning the tags. This significantly reduces investment in purchasing exclusive scanners and training of staff to use them.
4. When you need to ascertain asset identity, working conditions
An Inventory management system with barcode scanners can help beyond the tracking. Since the assets have to be manually tracked, it enables the staff to check the condition of specific equipment/inventor. Thereby ensuring not just identification of the asset but its working condition as well.
5. Out-of-box integrations with most 3rd party systems
As one of the oldest in the fixed asset tracking with barcodes and QR code technologies; they have both proved their versatility. Both possess superior out-of-the-box integrations. This not just makes them cost effective but also a quick technology. It’s basically a stand-alone system made up of tags, scanners, software and printers. Hence it is able to function effectively without much dependency on any additional IT/Network infrastructure. Because of their simplicity they are used in both large and small scale industries.
All of the above factors lead to 8-12% reduced fixed asset efficiency and turnover. It may even lead to non-compliance on the statutory front or incorrect reporting to investors and parent entity.
PRICE AND COSTING
Cost of Barcode system and QR code labels both inexpensive to design and print. They’re economical and can be customized to various sizes and materials. The overall cost of implementing barcode systems is reduced due to low maintenance and no cost of replacements.
Below is a summary of the cost of implementing the Barcode/ QR code system.
Barcode / QR Code Label cost:
- Includes cost of labels + laminate + printing stationery + effortTypical
- label cost for Paper / Polyester / Vinyl / VOID: INR 1.50 to INR 6.00
- Typical label cost for Aluminum / Stainless steel: INR 18.00 to INR 45.00
Cost of Barcode scanner / QR Code scanner:
- Wired barcode / QR code scanners cost between INR 4,500 to INR 15,000
- Wireless barcode / QR code scanners cost between INR 12,500 to INR 35,000
- Windows CE / Android scanners cost between INR 25,000 to INR 60,000
Barcode / QR Code printer cost:
Typically cost between INR 12,500 to INR 35,000
With the pricing in picture, opt for a quick overview to understand the advantages and drawbacks of Barcode/QR codes so that you can make the best decision for your company. Fixed Asset coding and tracking via fixed Asset barcode labels and tags is a great option for most companies.