By Biplab Banik
The modern supply chain is a complex web of moving parts, from manufacturers and distributors to retailers and consumers. The efficiency of each step can significantly impact the overall success and profitability of the entire supply chain. It involves tracking and managing thousands of assets, products, and materials as they move through various stages of production, storage, transportation, and distribution. Amidst the ever-evolving supply chain management landscape, Asset Management Software (AMS), and Barcode Technology have emerged as a force of transformation.
These technologies combine forces to address the complexities of supply chain management by delivering real-time visibility, data accuracy, and automation, enabling businesses to make informed decisions, reduce operational costs, and ultimately enhance their overall efficiency in today’s competitive market.
Asset management software has come a long way since its inception. Initially designed to track an organisation’s physical assets, such as equipment and machinery, it has evolved into a comprehensive solution that tracks physical assets, inventory, documents, and personnel. Modern asset management software leverages technologies like the Internet of Things (IoT) and Cloud computing to provide real-time visibility into the location and condition of assets. This visibility is crucial for making informed decisions, predicting maintenance needs, and ensuring the right assets are in the right place at the right time.
Equivalently linked to asset management, barcode technology is essential in efficient asset tracking and management. It enables comprehensive traceability, allowing businesses to follow an asset’s journey from production to delivery. This transparency enhances accountability and trust and contributes to asset security by preventing unauthorised access and reducing the risk of asset misplacement. Barcodes are distinctive identifiers that can be applied to assets like inventories, equipment, and documents. They make it easier for organisations to monitor their assets, minimise loss, allocate resources more effectively, and maintain regulatory compliance by streamlining the identification and tracking of assets.
In conclusion, barcode technology strengthens corporate accountability and efficiency as a critical component of contemporary asset management systems. This low-cost technology is remarkably quick and straightforward, and its agility enables companies to expedite their asset-tracking efforts without protracted implementation timelines.
The journey of each asset begins with the assignment of a unique barcode or RFID tag, meticulously logged into the AMS upon arrival or deployment. As assets move through the supply chain, they are scanned at critical checkpoints. These scans update the AMS in real time, providing continuous visibility into the asset’s location and status.
AMS can be configured to trigger automated workflows based on barcode scans. For instance, when inventory levels of a specific product drop below a predefined threshold, an alert is generated automatically. Furthermore, the data collected from barcode scans is an inventory of insights. Businesses can identify trends, optimise routes, and make informed inventory management and asset allocation decisions by analysing this data. In essence, data analytics becomes the compass guiding supply chain decisions, ensuring they are rooted in data-driven wisdom. AMS and barcode technology team up to reveal their potential to transform things. It’s a story of becoming more efficient and responsible and gaining a competitive edge in the ever-changing supply chain world.
The writer is the senior vice-president at Bar Code India.
[Disclaimer: The opinions, beliefs, and views expressed by the various authors and forum participants on this website are personal and do not reflect the opinions, beliefs, and views of ABP News Network Pvt Ltd.]
Read More: Supply Chain Efficiency How Asset Management Software Barcode Technology Emerge