How to Use a Barcode Tracking System to Manage Assets

Gone are the days when businesses spent countless hours manually recording their assets. Any modern management system demands speed, accuracy, and flexibility. Businesses today are much more complex than before, and even a minor negligence can cost millions in the blink of an eye.

This is why we need a barcode tracking system. Two-dimensional barcodes that comply with GS1 standards, in particular, empower businesses with real-time asset tracking management so nothing ever goes out of sight. Let's explore barcode tracking, its advantages, and how to choose the best GS1-powered barcode provider to partner with your tracking system.

How a barcode asset tracking system works

Barcode tracking is a straightforward and economical way businesses organize and monitor their physical assets. These assets may include facilities, equipment, or inventory goods such as furniture, office supplies, vehicles, machinery, or goods for sale. With a barcode tracking system in a business’s arsenal, each asset a company uses in its daily operations has a unique barcode for monitoring. Upon scanning the code, the item's precise location and other attributes, such as asset ID, description, purchase date, condition, and value, can be viewed and tracked. It is a highly effective approach to maintaining assets, ensuring financial control, and preparing businesses for audits.

How to decide if a barcode tracking system is right for your business

If you are unsure whether barcode tracking is suitable for your business, consider the following checkpoints:

• If your employees frequently report missing belongings such as laptops, tablets, or printers;
• You spend much time organizing logbooks, inventory lists, or spreadsheets;
• There are frequent inconsistencies or errors in resource allocation, data management, or auditing; and
• If training employees on manual asset tracking methods takes considerable time, it is also a sign that you should consider automating your management system.

Why GS1 QR codes are the best tools for tracking systems

Global Standards (GS1) is an international organization working on developing global barcode standards. It provides a framework for barcodes and QR codes, helping businesses and organizations store and manage information about their products and services throughout the supply chain process.

GS1 is the only authorized provider of Global Trade Item (GTN) numbers, which are usually found under the barcodes printed on different products (also known as EAN and UPC). These GTN barcodes are unique identity numbers that are globally accepted by retailers and marketplaces to identify and sell products.

Asset barcode tracking is used in various industries, including retail, manufacturing, and healthcare. There are two different barcode types used in these systems:

GS1 1D barcodes

Also known as linear barcodes, one-dimensional barcodes encode data using a series of vertical lines of various widths separated by spaces. The data is encoded from left to right within these lines and spaces in a 14-digit number. The most common example of a 1D barcode is the Universal Product Code (UPC) found on grocery and consumer items.

GS1 2D barcodes

Two-dimensional barcodes are images with dots, squares, and rectangles. They can store a wealth of data both horizontally and vertically. 2D barcodes can store information like text, images, and weblinks in camera-readable formats. Unlike 1D barcodes, they can hold up to 7,089 characters. GS1 QR codes are the most common example of 2D barcodes. They are quickly accessible with a smartphone scan, making them ideal for mobile payments, marketing campaigns, and asset-tracking applications.

Types of barcodes

Businesses can use QR technology to generate different barcode types and QR tracking codes, such as:

• SSCC: It is an 18-digit serial shipping container code used to identify a logistic unit. SSCC usually contains information such as the GTIN of the product inside, the batch number, and the expiration date.
• GTIN: The global trade identification number is a unique international product identification code. It often contains data about the product’s manufacturer, category, and variant.
• GLN: The global location number identifies a specific location, such as a warehouse, store, or distributor center. It facilitates the exchange of information between companies throughout the supply chain.

While many options are available, choose a GS1 QR code generator that allows you to experiment with various designs and themes.

Examples and use cases of barcode tracking in asset management

Barcode tracking has completely changed the way businesses manage their assets. Here are some key use cases of how these systems can enhance operational efficiency and increase productivity:

IT and physical asset tracking

QR codes provide valuable insights into the complete lifecycle management of IT assets, from deployment to disposal. A barcode inventory software system consolidates all your IT and physical asset data on a single platform. This centralization helps you track product details, usage, costs, and location. Similarly, you can also monitor the exact location and condition of physical assets like furniture or workstations. These insights empower informed decision-making regarding resource allocation, maintenance, and upgrades.

Equipment barcode tracking

Equipment health and maintenance are extremely important for a business, especially for industries like healthcare, construction, manufacturing, or media. The cost of broken, damaged, or faulty equipment can quickly increase. Research shows that the average cost of downtime can be as high as $9,000 per minute. Implementing equipment tracking via barcodes enables businesses like yours to monitor the location, repair status, and check-out history of their valuable equipment. This proactive approach ensures that all equipment is accounted for and minimizes reactive maintenance and disruptions.

Inventory management

Tracking systems that use barcodes extend beyond equipment and tools and deal with inventory management. By monitoring product locations, scan times, and transportation speed, they can easily address the challenges of large-scale inventories. QR codes enhance batch and lot tracking by encoding batch or lot numbers to enable recall management in case of product issues. They also keep you updated about real-time stock levels in your warehouses to avoid having too much or too little stock. Additionally, you can share QR codes with your customers and allow them to track their shipments.

Compliance and quality assurance

Barcode tracking validates compliance and quality assurance, particularly in the food, pharmaceutical, and chemical industries. Businesses can track products throughout their lifecycle to maintain quality standards and identify potential issues. QR codes provide a clear audit trail for equipment, machinery, and relevant tools to meet required standards of equipment health and maintenance. For example, QR codes can track the date and results of regular inspections, maintenance schedules, and repair history. This facilitates lifecycle management and ensures that your assets are in compliance with industry regulations.

Benefits of barcode asset tracking and management

Barcode tracking technology has significantly increased businesses' capabilities to organize and manage their assets. It provides a structured approach and offers numerous benefits to organizations that rely on their assets for revenue generation.

Cost-effective solution

Barcode tracking offers a cost-effective solution for businesses, whether they print them in-house or outsource them to a distributor. The low up-front cost makes it a highly attractive option for small and large industries with complex inventories. A few GS1 barcode makers offer an initial free trial on their platforms. This allows businesses to experiment with barcode technology and test its benefits before fully committing.

Improve speed and accuracy

Traditional asset tracking methods such as log books or spreadsheets are laborious and time-consuming. These manual approaches are also prone to human errors, leading to mismanagement and financial losses. On the other hand, QR codes are a more accurate way to track assets. They streamline the data collection process, reduce the likelihood of errors, and minimize the risk of data misplacement.

Asset security

Asset theft costs businesses billions every year. Tracking via barcodes provides real-time visibility into asset locations, allowing you to monitor the usage and whereabouts of each asset, whether heavy production machinery or laptops. This practice prevents asset theft and limits it to its intended use.

Mobile friendly

QR codes offer a universally accessible and mobile-friendly solution for asset management. Unlike other methods, like Radio Frequency Identification (RFID) tags or inventory lists, which need specialized readers or software, employees can easily access asset information from anywhere using their smartphones simply by scanning a QR code. This mobile-friendly approach eliminates the need for micromanagement. Think of it as barcode asset tracking software free from hassle, allowing real-time monitoring even when working remotely.