There are several methods companies around the world use for tracking inventory. from simple tracking methods like adding tags to using Radio Frequency Identification is being used in industries Â for tracking of products depending upon the nature of products.
Importance of Inventory Tracking
For companies, the amount of money put up in the business is in the form of inventory. Due to the amount of investment in keeping inventory, it is important to manage and track them effectively. Locating the position of the inventory within the company is important for knowing the status in a supply chain.
Universal Product Coding (UPC)
Most of the products manufactured at the company is utilizing Universal product Coding for tracking inventory. It is also possible to track the inventory using Universal Packing Code using Pint of Sale equipment. Some of the universal tracking codes differ according to the industry in which it is used.
Radio Frequency Identification (RFID)
For different tracking needs active and passive RFID tracking system is being used in supply chain industry. RFID tracking of inventory can be used where there are security related issues. As it is possible to track multiple products at same time RFID tracking method is better than barcode scanning machines.
The possibility of tagging on day to day basis weekly basis or monthly basis is possible using tagging system. The tags are crosschecked with the inventory in stock for tracking the movement. Inventory stores that do not have barcode tracking system generally employ tag based inventory tracking management system.