Save Time and Money Tracking Your MRO Inventory with Barcodes
Advancements in technology have made life much easier than it was even five years ago. But many companies have been slow to adopt this technology, usually because it doesn’t fit their core business aims and/or they have had IT issues in the past. The energy industry is one that has been apprehensive when it comes to embracing technology that is out of their business’s scope. However, not adapting the latest advancements can be counterproductive and, thus, cost both time and money.
Why utilize barcoding to track your MRO inventory? Barcoding:
- Makes data entry fast and easy - The use of barcodes and scanners can provide tremendous efficiency and accuracy gains when used properly but if personnel do not maintain transactional discipline e.g., recording issues, transfers, returns, etc. no system will help. Scanning a 15-digit part number, for example, takes half a second; manually inputting those same numbers AND verifying the accuracy of the input takes minutes. Barcodes can also be attached to almost any surface in almost any location for quick and easy access.
- Prevents human error - When an employee manually input information, the probability of error is much higher than when that same employee points a scanner at a barcode and presses "enter."Many studies indicate that an experienced typist will make one keystroke error per 300 whereas barcodes are virtually error free.
- Allows data to be available when needed - Because information from barcodes is stored in a computer or in a server, it is available in real time and the information is much more precise and accurate, allowing better decisions to be made more quickly.
- Puts multiple data fields in one location - Barcodes also contain multiple fields of information, such as availability, pricing, location, etc., in one easily accessible place, eliminating the need for multiple forms to contain information on one SKU.
- Cuts costs - Barcodes no longer necessarily require an expensive device to read the code; smartphones, tablets, and other similar devices can both scan and interpret barcodes, and the technology is now cheaper and easier than ever to use and to train employees to use.
- Requires less paper, making organizing faster and easier - No longer are filing cabinets filled with files of papers and forms needed to store inventory logs; now a small, handheld device is usually all that is needed to scan, store and access inventory data. It can also significantly reduce labor cost due to the efficiency gains that are possible.
- Decreases overall inventory tracking time - From inventory management to transactions to recording changes to cycle counts, barcoding has drastically increased efficiency and decreased wait times. Saving time means saving money. With a current customer, we have seen efficiency gains of more than 40% when completing cycle & physical counts since implementing our solution.
- Remote locations - Working in an offline environment such as the environments that many EPC and energy companies work and the lack of a connection is one reason that we have seen that stops many energy companies from using barcoding technology. It is imperative to implement mobile barcoding technology that has the ability to work offline and sync once connected again to gain maximum value.
Is switching to barcoding technology for your MRO inventory right for your business? Ask yourself:
- Would saving time to input inventory information and tracking inventory help my business focus more on solutions for my customers?
- Do I want a technology that eliminates human error?
- Do I need data available at a moment’s notice wherever I am?
- Would my business benefit from cutting MRO inventory costs?
- Would I like my inventory tracking system more streamlined and better organized?
If you answered ‘yes’ to any of these questions, RigServ would like to talk to you.