What is Barcode Asset Tracking?

Learn how and why barcodes, QR Codes and RFID asset tags can help you to track assets and equipment faster and more accurately

What is Barcode Asset Tracking?

In a wide range of industries, barcodes are used to track assets and inventory, control stock levels, and streamline equipment lending. By removing the hassle and risk of human error in manual data entry, barcode tracking makes it easier to stay in control of an organisation’s assets and gain real-time visibility.

Let’s take a closer look at barcode asset tracking and how it compares to alternative tracking solutions such as RFID tags.

Barcodes: a brief history

Barcodes are a way of visually representing data in a form that machines can read. When you point a barcode reader (optical scanner) or mobile phone at a barcode label, the barcode scanner can access the information represented by the code.

First invented and patented in the US in 1951, the original barcode was influenced by the dots and dashes of Morse code which inspired the thick and thin bars that are a distinctive key feature of barcodes. Initially used with limited popularity in industrial settings, barcode labels later became a success when used in supermarket checkouts in the 1970s.

Today, barcodes are used in a wide range of situations including on event tickets and in shops, so much so that more than six billion barcodes and QR codes are currently scanned every day. There are many different types of barcodes including the distinctive QR and data matrix codes which are formatted as squares rather than bars. Highly accurate and reliable, barcode systems are used in many industries as part of an asset tracking system.

How barcodes are used with asset tracking software

A barcode system can be used for tracking physical assets. First, a barcode must be assigned to an asset. Barcodes may be generated directly from an asset tracking system and the tags printed individually, but since the barcode is usually just a numerical identifier for the asset, it may be easier and quicker to use a pre-printed roll of asset tags and then link the barcode with the asset. After the barcode is affixed to the asset, it can be scanned using a barcode scanner or mobile phone to instantly access and update the software’s asset register. Barcodes can be placed on fixed assets or current assets such as stock and inventory for easier tracking.

Using barcodes with asset tracking software allows users to view and update an asset’s maintenance schedule and history, check-in/check-out status, depreciation lifecycle, and other resources or records linked to the item (photos and warranty information included).

Benefits of using barcodes in asset management

Barcodes are very useful when paired with good asset tracking software for a number of reasons.

Improved accuracy

With barcode scanning, organisations can boost accuracy and reduce the risk of human error. Without the need for manual data entry, information about assets can be updated and viewed instantaneously using the software. Moreover, using barcode tracking cuts out data duplication to further improve the accuracy of asset tracking.

Save money and time

With a barcode asset tracking system, there’s no need to waste time or money tracking assets manually. Tags can be printed cheaply on-site or ordered from a distributor making asset tagging quick and easy. Good asset tracking software is usually intuitive, so staff should be able to pick it up quickly with some training reducing the chance of process errors. Barcode asset tracking has the capacity to greatly reduce the time and resources required to track and manage assets effectively.

Conduct audits more efficiently

Auditing assets is a simple process with barcode scanning. All you need to do is scan the tags using a handheld barcode scanner or mobile device to identify the unique asset. The software record will display data about location history, condition, maintenance, use, and more with a single click. With quick and efficient audits, it becomes easier than ever to ensure compliance with all relevant financial and accounting standards.

Handle a range of scenarios

Barcoding can help track a wide range of actions across the asset lifecycle, making it a valuable tool for different areas of the business. The asset lifecycle typically may include assignments, transfers, disposals, damages, repairs, item location, and goods receipt to match PO (additions). Using barcodes for tracking assets and equipment can enhance your organisation’s visibility across all these areas.

Barcode vs RFID tracking

Another asset tracking tool that is often compared to barcoding is RFID. An RFID (Radio-Frequency Identification) system uses tags with chips that emit radio waves. An RFID reader can receive these radio waves and access the stored data. While barcodes work by pointing the scanner at the barcode label, RFID radio waves can be picked up at longer distances with no requirement for a line of sight.

RFID tags can store up to 4 million characters and in some circumstances can be more durable and long-lasting than barcodes, but not always. An RFID system is more complex to implement for asset tracking and is also more expensive than barcode technology.

Learn more about the differences between barcodes and RFID systems here.

Is barcode asset tracking right for you?

Barcoding can be used in a range of different sectors, from manufacturing and education to healthcare. Tracking assets using barcodes is an easy way to save time and money in your organisation, even with relatively low asset volumes to track, making it cost-effective, more accurate and easier to maintain than manual asset tracking tools.

For a cost-effective and easy-to-use solution to asset tracking, try FMIS Asset Tracking. Integrated with our Fixed Asset Management and Equipment Maintenance software modules, asset barcode tagging allows you to streamline physical audits, improve asset visibility, and reduce operational costs and write-offs. The software works with any compatible barcode scanner such as a USB scanner or iOS/Android mobile device, making this a perfect solution for asset tracking and maintenance in the field.

Find out more

For more information on how FMIS can help you effectively barcode, track and manage your assets and equipment, please get in touch with an FMIS consultant or call us on +44 (0) 1227 773003.

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What is Barcode Asset Tracking?