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Retailers know that in order to succeed in the marketplace, they must get maximum return on their biggest asset inventory. This means eliminating problems such as overstocking, inventory shrinkage and inaccurate inventory records.
A retailer with an inefficient inventory system in place can eventually expect customer and employee frustration, as well as concern from major retail contractors many who levy non compliance fines to vendors if they don't comply with labeling and shipping specifications. Even just one incident can rack up heavy costs; for example, searching for a lost product can quickly incur labor, production interruption, and expedited transportation costs. Inventory shrinkage costs retailers billions of dollars each year, and although theft plays a role here, another primary reason is inaccurate data entry and accounting.
Without a doubt, bar code technology has proven to be an answer to these problems, and has allowed retailers to create, and practice, "smart inventory" management.
Reprinted with Permission from www.datamaxcorp.com
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