How Computer Vision Makes Barcode Inventory Control Better
Inventory control is a critical process for any business, regardless of size. Every day, key decisions are made about what to order, how much, and when to place these new orders. Maintaining an accurate and up-to-date inventory is essential for maintaining a profitable business. It’s vastly important to the bottom line. Too much stock and money is tied up in unsellable assets. Too little stock and now the company is missing out on potential sales.
However, one of the main challenges of inventory control is ensuring that the correct quantity of items is being tracked. This requires careful attention to detail and regular manual counting of items which is both time-consuming and has a large margin for error. In addition, incorrect or missing data can lead to inaccurate inventory reports. So what truly is the most efficient way to track inventory? By using computer vision technology for barcode inventory control, businesses can not only save time and money, but they are able to maintain an accurate and up-to-date inventory of their products.
Traditional methods for tracking inventory.
Inventory tracking has come a long way from a simple ledger and counting items. With the introduction of the barcode system, businesses can more easily scan and track items, whether they are coming in or going out. Although this is a more accurate way of tracking than manually counting, there is still the potential for error. Has the item been scanned correctly? Was it scanned at all? Was it scanned more than once?
Adding a new dimension to the challenges of tracking inventory is the massive rise in online sales. People are now buying two ways, yet the delay in accurate, real-time information can lead to disgruntled customers. Although the item is showing available online, someone has actually bought the last one in-store. Now what?
Computer vision takes the barcode a step further.
An effective way to improve barcode inventory control is with the use of computer vision. It enables computers to understand and interpret barcode images, which makes it easier to track items accurately. In addition, computer vision can be used to identify and correct errors in data entry. This helps to ensure that the inventory data is accurate and up-to-date no matter how the item is sold.
How does computer vision work?
Computer vision is a type of artificial intelligence technology that can be used to improve barcode inventory systems. Computer vision technology is able to see things in images and videos the way the human eye does. This enables computers to understand, interpret, and translate from the visual world, not just depend on the scanning of a barcode. Most of us encounter computer vision every day, even if we don’t realize it. Unlocking our phones or at the self-checkout, just to name a few.
Save time and improve accuracy.
Computer vision can save businesses time and money by automatically identifying items in images and videos instead of just a barcode. Missing or damaged barcodes won’t be a problem anymore, and the need to manually enter them will be gone meaning less room for error. This also means nothing is lost, forgotten, or missing regarding accurate inventory numbers. Have you ever walked into a store and the website shows they have an item, but it’s not on the shelf? The associate assures you that the item is somewhere in the store, but they aren’t sure where. Computer vision can eliminate this dilemma which not only makes the store look bad, but puts the employee in a tough spot as well.
Think of the time and money wasted trying to find inventory in a store. Now multiply that when it comes to tracking inventory in a warehouse situation. Missing items and employees sent on a wild goose chase cost the company both time and money. Not to mention the potential shipping delays this can cause, creating aggravated customers. Computer vision using barcode scanning technology solves this problem by easily finding these missing items.
Also, because computer vision can track items in real-time, it can see and predict product supply and demand trends. Systems can analyze and study consumers’ behaviors. What are they shopping for? Do certain items sell better at certain times of year? They can even be set up to order additional items when stock is low automatically. This means no empty shelves leading to no missed sales, which helps create a happy and loyal customer base.
It is only getting better.
Computer vision is significantly impacting barcode inventory control and it’s only getting better and more precise. At Lunar Eye, we’re passionate about bringing this technology to businesses that want to make their operations more efficient. Contact us to schedule a free demo if you want to learn more about how computer vision can benefit your business. We would be happy to show you how our system works and answer any questions you have.