Every business that deals with inventory are always looking for ways to increase efficiency and improve the inventory management process. A recent development in this regard has been that of serial numbers. More businesses are now using these numbers to become more effective and eliminate inefficiencies.
Here’s everything you need to know about serial number tracking to get started with this method of inventory control.
What is a Serial Number?
Serial numbers are a string of letters and numbers that are used to give identification to the product. When the product is being packaged, the number is placed physically on it and provides it a unique identity. Every number is unique and contains information like batch number, SKU, production date, etc.
How Can It Benefit Your Business?
Adding serial numbers to a product can greatly increase business efficiency. It allows better accountability of each product and helps businesses keep track of their inventory. Here are all the reasons why it’s a good idea to use serial number tracking for all your products.
Trace Products across Supply Chain
At any given time, your product can be with any of the players in the supply chain. Serial number tracking allows you to keep track of where the product is at a given point in time. This can help you move your products more efficiently and identify bottlenecks in the supply chain.
Improved Inventory Control
Since every product is accounted for, you can control your inventory much better using serial numbers. Every product that goes in and out of the system can be traced back, and you can get an accurate picture of your inventory levels in real-time.
Better Customer Service
It’ll become easier for your business to assess warranty claims and investigate any potential manufacturing faults. Since all serial numbers relate to a batch, it’s also easier to recall faulty products with similar serial numbers.
Eliminate Fraud and Counterfeit Products
Serial numbers allow you to check if a specific product was manufactured and sold by you. This can be especially helpful when your customer makes a return or exchange request. All you have to do is check the details against the serial number, and you’ll know if the customer is defrauding you.
Devise Improved Strategies
With better inventory control and an accurate understanding of your supply chain, you’ll be in the position to make better operational strategies for the future. You can also identify popular products and devise marketing tactics as well.
Get Comprehensive Inventory Management Software
Are you looking for a complete inventory management system for your business to increase efficiency? An order and delivery management software such as AltheaSuite can help you in this regard.
We offer modern features like POS software, barcode inventory management software, and batch tracking inventory management to help you achieve operational efficiency. In addition to this, we offer a cloud-based inventory management software that you can access from anywhere across the world! For more details about our services,contact our experts or book a demo to get started!