Billions of products are made and sold each day. Take toothpaste as an example. Did you know that in 2019, in the US alone, the top brand in oral hygiene was able to sell 80 million toothpaste units? Businesses need to keep track of sales to effectively manage their inventory.
What they do to ensure that is use simple codes known as serial numbers. Let’s go through serial numbers in detail:
What Are Serial Numbers?
Order tracking and managing are crucial as it helps in inventory management and optimizing for businesses. Serial numbers aid the process. Serial numbers are unique codes generated for each specific product made by the company.
A serial number can use numerical values but may also contain symbols and letters. Their generation depends on the business itself as they have to define the proper rules for their generation at the time of manufacturing.
Why Are Serial Numbers Used?
A business that integrates inventory management software in manufacturing can utilize serial numbers of finished products to manage stock levels. They also help keep track of shipped products to manage order and delivery.
What Are the Benefits of Serial Numbers?
- Using serial numbers, inventory management becomes efficient as it shows when the company requires stock.
- They help keep track of warranties and repair products manufactured by the company.
- In some instances, serial numbers also help in the recall of products from the market.
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