Business Management, Inventory, Manufacturing

Lot Numbers vs. Serial Numbers: Differences

As consumers, we all see numbers randomly assigned to each product for identification purposes; but this is only half the story. If you’re only getting started with inventory management, you must learn the difference between lot numbers and serial numbers. A lot number is assigned to a group of products manufactured simultaneously — for example, a batch of slippers being produced at the factory on the 1st of March. A serial number, on the other hand, is a unique string of numbers that are associated with a specific product. Here’s diving deeper:

How Lot Numbers are Created

A manufacturer creating products in groups rather than via assembly line is practicing batch processing. All products within the group are assigned the same lot number (which is typically a combination of digits) for identification purposes. In case something were to go wrong with a batch, for example, the color of the product looks a little faded for batch one — this lot number can come in handy for tracking and recalling all items within the batch.

Do Serial Numbers Still Come in Handy Then?

Although the serial number is also a numerical code printed over products for identification, no two products can sport the same serial number. These are usually printed on the outer side of the product packaging, under the lot number, to assign the specific item from a group of items. The serial number can help monitor the current status and location of the product in the inventory.

Automating Allotment of Lot and Serial Numbers with AltheaSuite

AltheaSuite’s all-in-one manufacturing and cloud based inventory management system that takes care of lot numbers and serial numbers digitally. The lot numbers associated with each batch are managed to offer insights on expiration dates and give a consolidated breakup of the inventory. In addition, the software assigns serial numbers to the items for easier management of products during sales, purchase, or stock transfer. This makes it easier to track items that are present in the warehouse and those that have been sold to the customer.

AltheaSuite is the best ERP inventory management as it fosters business growth with features such as custom alerts, live reports, real-time analytics, simplified workflow, barcode scanning, shipping labels, purchase orders, vendor and product lists.

This is the best POS software for inventory management of the furniture and home decor, wholesale and distribution, as well as other small businesses. Sign up to try for free or book a demo to get started instantly.

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