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.
Billions of products are made and sold each day. Take toothpaste as an example.
A lot number is a combination of a unique number sequence that is given to products during the manufacturing process.
Every product that a company manufactures comes with its own unique lot number that helps identify it.
Analyzing business growth and gap identification every quarter or annually is routine for business owners.
If you own a business, you will definitely come in contact with a third-party supplier at some point.
Innovative, modular, cloud-based ERP solution that will work on your PC/MAC and smartphone with all its features. It includes inventory management, POS, purchase management, and much more.
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