In the world of inventory management, achievement comes from accurate and careful tracking. You can’t fix what you can’t quantify, and we’ve developed some extremely accommodating measurements to precisely measure the inflow and outflow of items. We have inside identifiers like the Stock Keeping Unit (SKU) which assist us with monitoring similar sort of items all through our warehousing operations.
What is a Lot Number?
Lot numbers — also known as batch numbers, code numbers, or lot codes — are unique identifiers given to a batch of items united by a particular attribute.
Typically, the characteristics have something to do with time (expiration dates, best-by dates, or manufacture dates) or location (manufacturer location or processing location).
Lot numbers are particularly helpful in highly regulated verticals or industries in which quality affirmation is absolutely critical. Such as:
- Food & Beverage
- Automotive assembly
- Medical technology
Lot numbers go far in working on the inventory management process for these kinds of items. A few laws even require any organization selling in a specific vertical to incorporate part numbers.
Additionally, note: lot numbers are not given by suppliers, however should be made inside by the business leaders.
Where Can I Find the Lot Number on Products?
More often than not, lot numbers are related with numerous other significant metrics in the form of a barcode. Other times, lot numbers can frequently be found close or around the SKU or serial number, typically printed on a same label as the barcode.
Cell phones are a ubiquitous example of an item that utilizations lot numbers. Each Apple iPhone contains a one of a kind chronic number. Inside this chronic number are sure characters that mean the week, month, year, and specific assembling plant related with the unit.
To be clear, not all serial numbers include lot numbers, but many of them do.
Other goods and products that use lot numbers include:
- Hygiene and beauty products
- Vitamins and supplements
- Household cleaning products
- All consumer electronics (smartphones, tablets, computers)
- Insecticides and other aerosol sprays
- Baby products
- Building materials
- Paints and dyes
What are the Benefits of Lot Tracking?
Inventory management is complex enough. Why introduce another metric to worry about? What benefits do lot numbers afford business owners?
Lot numbers are a lot like insurance. When you need it, you’re really glad you have it. In other words, lot numbers work the best when things go wrong.
Here are some of the main benefits of implementing and tracking lot numbers:
- Effective Recalls
- Better FIFO Facilitation and Less Waste
- Compliance with Regulations
- End-to-end Supply Chain Visibility
Lot numbers aren’t a great fit for everybody. Yet, the people who need them live and pass on by them. Leaving this up manual entry presents a whole host of human mistakes that most associations can’t afford to hazard.
So regardless of whether you’re selling consumable products and you wanted a ton of tracking strategy or you’re setting out on some other e-commerce venture, we’d love to show you how GOIS can help your productivity and efficiency.
Reach out to schedule a demo with one of our team members today.