An inventory management system is one of the key components needed for running an effective warehouse. If you don’t know what’s on hand, what’s sold, and what’s dispatched, you could lose inventory, clients, and profit. Helpless inventory management can push your business to the edge of total collapse. Today we will discuss serialized inventory tracking and how it can take your inventory management to a higher level.
What is Serialized Inventory Tracking?
There are a wide variety of inventory tracking strategies you can use in your business. Serialized inventory tracking is one that we suggest frequently.
In many occurrences, knowing the total amount of inventory on hand is all the data you need for tracking your inventory.
What occurs in circumstances where you need to track individual units separately? This is the place where serialized inventory tracking becomes a game-changer.
Serialized inventory tracking is tracking products in your inventory by appointing each a unique serial number.
This is a step beyond utilizing a traditional SKU for a product. While an SKU can pass a lot of useful information (for example, you can separate clothing by size, style, color, and a multitude of other factors), serialized inventory tracking permits you to track each product as an individual item.
If case you’re selling high-value products where you will need to track guarantee information and things of that nature (cellphones are a great example of this), then appointing a unique serial number to each and every product in your inventory can make the process of tracking and managing those products simpler.
Why is Serialized Inventory Tracking Important?
Serialized inventory tracking gives you prominent command over your inventory management. This works on things for both you and your clients
However, this includes some major disadvantages. Implementing serialized inventory tracking requires additional work and added cost. In the right circumstances, the pros far outweigh the cons. The key, as we’ll talk about later, is deciding when you should be utilizing this kind of inventory management.
Serialized inventory management gives various advantages, but the key takeaway here is that it permits you more prominent in the product’s life and lifecycle after it leaves your warehouse.
Having the option to track explicit items independently gives an additional level of depth you don’t get with summed-up SKUs. This can profit your business in the right conditions.
Benefits of Serialization
There are various different reasons to utilize serialized inventory tracking. Let’s break down some of the portions of the situation where using this approach provides the best return.
- Proof of Ownership
- Quality Control
- Product Recalls
- Guarantees and warranties
- When Required for Oversight or to Comply with Governmental Requirements
When to Use Serial Numbers
By this point, you’re most likely wondering when you should utilize serialized inventory tracking.
The best methodology is to take things dependent upon the situation. Serialized inventory tracking adds some extra steps to your inventory management program and adds extra expenses. Beyond that, it’s unnecessary for some sorts of items.
In the broadest terms, organizations profit by utilizing serial numbers for tracking when managing high-value items. Cellphones, laptops and tablets, gaming control, guns, and things of this nature all benefit from having exceptional serial numbers.
On the off chance that you sell these sorts of items or items that you might have to follow for guarantee and review purposes, or that have governmental or administrative oversight, then, at that point serialized inventory management methods will make your life simpler.
Choosing whether or not you should utilize serial inventory tracking following can be an extreme choice.
In specific conditions, you’re needed to track this data (e.g., in the event that you sell PCs, cellphones, vehicles, or guns), however for all the other things, it comes down to a weighing of the pros and cons.
In addition to the side of the record, serialized inventory management adds another layer of depth to your inventory management program. You’ll have further experience into the items you sell this way, and it can help your clients well get-togethers beginning deal in case there’s a review, guarantee, or theft issue.
Need to become familiar with Goods order inventory system management, sales, and how inventory management software can take your business to a higher level? Then, be sure to read our blog or you can schedule a demo with us.