Serial number inventory management is a way of managing inventory items by assigning a series of numbers or letters to each item of stock or other material needed to produce a completed product. By doing this, the item becomes immediately identifiable and is distinguished from other products. Managing inventory effectively and efficiently is essential to the financial success of a business whether big or small, and having a strong serial number tracking system in place can be of great importance to distributors and manufacturers. It allows a business to effectively manage stock production, distribution and post-sale services. Without strong serial number control you can’t have the inventory management needed to eliminate costly product mistakes and deliver the level of consumer satisfaction customers expect.
Inventory is one of the biggest assets in most businesses, and appropriate management of that investment is often key to the success of business operations. Initiating serial number inventory management is an effective approach that offers companies the ability to recognise and track every specific item they have in stock.
There are numerous advantages when it comes to using serial number inventory tracking to monitor stock. Regardless of whether a company uses an electronic system such as a scanner or barcode reader with computer software, or if they conduct a manual inventory count, serial number tracking allows businesses to immediately identify what that item is, where it came from and where it should go. Once an item is assigned a serial number, it can be monitored as it moves through a company’s production or sales system.
Additionally, where a business uses a serial number to identify specific goods, it enables them to track other features concerning the item. This can include the history, age and warranty status, as well as monitoring the service history of an item that has been sold and returned for repair. It also provides a business with the ability to recall products by serial number where required, as well as track items as they move between warehouses and go out for delivery. Serial number tracking also permits the inventory turnover rate to be calculated, giving a business insight into the movement of stock and enabling them to make better, more informed decisions with future inventory purchases.
Serial number tracking is also useful for businesses that create their own parts or products. It allows items to be identified no matter which stage they might be at in the production process. When using serial number based software, the number of inventory transfers, movements to another store or display room, returns, repairs, warranties or locations is immaterial. All will have a complete history available to view, online and in real time, allowing access to the information required in only a few seconds. This can also span across multiple devices and places, meaning that business partners based in other locations can simply open the software and find the information required, opposed to spending valuable time calling other offices or locations to track a product.
By using serial number inventory management, businesses are able to focus on what they do best, rather than on trying to chase up orders and restock supplies. By being more efficient with inventory control it not only frees up company time and increases overall efficiency, but also increases company profits by enabling business to make better decisions.