5 Key benefits of serialized inventory

Inventory management is very critical for the success of a business. In this advanced era where everything is more systemized than before it is necessary to be fast, efficient, and correct to cope up with the changing dynamics of inventory operations. Using serial number for your inventory items enable you to give a unique identification to each inventory item so it becomes easy to track the individual item from purchase to sale.

A serial number is a unique number in a sequence that identifies an item as part of a specific production run. Some businesses are legally obliged for warranty, recall, and safety measures to implement serial number tracking of items they manufacture and then sell. The use of serial number tracking streamlined the inventory process and provide high visibility to incoming and outgoing product data.

In this post, I am sharing 5 important benefits a serialized inventory can provide you.

1. Automate Operations and Reduce Errors

Serial number tracking is the most promising way to help you cut down manual errors and data entry mistakes. With items having a unique identification number their movement for sales and order is more accurate and better monitored. Using mobile and scanning devices to capture, store, and analyze data optimize the use of serial numbers and is useful for businesses with a large variety of inventory products.

2. High inventory visibility

Having each item smartly categorized and correctly grouped helps a lot in dealing with a variety of inventory products. Serial numbers make grouping easier and are beneficial for forecasting future needs for restocking the products. Using a serialized inventory software ensure that both retail employees and your online store have an accurate count of product at any given point in time.

3. Access to Product History

Serial numbers allow easy access to the complete history of each individual product. This advantage help business to locate if a product goes missing during any transaction. Businesses can also use historical data of product sales for forecasting or needing to enact product recalls.

4. Streamlined Inventory Operations

Businesses either small or big one always looking for new technologies to help with the productivity and effectiveness of operations. Having a serialized inventory is the one key way to help reduce error and speed up the operations without any doubts of errors and miscalculations. The use of serial number technology is by far the best solution to a lot of businesses as it helps to free up capital tied up with unnecessary stock.

5. Product Authenticity Protection

A lot of manufacturers deal with the problem of counterfeiting. Businesses such as medicine, cosmetics, skincare products lose their reputations as well as customers because of fake products. A unique serial number on each product is information that keeps it secure and can never be used.