The newest trend in stock management is serialization. Many benefits can be realized by making efficient use of serial numbers or unique product codes. Reduced inventory losses are the most important benefit.
What is Serialized Inventory?
Serialized inventory refers to the use of product serial numbers to track stock. Serialization software allows you to store product information directly into the system via barcode scanners or QR code scanners. After the data has been entered into the software it allows for the management and provision of real-time stock data after every sale, stock purchase, or testing of products.
Examples of inventory losses
Inventory loss, also known as shrinkage, can be caused by many factors. Some of these include a lack of serialized inventory:
- Theft- If you own a retail store, this is the most common way to steal.
- Wastage If stock contains products that have expired such as medicines or dairy items, not managing this vital information could lead to losses.
- Input error Inventory management involves many redundant tasks, such as maintaining spreadsheets or conducting stock audits. Errors are inevitable if you do it manually.
- Counterfeiting- If unique product codes are not used for inventory management, counterfeit products could enter a supply chain.
How Serialized Inventory Software Reduces Inventory Losses
Serialize inventory management software can help you control all the above-mentioned sources of inventory shrinkage.
After the inventory has been entered into the system, it will be processed through the point of sale module to reduce inventory. If there is a mismatch in the input stage, it will immediately be highlighted. The received inventory must match the products that were entered into the system.
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You can control wastage
All relevant information about the product will be stored in the system, including serial number, manufacturer, expiry, and purchase date. This information can be used to track product expiries so they can be sold before their expiry. Easy implementation of FIFO (first in and first out) is possible to ensure that stock items don't suffer wear and tear from sitting in warehouses for too many hours.
Reduce Input Error
Manually managing received and sold stock can be a tedious task that is susceptible to human error. It is, therefore, smarter to use the product serial numbers to store inventory data. Many inventory management systems have interfaces that allow you to easily enter information about products. These interfaces can be integrated with barcode scanners, so information is immediately available once the product has been scanned.
It is difficult for counterfeit products to enter the stock system because it is consolidated using unique product codes. Even if the counterfeit product is able to generate a unique serial number we can easily verify its authenticity by contacting the original supplier.
Businesses that rely on good inventory management must invest in systems that allow serialization. It not only reduces inventory losses but also offers multiple benefits such as increased organizational efficiency and customer satisfaction.
Knowing what stock you have in your warehouse and their cost values at all times helps to accurately value your assets. This information is an essential foundation for any inventory management system. Arion Inventory Management software allows stock transfers to be managed in a centralized and transparent manner. Arion Inventory Management System will optimize your ability to manage inventory by providing up-to-date inventory information.
All your stock prices and stocks can be managed in one place. This will give you a quick overview of all the collections in your warehouses. Reduce inventory management errors and increase certainty. You can keep track of stock movements from beginning to end with concise information such as product name, quantity, source location, the destination area, stock transfer status, and product quantity. You must ensure that the correct product arrives at its destination on time.