Does your inventory management offer you the benefit of helping your warehouse run more efficiently by making the most of your space to minimizing the storage costs? Does it help you keep track of the quantities of each item sold? Does it assist with estimating future sales?

A good inventory management gives you multiple benefits and tracking products is one of the majorly important parts of them. Here’s why, tracking products is a major requirement for your business:

In case of you receiving a defective batch of an item that you had ordered or on any such situation, you need to be able to track/trace the inventory rapidly to respond appropriately. And this is when your customers and suppliers are watching to see how well you and your brand respond to getting the damaged/defective goods out of the supply chain. This is a crucial time when you should be able to count on your inventory management software to trace the inventory by lot numbers as required in order to make the job much easier.

Small to medium sized businesses, can only get away with not having lot tracking for so long. And for large companies and more complex supply chains, the implications of inadequate lot tracking can be quite disastrous.

Here are some of the key benefits of lot tracking:

• Narrows down the source of the issue – Lot tracking includes a very detailed reporting that can be used to figure out important things the returns are coming from one particular lot.

• Identifies inventory trends – whether the product batches that are moving fast, whether there is a correlation between the time of year and slow-moving stock with a particular lot number can all be identified. The lot reporting and advanced analytics dashboards can provide rich insights into these information’s.

• Helps avoid waste/ spoilage and contaminations – Some items on the shelf don’t last long, and lot reports can help maximize inventory, sell off the items that are closer to their selling dates, avoiding costly waste or items becoming unsellable.

• Helps avoid human error – the companies who do track lots manually, automating the process using lot management software can help avoid costly errors or even tracking delays.

• Helps understand actual landing costs – Lot tracking can help get a better understanding what the actual landing costs are, if all the items in a lot are purchased at the same time.

Here’s how you can make lot tracking easier:

1. Review your inventory so that you can decide how many lots need to be tracked exactly.
2. Count the number of products that you have in each lot.
3. Choose a set location in the warehouse where each lot will be stored.
4. Use your inventory management software to give you proper visibility and control over your supply chain.

Whether it’s efficiency of inventory management, better compliance or improved accounting metrics, accurately streamlined lot number tracking is very essential for any business that manages inventory. When you utilize effective lot tracking tools, your operations get a significant upgrade that in turn improves your business outcomes. 

Want to streamline your inventory management? Implement BGS’s our complete inventory tracking solution to maintain and track your stock accurately and in real time. 

For any queries or assistance regarding your inventory tracking, feel free to Contact Us.