By using an Inventory software with a product serialization tracking, the management would be able to track and monitor their inventory with ease.
Some of the benefits of the inventory software with a serialization tracking would be as follows:-
- Recall Management – Recalling tainted or defective products is a challenge common to many manufacturing industries. If the distribution of batches or lots is not tracked through distribution and retail channels, then the recall cannot be done precisely, requiring a costly general recall of all products.
- Alerting – You can use this data to alert appropriate parties when things are not going according to plan, enabling earlier intervention. The sooner you know something went wrong, the broader the choices for mitigation and containment.
- Process Improvements – Analysis of auto-captured data can be used to improve end-to-end processes and to look for excess dwell times, unnecessary handling or poor execution. The rise of RFID has encouraged the development of these types of analytic tools.
- Expiration Management – For limited shelf-life products, the batch number can be used to determine End Of Life (EOL) and help enforce management disciplines across the supply chain including: First Expired, First Out (FEFO); First In, First Out (FIFO); or no sell after sale date. This may require various supply chain partners (e.g., third party distributors and retailers) to capture, monitor, communicate, and act on expiration data.
- Supply Chain Planning – Inventory visibility allows firms to better predict when and where to replenish products. It allows them to assess all types of merchandizing issues, from displays to distribution patterns