Inventory Serialization & Its Importance For The Business

Inventory management is the perfect example of operational work that requires repetitive monitoring and control. The cumbersome activities that are involved have benefited greatly from newly emerging best practices. One such benefit is of inventory serialization that has streamlined a lot of processes to create a stronger forward and backwards flow of goods.

Inventory Serialization Explained

Each product has a unique item identification code, often called Unique Product Codes (UPC). Because it is unique for each product, it can be used for tracking the flow of goods without any duplication or errors. Using the unique code as the main input, all related data can also be retrieved such as product name, type, classification, etc.

Inventory serialization makes inventory management more efficient. Through barcode scanners, you can manage your inventory in real-time because once the product codes are stored into the system, tracking stock movement after each sale or purchase becomes automated.

Where Is Uniques Item Identification Code Used

Virtually every industry that deals with a large range volume of sale and purchasing of items can benefit from a serialized inventory management system. However, some industries like electronics, IT equipment, mobile phones, and sensor manufacturers have an increased focus towards inventory serialization because of import, export, returns, and repairs.

In order for any wholesaler or retailer to scale their business, they need to equip themselves with smarter inventory serialization solutions.


Benefits of Serialized Inventory

Following are some of the main benefits of inventory serialization:

Inventory Tracking

With an inventory that is serialized, you can track the current stock level at any time. Softwares help businesses create customized reports for the evaluation of available stock. Through available technology, a core part of inventory management that was previously carried out through manual audits can now be automated.

Smooth Re-Ordering

Another advantage of serialized inventory is the ability to manage re-ordering more efficiently. Inventory level is updated after each outflow of stock item, the system can give reminders for placing orders for new stock.

Inventory Classification

Many types of businesses require their stock to be classified into different categories such as in the phone industry, imported devices need to be tested and categorized according to their defects and repair requirements.

Faster Repair

During imports and purchasing, it is possible that faulty parts may be received. Inventory serialization makes it easy for wholesalers and retailers to automate testing procedures and highlight each faulty part digitally through the ERP system. Once it has been labelled in the system, business owners can actively control the amount of inventory on-hand that needs repair.

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