From there, you can determine how much you should order and stock without going over or under by extreme amounts. By using serial numbering, you can better know the ins and outs of your entire inventory. Cloud management systems include vital information that aids in planning and adjusting your production lines. You also have access to accurate historical information on individual products so that you can better manage and forecast your inventory. At Finale, our inventory management platform has a serial code tracker that can assign unique numbers to products, allowing you to search and sort each item in stock.
What Is the Difference Between Lots and Serial Numbers? Manufacturers assign a lot number to a group of products that have a common property. There is a one-to-many relationship, as multiple goods can have the same lot ID. These have a one-to-one relationship — each product owns a unique set of digits. Serial numbers are like social security numbers in the U.S. because they are precise and distinguish similar products. Both lots and serial numbers are used for traceability, as well as tracking products throughout the receiving and sales processes. They save you time and money and offer many benefits when tracking your goods.
Imagine searching through boxes or shelves of products looking for a particular item — it could take ages. But by relying on inventory management software from Finale Inventory, you can find what you need in seconds. Our solutions help you control your stock to avoid over or understocking. Although there is a major difference between lots and serial numbers, similar tools and processes are used to track them. You can technically track serial numbers and lots with pencil and paper, but the vast majority of companies employ inventory management software to track serial numbers and lots accurately. Not all software has lot and serial number tracking capabilities, so it is crucial to find these answers early in your initial research. Inventory complexity arises when you need to keep a large number of lots or serials. Finale Inventory makes it easy to track per-stock-unit information, from receiving or manufacturing to shipping the products. This information is permanently recorded in the system, granting you quick access to it for full traceability. Some mandates require your business to maintain accurate records for each unique lot ID or serial number purchase and sale, especially for medical supplies, fireworks, chemical supplies and pharmaceuticals. Finale Inventory is all you need for regulatory compliance documentation. We generate a comprehensive audit trail of stock changes and will accurately track each lot or serial sold, received, manufactured or returned. With lots and serial numbers consisting of a long combination of digits, there is a high propensity for human error during the transcription process. As a result, most companies leverage an inventory solution with barcode scanning capability to eliminate human error and record the identifier by only scanning the barcode label. Many products have the lot ID stamped or printed and do not have the lot’s barcode, so it is vital to find an inventory management solution that can print barcode labels. Finale Inventory is one of the best companies equipped to print barcode labels. We created a customizable system that has many possibilities for barcode printing. No matter how you want to label the lot or serial number system, our software can design custom categories that match your expectations. Gain a Competitive Advantage With Finale Inventory. Proper inventory management software is essential to tracking lot and serial numbers within your operations. Finale Inventory collaborates with you to craft solutions that match your company’s needs. When you’re ready, we will assign you to a customer relationship manager who will consult and train with you, as well as customize your software. We don’t demand long-term commitments — we offer a free 14-day trial to any business that’s not tried our software yet. Check out our cloud inventory management system or reach out to our excellent customer service team through our online chat if you have questions. Our adaptable inventory management system is here to support your growing business. As your small business grows, there is always more and more information you need to keep track of. Information tracking is not only important for your business itself, but it is also important for business relations, such as those with customers, investors, and buyers.
As you gain more popularity and a larger customer following, you’re likely going to see growth in sales and customer demand, which means your stock will expand as well. As the stock is mainly kept in warehouses and storerooms, the more you have the more spaces you’ll need to house company products. So when you have a larger inventory, you need more warehouses, and when you have more than one warehouse, you need lot numbers. You may be asking yourself why a lot number is important and the answer always comes back to keeping track of your business, products, and information. It may seem like warehouses are just the spaces where you hold inventory, and while this is true, there is certainly more to them than that simple description.
In addition to being a holding space, the warehouse acts as a specific house for your inventory. This means that while they may be the same products, they vary because of where they came from (meaning which holding space they come from) and where they are headed. Think of it this way: Say your business sells and distributes food products like lettuce, canned soup, or yogurt. Now, imagine that a certain batch of this food product has been released to the market and is subsequently making consumers sick.