How serialized inventory helps in business growth?
Posted: Oct 05, 2020
The emergence of e-commerce channels has linked even small businesses globally. Through platforms like eBay, Amazon, Shopify, and Walmart, the barrier of selling online has been significantly reduced. In this growing competition of global business growth, the need for tracking and traceability of inventory becomes more important. For product bases, business inventory management is an essential part. Small businesses need to have a smart inventory process in place to help them grow in a better way without being burdened by inventory mismanagement.
Serialization provides a mechanism for documentation and tracking of inventory items and gives complete control over inventory movement. It is a process that favors highly efficient inventory management and leaves no room for inventory errors.
In this article, I will discuss how serialized inventory is helpful in business growth.
1. Unique Identification
To run a smooth flowing inventory it is necessary that every product can be labeled at the unit level. Serialization is the process of assigning a unique identification number to the product and linking important product information to that number using computer software. With a serialized inventory solution each stock item can be tracked through barcode, QR code, or IMEI number. Through this unique identification number, every item becomes available on the dashboard and business owners can have a clear picture of inventory levels and sales. This is potentially beneficial for stock reordering and classification of a stock batch.
2. Real-Time Tracking
The biggest benefit that serialization provides is the real-time tracking of inventory movement. The movement of items at the unit-level is recorded and updated in the system as soon as any change is made. For example, When an IMEI is sold from the POS module, the current stock level also gets updated for that IMEI number. Tracking shipment and deliveries also become easier as this unique code is already fed into the system software integrated with shipping companies’ software like FedEx and UPS.
3. Multi-Channel Retailing
With the rise of multiple e-commerce channels, much small business now operates on multiple online retail sites along with their web store. The true essence of multi-channel retailing is having a centralized synced inventory across all these platforms. So if you are selling on Amazon, Shopify, Walmart, you will have accurate information about current stock levels after the system subtracts the aggregate sales from all platforms.
4. Minimize Data Entry Errors
Serialization is one of the best ways to minimize data entry errors. With each item or product having a unique number, every movement, sales, or order is accurate and better monitored. Using mobile technologies for barcode or IMEI tracking is useful for manufacturing business or those dealing with small parts distribution. As the movement of small units during production and distribution can be easily tracked with serial numbers throughout the product delivery at the destination.
5. Streamlined Warehouse Management
Warehouse management is prone to human error and loss of stock information due to many factors. Poor warehouse management affects the efficiency of the business. Serial number tracking is the key to reduce errors and improve productivity. The use of serial numbers is by far the best solution to tackle a lot of issues generated by human error. Serialization allows deeper use of lean inventory practices and helps the business to free up capital from unnecessary stock on hand.
The use of serial number tracking helps to streamline inventory management and make the tracing of items easier. It allows us to smartly categorize similar products and give access to track the history of each item. Serialization provides automation, high visibility, and data access for efficient inventory tracking.