The Key Benefits of Product Serialization in Your Manufacturing Business

In today’s world, if you’re in the pharmaceutical, food or beverage industry, you might have dealt with product recalls and know how severely it can impact your brand. It leads to reduced customer trust, loss of revenue and more such problems.

While most of the products are available globally nowadays, supply chain visibility is the biggest challenge for any manufacturing business. The key is using product serialization that helps manufacturers in managing their supply chain efficiently.

Talking particularly about pharmaceutical products, product serialization is mandatory in many countries. There are certain guidelines for serializing pharmaceutical products. These guidelines may vary from country to country. Nowadays, with smartphone penetration, serialization not only helps with supply chain visibility but also in consumer engagement and loyalty. It enables multiple digital capabilities which were not possible earlier. Thus, in the modern world product serialization is very desirable to use on almost every product and across the industry in order to increase consumer retention and increase sales.

What is Product Serialization?

Product serialization is a procedure wherein a unique identity is assigned to each product item. This is done by assigning a unique code on each item that is usually in the form of QR Code, RFID, or NFC.

Once each product is serialized, the serialization software platform can be used to identify the product and track its path using the assigned code.

Let’s start with learning the key benefits of product serialization. Read on.

7 key benefits of Product Serialization

Here are several benefits of using serialization for your manufacturing business -

1. Product tracing

One of the topmost reasons why it is necessary to have product serialization is to track your products. It is right that the process of tracking products has been in several industries for a while now but with product serialization, brands can accurately track each product item through unique codes (a serial and a batch number) assigned to them. This way, one can easily trace the product right from the production process till it reaches the customer.

2. Helps reduce counterfeit

Nowadays, counterfeiting is rising at an alarming rate. Most of the brands are dealing with the problem of counterfeiters wherein they sell low-quality products as original products thus hampering the image of the brand. However, techniques such as product serialization can help fight counterfeiting by utilizing robust anti-counterfeiting solutions. For instance, serial numbers allow easy tracking of the products thus leaving no chances for counterfeiters.

3. Reduces overall cost

As the business processes in most industries are labor-intensive, the customer ends up paying heavily for the product. Automating the supply chain process, reduces labor costs and helps cut the overall cost in the long run. This is another major reason why manufacturing businesses should go for product serialization.

4. Avoid the event of product diversion

Product diversion occurs when an inventory of a product intended to be sold in one distribution channel is transferred to another distribution channel without the knowledge of the primary seller. However, with product serialization, you can avoid this problem. Serialization helps in proper product distribution as you can point to the target sales channel, helping to properly distribute the product and avoiding product redirects.

5. Efficient product recall

In spite of keeping quality control checks in place, it is not possible to avoid the situation where product recall becomes important. Any delay in the same can cause huge damage to a brand’s reputation and revenue. Therefore, this is something that requires immediate attention.

Product serialization can help in quick product recall as you are able to identify the exact status of the product items and know where the problem products are. This information helps in the quick recalling of the product and thus control any damage that your brand may bear.

6. Product Assessment

As with product serialization, each product is uniquely identifiable, it also helps in the assessment of the product. If the unique codes assigned to your product are put in a format that allows consumers to interact with the brand, then it becomes easy for the brand to trace the product journey to the end consumer. This thus helps in the accurate assessment of your product’s performance.

7. Product inventory

With the help of product serialization, you can get a better estimate of your supplies and determine exact sales as well. This is also a great way to have an accurate forecast of particular product demand.

Product serialization used to be a costly affair until a few years ago. However, with new technologies like Let’s Verify, it has become highly efficient to maintain. If you are in search of a product serialization supplier or looking for brand protection solutions of any kind, look no further than us. Connect with us to learn more or inquire about our products.

Hrithik Chaurasia is a Digital Marketer, having more than 3years of experience in Digital marketing. His passion for helping people in all aspects of online jobs and freelancing.