What are the benefits a lot tracking system?
Identify inventory trends
Lot tracking enables better identification of trends in regards to the movement of inventory. You can further assess which product batches move the quickest or slowest, or which lots seem to experience the most returns. The reports can also help you assess your actual landing costs since all the products were purchased at the same time.
Mitigate losses on waste, spoilage, or contamination
Retailers or wholesalers with perishable goods can benefit greatly from lot reports. Maximize your inventory turnover by knowing which products need to be sold sooner, discounted, written off, or not to replenish due to low demand.
Soften impact of product recalls
Product recalls are spontaneous in nature and require immediate response. By using lot tracking reports, you can pinpoint exactly which lot (or batch) of products that were manufactured or purchased together on a certain date as the problematic bunch.
Additionally, a report of your customers who purchased the defective or recalled product can be segmented for notification of the recall, enabling better communication. In the event a regulatory body gets involved, they may request reports producing evidence of which lots were affected. In the bigger picture of things, having this degree of tracking can help to avoid or lessen substantial penalties to your business finances along damage with your reputation.
To view a demo of our system, visit our contact us page or call 888.881.1988.