Improve Inventory Control with Lot Tracking Software

Do you wish to improve your inventory management and control?

Lot tracking software is a powerful tool that enables companies to track product batches across the entire supply chain. Typically, a lot tracking starts with the manufacturer and involves distributors, retailers, third-party delivers, and others involved in the supply chain and continues until goods ultimately reach customers.

This methodology allows tracking:

  • each raw material unit purchased from suppliers; 
  • raw material units used for producing finished products;
  • finished product units deliver to customers; 
  • returned products back.
Lot Tracking Software

Therefore, companies regardless of their size use lot tracking as a part of their inventory management strategy.

Implementing the lot tracking software system allows:

lot tracking software system
  • quickly and accurately identify the specific batch by lot number; 
  • identifying the original batch of goods in question; 
  • tracking each unit of inventory moving in and out of the warehouse; 
  • tracking product expiration dates; 
  • analyzing waste due to stock expiring; 
  • determining customers that have received items from the same batch; 
  • quickly identifying and recalling affected lots; 
  • generating and sending the product recall report requested by the Food and Drug Administration (FDA); 
  • taking swift action against any product safety complication.

Tracking product expiration dates and managing product recalls are two highlights why any manufacturer, distributor, and retailer company should use a lot tracking system. The USA Food and Drug Administration has increased regulation and requirements for manufacturing, distribution, and retail all business must follow. Now in certain specific industries, using the lot tracking system is a legal requirement. Thus, pharmacies have to maintain and track the lot’s information about drugs they are selling.

Use lot tracking software system if you want to prevent:

  • paying large fines to the FDA,
  • product-wide recalls, 
  • huge losses in revenue, and 
  • reputation loss.
inventory tracking solution