A lot ID or batch number is an identification number that is assigned to a particular quantity or batch of products or materials. The lot numbers as the serial numbers are used for tracking items throughout the sales and receiving process. However, there is a significant distinction between lot ID and serial number. Many items can have the same lot number because of this number assigned to a group of products with common specific properties. At the same time, the serial number as a unique number that is assigned to a single item; so, in stock, items of the same product can have different serial numbers.
Many kinds of businesses need to keep tracking of their assets and stock items in relation to their batch or specific lot from a manufacturer. Lot control is essential, first of all, for performing product differentiation, recalls, and expiration dates: