Prevent Losses with Lot Tracking Software
Lot traceability is relevant for any manufacturer, distributor, and retailer company regardless it is from the food, pharmacy, or industrial business. Certainly, the information type and format might vary from industry to industry, but the ability to track of stock by using the lot tracking software system is a business requirement for any company to be successful.
Difference between the serial number and lot number:
- The lot number is established to products developed or processed together in the same batch. Traditional lot tracking enables tracking the batch of products.
- The serial number is established to an individual product. Traditional serial number tracking enables identification and tracking an individual item within a large batch of identical units.
Some examples of utilizing the lot tracking by different industries:
- Manufacturing companies – to keep tracking product batches in the case of need for a product recall.
- Restaurants and food businesses – to keep tracking the food expiry dates.
- Pharmaceutical companies – to keep tracking requirements for medication.
- Product distributors and retailers – to keep tracking inventory moving.
Lot tracking software system allows to:
- automate the lots assignment and optimize the inventory control process;
- hold products in consent to the required standards and regulations;
- direct the shipping process, so the older products are shipped out first;
- receive alert notifications about sell-by dates and expiration dates;
- take quick action against any product safety complication;
- quickly and properly identify the product batch by lot number;
- defining customers that have gotten items from the specific batch;
- quickly recalling damaged, expired, or in other way affected lots;
- result in cost-saving opportunities via:
- reducing labor costs by minimizing laborious manual work such inventory tracking, recall managing, and other;
- preventing the loss of inventory items;
- paying fines to the Food and Drug Administration (FDA);
- analyze business losses due to products stock expiring.
Business owners need to remember that the inability of tracking goods along the supply chain can break their companies in the case of facing the recall of products. Recalls might concern not only the food industry; a company from any industry can be affected, including consumer products (especially children’s products), automotive, medical and pharmaceutical products.
Lot tracking software enables tracing products end-to-end, from a manufacturer through a supplier to customer. If you do not want to lose in expired and recalled products every year more than investments in the lot tracking software system, start to use such system immediately.