Batch tracking system or lot tracking process is a must-have to provide high-quality goods and minimize accounting or other relatable errors. Implementation of a batch tracking system helps to minimize the accounting errors and verify the history and location of the products/inventories if there will be product recall incidents.
Batch processing helps to keep accurate data for the products close to their expiring dates. Lot tracking performs as an effective system to streamline the supply chain management and take care of the customer-related issues, the supplier demand problems.
Batch Tracking Definition & Use
Batch is a particular set of goods or products made of the same material and placed together. Inevitably, the products within a batch have the same expiration date.
Inventory batches exemplify the product items received at a specific date, specific cost, and specific data maintenance. These items have a proper numbering system. Accordingly, there may be cases where the product batches may differ even if they are of the same category.
Batches are important to count on as they help make a proper understanding of the products’ expiry dates and differentiate the purchase price or the type of material used.
There are many reasons why this system is essential to count on to apply better Inventory Management System.
Batches enable you to track the following:
- The Product/Inventory Expiry Dates
- Determine the Product Return Dates
- Analyse the Simple Moving Average (SMA), Profit Margin Reports
The specific strategies like LIFO, FIFO, and FEFO are practicable due to the inventory batches, which help the business understand the tracking systems and the product differences in terms of the item expiry dates or other issues.
Batch Tracking: The Benefits
A product recall is when a company or a business is being retrieved to take back the products that have been sold and the harm caused to the product is huge, so the buyer is sending it back to the company or a seller.
Recalls are common happenings in terms of business considerations. The cases of defective items sent to the buyers will assume full refunding and compensation. There may be found cases when there’ll be found common recalls, leading to serious repercussions and company closing downs. Any company’s main goal should be avoiding the cases or mishappenings of frequent recalls. Here comes a handful use of the batch tracking system.
Batch tracking helps to have a seamless operational system and detailed data, which is essential for the businesses in terms of the product-selling realisation’s visibility and transparency.
Less Data Errors & Mishappenings
Technology’s main purpose is to serve the business’s needs and help maintain fast and secure workflow. The technological advancements and developed tools enable users to have a practicable landscape of a working environment. Implementing a business batch tracking system will support having increased sales control and management.
This practically means that your ability to sell the products and make proper considerations of the batch tracking supports the competitions’ analysis and provides visibility.
Technological solutions provide fast and secure batch tracking system making your job less complicated. The automated batch tracking system drastically cuts down the possible human error occurrences and provides accurate data & reports.
Accurate Accounting System
Imagine having an automated tracking system for your product batch tracking, enabling you to avoid manual tracking cases. An automated batch tracking system allows users to avoid the mishappenings of incorrect data or misinterpretations.
The automated system enables users to access information as a generation of data within your batch and use it for quick access if product recalls.
Enhanced Supplier Relationship
Batch tracking in quality management matters the most. That system gives insights on how to perform your sales and manage your inventories at a greater extent of enhancement. This system inevitably leads you to determine who are your suppliers. This leads to the understanding of who is a good performer as a supplier and who is not. This leads to a better controlling system over your inventory as you know from whom to purchase your material.
Batch Tracking Quality Management
This system allows users to have full control over each product in terms of the serial numbers, manufacturing dates, certification numbering, purchase & expiry date considerations, product location, etc. This is practically making the overall system adaptable as you can find the defective products and obtain visibility easily.
All those operations lead you to have better management, quick access to your inventory accordingly to owe great quality control. The total control will allow you to capture accurate information about each item and immediately extract the products’ necessary information due to the batch tracking system.
eSwap, as a cloud-based inventory management software, allows the users to enable the batch tracking system for existing products. The batch tracking system in eSwap allows you to create product categories, export the product data across the multichannel eCommerce platforms, manage existing locations, and provide you with real-time synced data. All that you need for your inventory batch tracking is available in eSwap.