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What is serialized tracking the supply chain? How can it be used to improve your inventory management? Let’s take a look at some of the advantages when it comes to serialized tracking.
Serialized tracking is a method to identify your inventory in the supply chain down to the item level. Companies lose market share and revenue if their inventory is unaccounted for or lost in the supply chain. Supply chain experts believe that serialized tracking leads to better inventory management.
Here are some of the benefits that it provides:
Traceability is a key feature that is needed for the modern supply chain. It allows companies to understand how their products move along the supply chain network. It also provides a history of who came in contact with products as well. According to a survey conducted by ConveyCo, it found that the average U.S. retail operation has an inventory accuracy of 63%.
Through the use of barcodes or radio-frequency identification (RFID), a unique serial number can be generated to improve data accuracy. Data accuracy offers a multitude of ways to gain new insights that can have a massive business impact. Being able to track an item’s real-time status or being able to process returns efficiently are some of the many conveniences that it can offer.
Experience improved customer satisfaction through serialized tracking. It was found that the #1 reason why customers return their online orders is because they received the wrong size, fit or color. Serialized tracking ensures that products are picked correctly and shipped out in an organized and timely manner. In addition to this, it is also able to reduce inventory costs by preventing duplicate orders.