There are many ways to track all of the parts and products that you have stored in your warehouse. One of the most common ways to accomplish this important task is by making use of serial number tracking.
You might start using a serial number to track the progress of a part or product from the time that a purchase order for it is received into your inventory. Then you can continue tracking it with that same serial number until the time that it eventually leaves your warehouse and is shipped to its final destination. From the time that it enters your warehouse to the time that it gets placed into the hands of your customer, you need to be able to keep track of it. And serial numbers are the answer.
Once a part or product is assigned a serial number, it can be monitored as it moves through your inventory system. This number differentiates it from all of the other types of items that you have in stock and that you wish to track. You would not want your inventory to just be a giant blob of indistinguishable parts and products, as far as your software is concerned. You want to be able to tell a difference between a hammer and nails or a computer chip and a computer screen, for example. A serial number tracking system helps you to calculate your inventory turnover ratio, which is the number of times in a year that you sell all of your inventory items. This calculation enables you to make better decisions in the future while purchasing inventory to either increase or decrease that ratio.
MORE SERIAL NUMBER USES
There are many other uses for serial numbers that can be explored. Serial number tracking is definitely useful if you create your own parts and products. It allows you to easily find each item that you have in stock no matter which stage of production it might be at during the manufacturing process. This makes it simple to exchange one part for another if needed, find damaged or otherwise malfunctioning parts or products to stop production, and much more. It is also a good idea to use serial numbers for:
- Quality assurance
- Dealing with product recalls
- Addressing warranty claims
- And more
Efficiently managing your inventory is essential to the financial success of your business, whether you have a big or small operation. Tracking serial numbers is just one of the countless features Fishbowl that is capable of providing to you. With Fishbowl, you can track every single item in your system by lot, carton, barrel, container, crate, etc. There is practically no way to lose track of your inventory while using Fishbowl to its fullest. In other words, Fishbowl pays for itself many times over as it saves you money while taking care of your inventory control needs.
See for yourself how Fishbowl’s serial number tracking and other inventory management features can help you by signing up for a free trial.
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Serial numbers help companies differentiate items from one another. They can be used for a number of purposes, such as:
- Monitoring products’ location and status
- Manufacturing jobs
- Quality assurance
- Product recalls
- Warranty claims