November 13th 2024 14:46:16 PM
Need to Track Lot Numbers? Let Your Inventory Management Software Help.
February 16th 2021 16:00:00 PM
Successful inventory management gives you multiple benefits, including making your warehouse run more efficiently by making the most of your space to minimize storage costs. It also keeps track of quantities of each item sold and assists with estimating future sales. There are other reasons why tracking products is a requirement for your business.
You may receive a defective batch of an item that was ordered. Parts or products you carry may be recalled by a government agency. In this type of situation, you need to be able to track and trace inventory rapidly to respond appropriately. As you are performing this all-important task, your customers and suppliers are watching to see how well you and your brand respond to getting the damaged or defective goods out of the supply chain. This is a time when you need to be able to count on your inventory management software to trace the inventory by lot numbers as required to make the job easier.
Do you need to track parts and products by lot numbers? Are you ready to upgrade your inventory management software immediately? Don’t wait; contact us online or call (330) 645-9959 to make an appointment with a Scanco Solutions Expert.
What are Lots?
A lot is a batch of products that were either made at the same time or collected into a group and identified by a specific lot number. The group is then managed as a separate unit in inventory. In most cases, all of the items making up one lot have a shared production date or expiry date.
You can create your own lot based on a certain point in time. For example, your inventory management software can use the items from a purchase order or the time period a run of parts was created. These lots can then be used to generate reports tracking how long the lot is held in inventory or to ensure the stock is being rotated on a FIFO (first-in, first-out) basis.
About SKUS
SKUs (stock-keeping units) are used to keep track of items based on certain traits, such as:
- Color
- Manufacturer’s Name
- Price
SKUs are assigned by retailers and can be used to check whether a specific product is in inventory at any time by using a handheld scanner. You can also run full reports on stock levels and sales for a particular SKU.
How to Make Lot Tracking Easier
- Review your inventory to decide how many lots need to be tracked.
If you don’t know how many lots you need to track, your efforts won’t be very efficient. The results of your review will let you know exactly how many individual lots (not the number of products you are carrying) you are dealing with.
- Count the number of products you have in each lot.
When several lots of similar items are being stored close to each other, it is going to create some unique challenges in your warehouse. When you have a clear picture of the size of each lot you have on hand, you will be able to plan more effectively.
- Choose one location in the warehouse where each lot will be stored.
This is where your inventory management plan is going to become challenging. You may never have “enough” space in your facility; however, it needs to be organized so that each lot is stored together. They need to have their own designated location in bins or on shelves.
- Use your inventory management software to give you visibility and control over your supply chain.
Rely on your inventory management software to show you exactly which raw materials, parts, and finished products you have on hand at any time. Search by individual SKUs and the lots will also be indicated. Use barcodes to indicate lot numbers on bins. You can also use the “license plate method” of keeping all the products in the same container and placing a label on the container.
Your software will also track how often your lots need to be reordered. Tracking them will help you plan future orders and lower the risk of running out of stock.
Scanco Multi-Bin Gives you Transparency and Superior Tracking
Whether you are a manufacturer or a distributor, you’ll understand the importance of transparency in your supply chain. Scanco Multi-Bin was designed exclusively for Sage 100. As the name implies, it makes tracking items in multiple bin locations simple and convenient. Multi-Bin can increase your efficiency by 75%. It also fully integrates with Sage’s Production Management, Operations Management, and Work Order.
Multi-Bin for Distributors
Scanco Multi-Bin is packed with features the team in your distribution center needs to keep your operation running smoothly.
- Directed put away keeps lots together.
- Monitor the inventory as it is rotated through the warehouse.
- Software features also include directed picking, along with license plating for pallets and cases.
- Reserve and release inventory as needed to fill orders.
Multi-Bin for Manufacturers
If you are a manufacturer, Scanco Multi-Bin gives you complete visibility and control over your supply chain. Use it in conjunction with either Scanco Operations Management or Manufacturing 100.
- Reserve or allocate raw materials to a specific order from the point of delivery through shipping and customer invoicing.
- Dynamic inventory allows for real-time palleting and license plating.
- Expiration date lot control with dynamic inventory.
If you want to get even more from Scanco Multi-Bin, order fill rate and wave batch picking are available as add-on features when you choose either the Standard or Premium version.
Scanco is committed to finding the right solution for each one of its clients. Would you like to discuss how Scanco Multi-Bin or one of our other solutions can help your business become more efficient? Taking the next step is easy. Contact us online or call (330) 645-9959 to set up an appointment with a Scanco Solutions Expert.
