Facilities handling precious metals or high value inventory for owners such as financial institutions, brokers or individual owners must be able to provide accurate, real-time inventory data to their customers and process orders efficiently and accurately. One way to increase data visibility while capturing more revenue is to utilize product serialization functionality within your inventory management system. Serializing inventory provides three main benefits to your precious metals storage facility. In this short presentation we will examine the benefits of serialization for your business, but first let’s look at what exactly serialization is.
Serialization is the assignment of unique numerical or alphanumerical identifiers to products being stored. These unique serial numbers are not repeated on similar inventory items, but may be reused in the distant future. Serial numbers are typically applied by the manufacturer of the product, but are, in some cases, applied at time of receipt. The main purpose of product serialization is to improve product traceability throughout the entire life cycle of the inventory item.
By associating product attributes to an assigned serial number, a barcode parsing tool can be used to automatically enter all product information rather than manually entering in each piece of information. This saves labor hours for staff handling the product. The product attributes that can be parsed from a serial number include, but are not limited to: manufacture date, manufacture line, weight, dimensions and LBMA status.
In addition, serialization can be beneficial for billing capture. Because each base unit is assigned its own serial number, it can be much more easily tracked throughout the sales process. Using the audit trail created, the associated costs of handling can be captured and billed in real time, increasing overall profit.
Serialized inventory units also simplify fulfilling orders for specific inventory units. Each individual unit being serialized increases order fulfillment accuracy which in turn reduces the frequency of return orders and charge back fees for incorrect units. This will also affect your overall profit.
To learn more about the benefits of serialization within a vault environment please contact Datex today at 800.933.2839 or at email@example.com.