When working with precious metals and other high value inventory it is imperative that inventory can be traced throughout all handling processes. By selecting inventory management software with the necessary features and functionality to properly trace the necessary information, information visibility will be significantly increased. There are five essential traceability features and in this presentation we will discuss them in detail.
The first essential feature needed to properly trace precious metals in your facility is full audit trail including chain of custody/ chain of integrity. Here users will be able to see all activity records for all inventory handling including who performed the activity, what time it began and ended and the current status of the inventory item.
The second feature is the ability to track inventory by serial number. Any serial number can be used for this and all product attributes can be attached to a single serial number. This allows for each inventory item to be tracked individually.
The third essential feature for vault management operations is LBMA standard tracking. As gold and silver bars cannot be traded on the London Bullion Exchange unless they meet the “Good Delivery Standards” it is important for inventory owners to be notified that these requirements are not met. The WMS tracks the associated product characteristics and compares this to the Good Delivery Standards.
The fourth feature needed to efficiently track precious metals or high value inventory is product attribute tracking. All of these product attributes must be tracked and transferred throughout all inventory activities to ensure a complete and accurate audit trail. Some of the highest priority product attributes are refinery marks, fineness, weight (gross, net and fine) and serial number.
The last important traceability feature needed is owner tracking. The ability to track multiple types of owners such as individual owners, brokers, financial institutions, and collectors as well as the activity between them allows for more accurate data tracking and product attribute association.
An inventory management software with these top five essential traceability features will allow your facility to more efficiently and accurately track high value inventory and all associated handling. This assists in preventing outcomes such as product loss or misplacement.