Inventory traceability in the precious metals/high value inventory industry is critical because of the increasing stringency of quality and purity standards set by third party organizations such as the London Bullion Market Association (LBMA). The LBMA requires sellers to provide detailed product attribute records proving their quality and purity standards are met before time of sale. Sellers who are unable to provide this type of data are excluded from influential markets such as these, reducing potential profits. Selecting a vault or depository partner that can track inventory accurately and provide detailed, real-time audit trail reports can help improve the position of sellers and help them reach higher profits.
Selecting a warehouse management software solution that can meet customer needs is critical for any vault or depository serving individuals or organizations of any size. There are a few key pieces of functionality needed to provide the industry leading vault management services.
The first functionality area to look for it chain of custody/integrity tracking in the form of audit trails. As inventory is received, handled, moved or processed in any way this data with time and user stamps is recorded. Reports can be generated to summarize all inventory activity to show proof of integrity. Datex FootPrint® WMS provides easy-to-read views for users to see all activity in one screen.
Inventory must also be tracked by serial number or given ID number. Most gold/silver bars are stamped with serial numbers by refiners. This will allow for each individual item to be tracked within your storage facility. All inventory data can be recorded and associated to this serial number and allows for automated data collection. This also helps vault and depository owners to track product characteristics important to the LBMA such as weight, dimensions, fineness and marks.
These product attributes should be tracked and included in inventory audit trail data. With Datex FootPrint® WMS this data is tracked and recorded in real time. Users can even set custom alerts to notify them of any inventory received that does not meet LBMA standards so that further processing can occur. This is an important value added service that your team can provide to customers.
Owner transfers are also important functionality to consider as inventory may change hands frequently. Having this functionality reduces manual data entry by tracking chain of custody automatically while retaining buyer and seller privacy.
Learn more about Datex vault management software today
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