Inventory is typically one of the largest assets that your business owns. If you keep a large amount of inventory it is important to have an appropriate strategy to keep track of it. This becomes more complex when your business sells new and/or used units, has units for internal use, and services customer-owned units. Implementing an inventory management system that is capable of serial number tracking is a good way to maintain control, offer organization and keep customer unit information accessible for your staff.
Once an inventory system like Windward System Five on Cloud is in play, your team can track units throughout your fulfillment or work order process, allowing them to deliver a seamless experience for your customers.
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Items such as appliances, electronics, automobiles and jewelry often bear a serial number as an individual identifier. Serialized units are unique inventory items that have an additional layer of tracking other than the manufacturers model or part number. This might be a serial number that the manufacturer assigned to an appliance, or a VIN number on a piece of equipment or a vehicle. Not every type of product will need to be identified with this level of detail and may only have a model or part number.
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Barcoding in your business helps to eliminate errors when identifying products during the ordering and receiving process. |
The ability to control your inventory workflow effectively results in less excess stock sitting around. When you use an inventory management system with serial number tracking, inventory turnover rates and other data can be leveraged in becoming more efficient. Let's face it, excessive stock levels cause warehouse inefficiency.
If one of your suppliers identifies a problem with a product and issues a recall, you will be able to quickly find the affected serial numbers and kick off your RMA process to exchange them for working units.
The likelihood of selling or using a known faulty product in a repair is significantly reduced if serial number tracking in place.
And finally, the inability to control your inventory effectively resulting in excess stock sitting around can cause warehouse inefficiency, potential for product damage/spoilage, and potential for obsolescence can be costly to the company.
Accounting functions often get overlooked when researching inventory management systems. Windward System Five on Cloud truly helps to run your business instead of just reporting on it, so you'll find accounting functions that work alongside each feature. This is especially true when it comes to Capitalization and Depreciation of Units. Costs can be added to a serialized unit to track your total investment prior to sale. For those assets that get used in the business, and for rental units, there are a number of depreciation methods to choose from.
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Windward System Five on Cloud can help manage serialized units in your business. Want to find out more? |
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