How can you manage inventory for products with lot numbers?

1 Use a lot tracking system

A lot tracking system is a vital tool for managing inventory for products with lot numbers, as it is a software or hardware solution that records and monitors the movement and status of these products throughout the supply chain. This system can capture and store lot information, such as batch number, expiration date, manufacturer, and location. It also has the capability to scan and label products with lot numbers using barcodes, QR codes, RFID tags, or other methods. Moreover, it can track and trace products with lot numbers from receipt to shipment, and from warehouse to warehouse. Furthermore, it can generate reports and alerts on inventory levels, availability, turnover, and expiration of products with lot numbers. Finally, it can help you comply with regulatory and customer requirements on lot traceability and documentation.

2 Implement FIFO and FEFO principles

Managing inventory for products with lot numbers requires following the FIFO and FEFO principles. FIFO stands for first-in, first-out, meaning you should use or sell the products that arrived first in your warehouse before the ones that arrived later. FEFO stands for first-expired, first-out, meaning you should use or sell the products that have the earliest expiration date before the ones that have a later expiration date. Following FIFO and FEFO can help reduce waste and spoilage of products with lot numbers that have a limited shelf life or are sensitive to environmental conditions. Additionally, it can improve customer satisfaction and loyalty by delivering fresh and quality products with lot numbers that meet their specifications and expectations. Moreover, it can prevent financial losses and legal liabilities due to selling or using expired or recalled products with lot numbers.

3 Optimize your storage and picking methods

Optimizing your storage and picking methods for products with lot numbers is essential to ensure their accessibility, visibility, and accuracy. You should designate a separate area for these products and arrange them in a logical order using FIFO or FEFO principles. Labeling bins, racks, shelves, or pallets according to lot information can also be beneficial. Additionally, you may want to use pick-to-light, voice picking, or another automated system to guide workers to the right location and quantity of products. Finally, verifying and updating the lot information before and after picking with a scanner, handheld device, or mobile app is recommended.

4 Train and educate your staff

The last but not least tip for managing inventory for products with lot numbers is to train and educate your staff. Your staff are the ones who handle, process, and deliver your products with lot numbers, and they need to be aware of the importance and implications of lot tracking. To ensure your staff have the necessary knowledge, provide regular and comprehensive training on the use and maintenance of the lot tracking system, storage and picking methods, and quality and safety standards. Additionally, create clear SOPs, manuals, and checklists that outline the steps and procedures for managing inventory for products with lot numbers. Also, foster a culture of feedback by encouraging suggestions from your staff on how to improve your inventory management. Finally, conduct audits, inspections, and tests to ensure compliance and performance of your staff and inventory management.

5 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?