Manufacturers face the challenge of supply chain visibility. But thanks to product serialization, brands are able to adhere to this. Manufacturers can now establish transparency and manage their supply chain in the most efficient ways possible.
What is Product Serialization?
Product serialization is the process of attaching unique tags or identifiers that are sequentially assigned to products. It can be done by affixing a unique code in the form of a QR code, RFID, NFC, and others.
It allows end-to-end traceability as it enables the use of human and machine-readable codes for manufacturers and retailers to track the origins of their products, their packaging information, overall history, as well as specific components that went into the final product.
Product serialization is key to enabling digitalization. Read on to learn more about the important benefits that it brings.
The Key Benefits of Product Serialization
1. Improved Supply Chain Visibility
Product tracking by batches has been practiced in various industries in recent years. With product serialization in place, supply chain visibility is improved. By assigning unique codes to each item, brands can now track their products with accuracy.
2. Better Quality Control
When it comes to quality control, product serialization offers enormous help. It simplifies the process of detecting defects and helps you to track the faulty products to their origin. Product serialization offers useful information so you can easily trace quality-related issues, know the third-party sources, and even help prevent the occurrence of the same problems.
3. Regulatory Compliance
For manufacturers, it is a must to ensure regulatory compliance. Good thing, product serialization can help you with that. It can help ensure quality and safety standards are followed by tracking products throughout the supply chain. With this technology, you can prevent counterfeit products and stolen goods to be made available to consumers.
4. Product Recall Management
A product recall could still happen even with quality control measures are in place. While this problem may not be easy to avoid, you’ll find product serialization a relief to easily handle product recall management and get it done at the quickest possible time. Delays in product recall often lead to irreparable damage that may affect a brand’s image and revenue. Product serialization can also help in quick product recalls, you can act on this problem as soon as it occurs as you have the information that can tell you the exact status of the compromised products and in which distribution channel they are.
5. Prevent Product Diversion
One of the major concerns of manufacturers and retailers these days is product diversion. It refers to the shifting of the distribution of a product stock to another channel without the permission of the primary vendor. With product serialization, this is prevented to ensure that products are delivered to their intended distribution channels.
6. Increased Consumer Engagement
Product serialization is also a way to use a new channel for brands to use in marketing. The unique identifiers assigned to products can help boost brand loyalty. These product codes can be used to increase customer engagement and brand retention which will eventually impact your conversions.
7. Clear Demand Forecasting
It is a must for businesses to know how their products are performing in the market and get a good estimate of the stocks that are still available, as well as those that need to be replenished. Through product serialization, it is easier to get an estimate of the supplies available per distribution channel and determine how much has already been sold. By getting hold of this information, you will be able to forecast product demand. You will also be guided in the procurement process so you can provide the essential raw materials for the next manufacturing cycle.
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Elixir Industrial offers product serialization products from the leading brands. Check out our print and apply machines that combine simplicity and advanced technology. Talk to us today so we can help you with your product serialization requirements.