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What are the most effective stock movement tracking methods?

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Stock movement tracking is the process of monitoring and recording the flow of goods in and out of your inventory. It helps you optimize your stock levels, avoid stockouts and overstocking, and improve your customer service and profitability. But how do you track your stock movement effectively? Here are some of the most common and useful methods that you can use.

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1 Barcode scanning

Barcode scanning is a simple and fast way to capture and update your stock information. You can use handheld scanners, mobile devices, or fixed terminals to scan the barcodes of your products and register them in your inventory management system. This way, you can track the location, quantity, and status of your stock in real time, as well as generate reports and alerts on your stock movement.

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Pabitra Patra

Assistant Manager- SCM & Stores at Premier energies || EX-Team lead associat at Mundra solar PV ltd (Adani solar)||
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The most effective stock movement tracking methods include implementing barcode scanning/ RFID technology. Real-time tracking software, and using automated inventory management systems. These tools enhance accuracy, reduce errors, and provide real-time visibility into stock movement.

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AMIT CHAKRAVARTY (AC)

Operational Trailblazer | Driving Efficiency & Elevating Customer Experience | Specialist in Process Optimization and Customer Satisfaction
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In the dynamic landscape of modern business, effective inventory management stands as a cornerstone for success. Whether you operate in manufacturing, retail, or any industry in between, an organized and streamlined approach to inventory can significantly impact your bottom line.

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2 RFID tagging

RFID tagging is a more advanced and accurate way to track your stock movement. RFID stands for radio frequency identification, and it involves attaching small tags or chips to your products that emit radio signals. You can use RFID readers to scan these signals and identify your products without direct contact or line of sight. This way, you can track your stock movement in bulk, at a distance, and in challenging environments, such as cold storage or metal containers.

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AMIT CHAKRAVARTY (AC)

Operational Trailblazer | Driving Efficiency & Elevating Customer Experience | Specialist in Process Optimization and Customer Satisfaction
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One of the primary advantages of robust inventory management is the ability to minimize costs. By keeping a close eye on stock levels, businesses can avoid overstocking, reduce carrying costs, and prevent unnecessary capital tie-up. Conversely, maintaining optimal stock levels ensures that you never fall short of meeting customer demand, avoiding potential revenue losses.

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3 QR code scanning

QR code scanning is a similar method to barcode scanning, but it uses two-dimensional codes that can store more information and are easier to read. QR stands for quick response, and it refers to the square-shaped codes that you can scan with a smartphone camera or a dedicated scanner. You can use QR codes to track your stock movement and access additional data, such as product details, expiration dates, or batch numbers.

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AMIT CHAKRAVARTY (AC)

Operational Trailblazer | Driving Efficiency & Elevating Customer Experience | Specialist in Process Optimization and Customer Satisfaction
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Strategic inventory management is inherently tied to data analytics. Utilizing advanced inventory management software provides valuable insights into product performance, demand forecasting, and supplier reliability. Armed with this information, businesses can make informed decisions, optimize reorder points, and adapt quickly to market changes.

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4 Serial number tracking

Serial number tracking is a method that assigns unique identifiers to each individual product or unit in your inventory. You can use serial numbers to track your stock movement and trace the history and origin of your products, such as where they were manufactured, when they were shipped, or who bought them. Serial number tracking is especially useful for high-value, perishable, or regulated products that require quality control and compliance.

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5 Batch number tracking

Batch number tracking is a method that assigns unique identifiers to groups of products that share the same characteristics, such as production date, expiry date, or ingredients. You can use batch numbers to track your stock movement and manage the quality and safety of your products, such as recalling defective or expired batches, rotating your stock according to the first-in first-out (FIFO) principle, or complying with industry standards and regulations.

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6 Lot number tracking

Lot number tracking is a method that assigns unique identifiers to subgroups of products within a batch that have the same specifications, such as size, color, or weight. You can use lot numbers to track your stock movement and optimize your inventory allocation and distribution, such as matching customer orders with the right products, reducing waste and errors, or maximizing your storage space and efficiency.

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7 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?

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What are the most effective stock movement tracking methods?

1

2

3

4

5

6

7

1 Barcode scanning

2 RFID tagging

3 QR code scanning

4 Serial number tracking

5 Batch number tracking

6 Lot number tracking

7 Here’s what else to consider

Inventory Management

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What are the most effective stock movement tracking methods?

1

2

3

4

5

6

7

1 Barcode scanning

2 RFID tagging

3 QR code scanning

4 Serial number tracking

5 Batch number tracking

6 Lot number tracking

7 Here’s what else to consider

Inventory Management

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