Question: How do I
know what is the best inventory type for my warehouse?
Answer: There are 3 main types of inventory regardless of
the size of your warehouse: Serialized product, Lotted Product, and
Non-serialized/non-lotted product. Choosing the right type of inventory in your
warehouse is primarily based on what information you would like to track about
your products. Do you want to track them as individual
pieces (serialized), as groups of product (lotted), or just
quantities (non-serialized/non-lotted product).
Serialized product is used when
you would like to track individual products. Products that you are offering a
time based warranty are often tracked with a serial number. This allows
for reporting on individual items, where they were shipped, and who they were
shipped to. This type of inventory is typically used with electronics, sim
cards, motors, and other types of inventory with moving parts.
Lotted product is used when
you want to track groups of products. Any group of products that you would want
attributes to follow, such as expiration date, Grouped weight, Best by date,
Composition, or Manufactured by. Typically a Lotted product is
used for food stuffs, chemicals, or pharmaceuticals. Using lot product is
useful when you would like to know where a group of products
were sent or multiple locations. This lotted product type is best as
one will be able to recall the product(s).
product is the most basic form of inventory. This type of
inventory is used if one product is the same as the other. It is used if you
simply want to track a quantity of products. This is probably the most widely
used type of inventory. Apparel, accessories, and hardware are
typical types of non-serialized/non-lotted product.
Let us help you with managing your inventory – we make inventory management simple!