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In the business field, it is a practical strategy to implement the benefits of serialization. Primarily for industries that have limited-life products such as the pharmaceutical or FnB industry. 

Nowadays, serialization is more than just a label or barcode. It contains more specific information about the products. Implementing the unique code supports supply chain visibility and helps to ensure regulatory compliance, any more.

What is Serialization and Why Does It Matter for Your Business?

In simple terms, serialization refers to a process of labeling each saleable item with a unique identity. The code is usually in the form of NFC, QR, or also RFID tags. Read About: Right Inks for Marking and Coding and Free Tips to Choose.

After the serialization, each product has the identification of its journey in the entire supply chain and can be tracked. This supports more than end-to-end traceability but also helps companies and retailers in tracking the products back to their origins.

It offers insights into the involvement of supply chain partners in handling the products and tracks the specific materials or components enthused in the final product. In addition, it is also possible for stakeholders to interact with every individual product.

10 Unrealized Benefits of Serialization for Your Business

When it comes to finding a solution for brand protection, better traceability, and other numerous benefits, serialization is the answer. Companies can gradually improve operational efficiency, reduce costs, and eventually create a stronger connection with consumers.

Improved Supply Chain Visibility

Serialization is taking the method of product tracking by batches in a more advanced way. By using unique codes, it is easier to accurately track each item of a brand, making it easier to be found in the supply chain. 

Increased Product Traceability

With serialization, each assembly or device has a unique code or identification number to track its location, history, and other essential parameters. Therefore, consumers will receive the right product.

Enhanced Consumer Trust

Consumers can easily verify the originality of a product, this is another serialization power. This results in enhancing consumers’ trust. It can be in the form of a QR code that covers the information about the product.

Regulatory Compliance

The benefits of serialization for regulatory compliance, serialization is useful as it empowers products from legal fines or concerns by ensuring that they are eligible for regulatory requirements.

EMA, FDA, and most regulatory authorities have mandated serialization for pharmaceuticals and medical equipment. Also, for any other specific products. 

The urge behind this is that it provides clear proof of product movement, provenance, and composition. Therefore, helping businesses comply with the rules and provide the best products for their consumers.

Efficient Recall Management

After conducting quality control checks, there is still a possibility of a product recall when necessary. A company should not take it for granted as it can affect the company’s revenue and reputation, affecting their business future.

With the benefits of serialization, the recall process will be easier and quicker. The exact location and distribution channel of where the product items exist can be tracked. This can save time and prevent damage to the brand. 

Better Inventory Management

Companies can see the exact available stock as well as when it is in backorder. This is possible by implementing tracking serialized products. The benefits of serialization can help to ensure that the items are ready when needed by customers.

Businesses also can understand whether a product is slow-moving or selling fast. This is because serialization shows data on product movement in detail. This helps to save on storage costs, reduce the possibility of overstocking, and stock forecasting. 

Optimized Distribution

By implementing serialization from production to delivery, companies can track items at every stage. This is useful to specifically track products that need to be available at the right time. Preventing loss or delay in the shipment process.

Cost Savings

As mentioned earlier, since it is possible to track stock levels, the benefits of serialization can reduce error or cost. Eventually, it prevents understocking and overstocking. 

Data-Driven Insights for Business Growth

Gathering information from consumers is not that hard if there’s tracking for serialized products. By knowing customers’ buying habits, including when or where an item is sold, companies can improve their marketing strategies. 

Improved Marketing and Consumer Engagement

Specific marketing personalized offers, promotions, or campaigns can be linked to serialized products. For instance, to improve customers’ experience, a QR code can be used so that they can access exclusive content or discounts. 

With advanced technologies implemented in management platforms, businesses are now gaining huge benefits to manage their products more effectively. It is easier and more exciting for them to build a mutual relationship with customers. 

However, the benefits of serialization are not only about efficiency-related things, but also about opening up new strategies for sustainability, regulatory compliance, and customer interaction. 

 

References:

  1. https://www.increff.com/10-unrealized-benefits-of-serialization/
  2. https://www.myemssolutions.com/benefits-of-serialization-during-product-development/
  3. https://twintag.com/blog/product-serialization-and-its-benefits-for-your-business

 

  

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