What is Inventory Traceability?

Inventory traceability is the ability to track products and materials through the supply chain. Most of the manufacture companies uses some traceability system, to track products and materials through the supply chain. Inventory traceability also known as Track and Trace. Tracking an inventory is the process of tracking how much of each individual of product a business is buying or storing for resale proposes, and how much of each of those products are being sold. Accurate inventory management system is one of the top priorities for manufacture companies. While using an Inventory Tracking System, you can be assured that the system will also always show real-time inventory levels, maintain transparency and accuracy while tracking the inventories. This way, you can have better control over your inventory and can reduce the chances of mis-delivering or late deliveries.

CoreIMS is focusing on accurate, real-time inventory management solution, with CoreIMS manufacturing companies are able to track their inventory in real-time in order to avoid overselling and make sure that they always have enough product in stock and never run out of stock.

What are the Types of Inventory Tracking System?

Inventory Tracking system can be divided into two types:

1. Manual Inventory Tracking System

Many years ago, companies tracked inventory manually with a system known as the card system or cardex. Every time inventory purchased or sold, the quantity was manually written on that item’s card. Today, some companies still use a type of manual entry system to record inventory transaction. This kind of system is generally used by small size companies where the inventory levels are limited, or the inventory is easier to calculate.

2. Automated Inventory Tracking System:

An automated inventory system is when the inventory is traced with the help of technology. Today, many companies have an automated inventory management system. Whenever a movement of inventory occurs, the inventory management system receives an automatic update of the transaction. All the incoming and outgoing inventory is recorded through scanners and automatically updates the inventory tracking system. Each transaction is recorded immediately and thus, avoids any human error that is caused by using the manual inventory system.

In automated inventory management tracking system, companies mainly use

• Barcodes
• RFID

Barcodes: A barcode or bar code is a method of representing data in a visual, machine-readable form. The barcode scans the products and can retrieve the entire information about that particular product. This information includes number of items sold, number of items kept in stock, information on low stock, price, and description.

RFID: Radio-frequency identification (RFID) uses electromagnetic fields to automatically identify, and track tags attached to objects. An RFID system consists of a tiny radio transponder, a radio receiver and transmitter. When triggered by an electromagnetic interrogation pulse from a nearby RFID reader device, the tag transmits digital data, usually an identifying inventory number, back to the reader. This number can be used to track inventory goods.