Traceability – an important word to your business that you may not hear often. What is traceability? And, why is traceability important? Traceability is the ability to track the movement of an individual item from its origin to the end of its useful life. Traceability also provides knowledge of who comes into contact with the item along the way.
Why is Traceability Important?
Since traceability allows businesses to know exactly where an individual product is at any given time and who handled, it instantly offers the ability to boost profitability, increase employee accountability and reduce inventory loss. It also offers customers timely information needed for them to buy again, schedule a service call or accurately describe the product they purchased from you. This allows businesses to know exactly where an individual product is at any given time and who is handling it, which is beneficial in many ways, including:
- Generates valuable data to help managers make better, more informed business decisions.
- Provides valuable information on how to increase the efficiency of item movement processes.
- Gives employees the ability to associate notes and photos with an item, order, or project.
- Improves warranty management by giving the the ability to easily locate defective parts and retrieve replacement parts.
- Alerts businesses of exactly when their inventory has reached its final destination.
- Reduces inventory loss, since traceability provides detailed information on where each individual item is at all times, along with who touches it.
- Increases profitability through improved, more efficient processes and reduced losses.
One of TRXio’s key benefits is item-level traceability. Common inventory modules, or add-ons used by traditional financial software and proposal management platforms, simply cannot deliver itemized inventory data or traceability analytics for accurate inventory control that businesses today require to be competitive in a global marketplace. Knowing the location of your inventory and assets in real-time is not only vital to closing business, but it also proven to consistently return more profit per project.
Answers to Other Inventory Questions:
Other Traceability Resources: