ABSTRACT
Batch tracking is sometimes referred to as lot tracking, and it’s a process for efficiently tracing goods along the distribution chain using batch numbers. A ‘batch’ refers to a particular set of goods that were produced together and which used the same materials. The ultimate goal of effective inventory management is to balance customer needs while minimizing the carrying costs of excess items. The biggest challenges to more effective inventory management often have to do with conflicting objectives of other departments that need to be involved in inventory decisions and the difficulty of accurately predicting supply and demand. Unexpected economic downturns, for instance, are hard to predict. Closer collaboration with suppliers can help to predict when shortages might occur, while working with sales and marketing to forecast demand can help to ensure that stock levels are optimized to meet changing customer needs.
