Global compliance regulations are growing increasingly difficult to keep up with. Luckily, companies don’t need to keep up with these regulations on their own. Learn how serialization and track and trace companies can aid this process and help maintain compliance.
Increase risk management
One way that serialization companies can optimize your supply chain is by providing increased risk management. By tracking a product to the unit level, serialization helps prevent the sale of fraudulent products. This is especially important with items such as pharmaceuticals, which if counterfeit, can result in death or injury. Furthermore, with serialization, shortages can be detected, and replacements shipped, more quickly, which increases customer satisfaction.
Serialization companies can also help increase your supply chain efficiency. By having the ability to track every product, the returns processing and recall management system becomes simplified and quicker. There will be an increase in marketing efficiency as well, due to punctual information on product sales. For example, if sales are lower than expected, marketing techniques can be adjusted.
Working with a serialization company helps create trust among everyone involved in the supply chain. This is because serialization provides complete data for each product and the entire supply chain. Sharing this information fosters transparency, which creates trust among stakeholders, including manufacturers and customers. This trust can increase profitability and decrease the chances of your operations breaking down, especially in times of crisis.
Strengthen supply chain resiliency
With serialization, tracking products becomes easier. This results in more accurate demand management. Therefore, you’ll have a better ability to predict how much supply is needed and you are less likely to end up with excess products, which increases overhead and manufacturing costs. Serialization and traceability also give you a more accurate and detailed view of what is happening in your supply chain and allows you to put it in context of political and economic events. This means you can make a more educated forecast of how events might affect operations and adjust accordingly to create a stronger, more resilient supply chain.
Global compliance regulations are changing, but that doesn’t mean you need to worry about falling behind. Working with a serialization and track and trace company not only helps you maintain compliance, but will offer all of the benefits mentioned above as well. Contact us to learn how we can help you simplify and accelerate your processes with our rfxcel Traceability System (rTS) and ensure you comply with regulations everywhere you do business.