Armanino Blog

Serial / Lot Tracking Inventory for Life Sciences

April 13, 2017

Life sciences companies need to track serial and lot numbers for numerous reasons including compliance, quality control, and to provide an infrastructure to execute a product recall should one be required in the future. Read on for details on utilizing your financial systems for serial and lot tracking inventory within your life sciences company.

To be effective, a serial and lot tracking inventory system should allow users to identify the serial/lot information for the following types of transactions:

  • Incoming materials
  • Materials transferred within the organization
  • Materials converted into another product
  • Materials or products sold to parties outside of the organization

Your organization should be able to track the serial/lot information from the point that material enters your organization, to the point it leaves your organization, including all movements and conversions in between.

While it's technically possible to maintain a paper-based system to handle these requirements, it's much more efficient to use your enterprise resource planning (ERP) system to record serial or lot information as materials pass through your organization.

An ERP-based system will help establish controls to make sure the serial/lot information is collected for each movement or conversion of material, and makes inquiry and reporting much easier. The serial/lot information would also be directly connected to the ERP transactions that recorded the activities related to the materials. Data access and maintenance security in a typical ERP system ensures lasting integrity of serial/lot information.

Microsoft Dynamics GP is an integrated ERP system that provides solid serial/lot functionality. The ability to track serial/lot information is built right into material transactions and reporting. The video below highlights the tracking of serial numbers from receipt of materials, through conversion to a finished good, and shipment out to a customer.

This is the basic flow the materials as shown in this video:

Image Alternate Name

Additionally, the video demonstrates how to execute a product recall:

Learn more about Dynamics GP as an ERP for Life Sciences companies and gain the right insights from our experts.

Stay In Touch

Sign up to stay up-to-date with the latest accounting regulations, best practices, industry news and technology insights to run your business.

Related News & Insights
Women in Life Sciences ESG
Join us for a blooming ESG discussion and a floral arrangement workshop!

July 20, 2022 | 03:00 PM - 05:00 PM PT
Unleash Your Nonprofit’s Fundraising Cloud Strategy
Realizing you need to replace outdated and siloed technology is step one.

July 19, 2022 | 01:00 PM - 01:30 PM PT
Why SaaS Metrics Matter Webinar Thumbnail
Discover how collecting and reporting the right SaaS metrics can help analyze the health of your organization.

July 19, 2022 | 10:00 AM - 11:00 AM PT