Track and trace solutions focus on reducing product duplication in a company’s supply chain, but in contemporary times, traceability platforms such as LetsVeriFy are offering brands far more than just that. By allowing brands to collect relevant and important data and monitor every step and stage of the supply chain, LetsVeriFy’s QR-based track and trace solutions allow companies to achieve actionable insights. Here are a few ways through while product traceability solutions are helping businesses grow.
Need For Product Traceability Solutions
The lack of tracking and tracking solutions can lead to unwanted errors, delays, and can eventually impact and hamper overall efficiency. Product traceability solutions are a great way to manage these simultaneously, such as LetsVeriFy’s QR-based track and trace solutions that not only help with improving overall efficiency but also prevent inventory mismanagement and costly delays to ensure better transparency and increased profits. Product traceability solutions are crucial to overcome and significantly reduce supply chain inefficiencies as well as increasing overall traceability to ensure better monitoring and tracking of products. Moreover, there are several laws and regulations that businesses need to follow to function legally and sustainably, and hence there is a growing need and relevance for product traceability solutions in the contemporary scenario. LetsVeriFy is one of the top suppliers of product traceability solutions to help companies overcome their traceability challenges by using effective and quick QR-based track and trace solutions. This helps organizations in minimizing damages, management challenges, ensuring quality management, as well as preventing recall problems.
Enable Centralized Inventory Management
Inventory management is perhaps one of the most important functions for any brand, and often companies rely on manual inventory management that can lead to unwanted and avoidable errors. This mismanagement can be challenging and extremely costly for organizations, especially when they are just starting. Product traceability solutions such as the ones provided by LetsVeriFy are designed to tackle this problem by integrating different platforms into one user-friendly and efficient platform for better inventory management. Through QR-based track and trace solutions, different teams can access inventory status promptly and take necessary actions. By centralizing inventory management through product traceability solutions that give quick and real-time data, companies can minimize the risk of miscommunication, reorder errors, and costly mistakes.
Seamless QR Based Track and Trace Solutions are The Future
LetsVeriFy’s advanced and seamless QR-based track and trace solutions are the future. With wide applicability, these seamless track and trace solutions can help in identifying and establishing multiple points of verification across different stages, and increase supply chain visibility and security by a considerable margin. Product traceability solutions help organizations to become more lean, agile, and flexible when it comes to different processes. With increasing globalization, organizations are under constant pressure to meet international standards while also maintaining a robust global supply, manufacturing, and distribution chain. Product traceability solutions like LetsVeriFy’s QR-based track and trace solutions give each product in the supply chain a unique and distinguished identity using smart labels, which help with product mapping at various levels. These solutions are automated or semi-automated and can be customized based on the business’ needs and requirements. Moreover, since these product traceability solutions are cloud-based, they are remotely accessible and allow for easy and seamless integration with the enterprise’s ERP. Hence, QR-based track and trace solutions along with other product traceability solutions ensure that the risk of a disaster is kept to a minimum while the tools required to manage the same are user-friendly and extremely accessible.
Relevant and Powerful Data-Driven Insights
Advanced product traceability solutions, such as LetsVeriFy’s unique QR-based track and trace solutions, are designed to empower businesses and organizations by providing them relevant and powerful data-driven insights on a real-time basis. Instead of making rough guesses and estimates which are often inaccurate and do not represent the ground reality, one centralized tool can help them track every step involved in the production and shipment process. Time-to-market visibility, which is crucial for growing brands and companies, is also made accessible to companies by analyzing existing supply-chain trends with tremendous accuracy. With intuitive and accurate reporting tools, product traceability solutions such as LetsVeriFy’s QR-based track and trace solutions allow businesses to ground their important decisions in reality. Hence, be it restocking or tracking costs related to production or shipment, a product traceability solution can track relevant metrics in real-time, which makes them super accessible and just a click away.
Maximization of ROI
When organizations invest in product traceability solutions such as the ones provided by LetsVeriFy, the investment often pays itself several times over. Often, all it takes is one averted product recall for the investment to give a suitable return on investment. Simultaneously product traceability solutions such as QR-based track and trace solutions assists supply chain management by considerable margins, ensuring that organizations never invest more than they actually need to. Another way through which product traceability solutions enable the maximization of ROI is by increasing retention rates of satisfied customers, thanks to better control over quality and the supply timeline.
LetsVeriFy: The Traceability Experts That Your Brand Need
The team at LetsVeriFy has hands-on experience in empowering and helping organizations to develop and deploy product traceability solutions that are customized to their needs and specifications. By utilizing high-performance solutions that are innovative, relevant, and result-oriented, LetsVeriFy provides different sectors and industries with automated and semi-automated solutions that are comprehensive and cloud-based, making them more accessible and easy to use. They are designed to detect product diversion and send instant alerts, equipping organizations in case of unprecedented or unforeseen events and enabling them to deal with the crisis effectively and promptly. The traceability of products and parts is crucial, especially for businesses operating in the manufacturing industry, and LetsVeriFy helps them reduce losses, cut down costs, and improve brand image and visibility through effective and lucrative product traceability solutions.
Traceability Solutions for Various Industries
Every major industry is familiar with the challenges of Product traceability and diversions. It contributes to revenue losses, damages the brand trust, quality, and customer experience. It is enough to show the dire need for product traceability solutions.
Here are Key industries where LetsVerify’s QR-based track and trace solutions can be beneficial:
- Agriculture Industry
The percentage of fake agricultural products range between 5-10% in the market which raises up to 25% in some selective cases. To counteract the problem, recently the Government of India mandated the use of variable QR codes on Insecticides. Every QR Code should contain details(like Expiry date, batch no, etc) and unique ID of that product. LetsVerify came up with a solution that not only meets government requirements but also can be used for product traceability, Supply Chain management, diversion detection, product authentication and customer engagement.
- Pharma & Nutraceuticals Industry
Since time immemorial, Pharmaceutical and Nutraceutical companies have encountered Counterfeit threats. With technological advancements and innovations, counterfeiters frequently push and hide their products into the supply chain. LetsVerify is setting a new standard for product traceability, wishing to thwart counterfeits, product diversions and unauthorized channel sales. Many Brands are currently using LetsVeriFy product authentication solutions to increase revenue streams, bridge connection, while also safeguarding consumer well being.
- Automobile Industry
Counterfeit auto parts are extremely cheap compared to original parts making them more popular in the market. For brands, it creates a grave situation threatening their quality and integrity. Added to this Brands have to face multiple challenges like Product Diversion, Sale on unauthorized channels, etc. This calls for an end to end solution that can solve it all and provide additional value. LetsVerify has developed QR-based track and trace solutions that enable product authentication, generate relevant reports and anomalies, product traceability, diversion detection, inventory management and customer engagement as and when required.
- Electronics & Electricals Industry
The threat posed by counterfeits in the electrical industry translates into a loss of up to $20 billion every year. With the feedback from existing and new customers LetsVeriFy has continuously worked on improving its solutions for the industry. Solution is customized to solve the specific problems of the brand and ensures customer-brand relationships and establishes a long-term trust. LetsVeriFy allows you to observe the flow of products from the factory to the end-user in real-time. Also helps in monitoring the inventory, diversions, fake reports, etc.
- Luxury and Fashion Products Industry
Fashion and Luxury Brands have often faced problems of Product Diversion and Un-Authorized Channel sales. Also in the past few years counterfeiting of such products has increased significantly. For a long time, there haven’t been great solutions for these problems. LetsVerify is deploying solutions that combat all these problems and provide added benefits to the Brands and its Customers. Brands through this solution can enable Individual product serialization, Inventory management, authentication mechanism, track & trace , Diversion detection, and also provides ways to engage and reward customers.
- Wine and Spirits Industry
There has been little awareness of counterfeiting in the wine and spirits industry, which is why it is growing at such rapid rates without getting noticed. This not only puts millions of consumers’ health at risk but also degrades brand integrity and hurts the economies of various countries by costing them money. LetsVeriFy has End-to-End to solutions that enables Individual Product Serialization, Distributor and Invoice Mapping, Diversion detection, Real-time Product- authentication, Inventory management and fake Report generation. This helps in removing all barriers and streamlining the entire process.
FAQs (Frequently Asked Questions)
ERP stands for Enterprise resource planning. It is software that is mainly used by all businesses irrespective of size to streamline and automate business functions. And when we talk about integration, it connects ERP software to other systems to confirm that constant information is shared while also automating workflows.
ERP Integration is not only possible but effective as well! It synchronizes the product traceability solution with other business applications such as eCommerce, Customer Relationship Management (CRM), Electronic Data Interchange (EDI), marketing tools and analytics, databases, and data points that your business operates with.
ERP Integrations serve purposefully when it comes to Product Traceability Solutions. Here are some of how ERP contributes to traceability solutions.
- Enables your organization to incorporate its recall plan directly into the ERP system.
- Enhances your data precision and product traceability throughout your supply chain process.
- Facilitates factual documentation, serialization, multi-level mapping and inventory management.
- Allows tracking of shelf lives and expiration dates of your commodities to automatically identify the items meeting a customer’s minimum shelf-life requirements.
- Boost your customer service through demand planning, package management, and improved visibility across the supply chain.
Product traceability solution maps each and every product in the supply chain. It enables serialization, tracking and tracing of the products in real-time. It helps in detecting diversions, unauthorized distribution. LetsVeriFy can integrate Authentication with Product Traceability solutions. The resulting End-to-End Solution acts as the shield which protects your product from duplication.
Let’sVeriFy QR-based track and trace solutions allow your company to achieve actionable insights. Here are a few benefits of having a LetsVeriFy product traceability solution that helps in product authentication:
- A unique QR Code helps in your product identification.
- Protects your product from getting counterfeited.
- Perform an automated multi-layer authentication of your products
- Establish a chain of custody of your product
- Inventory Management
- ERP Integration
- Diversion Detection
Supply Chain can be described as a condition of inter-connectedness and inter-dependencies across a network where a change in one element can have an effect on other elements. Implementing a Traceability Solution in such a case can be complex and cumbersome as manufacturing, storage & warehousing, distribution, inventory management all have to be taken care of. LetsVeriFy Product Traceability solutions offer impressive tracking features that can handle the complexities present in your supply chain process.
Product traceability solutions significantly reduce your supply chain inefficiencies as well as increase the overall traceability to ensure better monitoring and tracking of your products and services.
Let’s understand how product traceability solutions make supply chain complexity more efficient:
- Know the current location of your product
- It gives detailed information to your consumers about your product details which build trust in them.
- Now you can manage your stock outflows and return inflows
- Stops your products from getting counterfeited
- Inventory management with real time alerts on Expiry Dates, Returns, diversions, etc.
- Improves your Product Life Cycle management
- Complete product serialization with multi-level packaging
The brands and consumers are transacting to digital processes. As more and more users are adopting the online medium, it’s clear that the need for product traceability is very much evident. The track and trace solutions link the physical flow of products with the flow of information and ensure complete documentation of all the supply chain processes and production. As a result, all the data are tracked and stored in the system.
Brands can quickly identify the mobility of their products, the role of suppliers, and how they were delivered to the customers. Product traceability systems automatically link supplier and customer data with the internal data sources. It helps them to increase efficiency and productivity, win consumers’ trust, and reduce costs. By implementing a well-designed product traceability solution, brands get multiple benefits such as:
- Ensures quality control of the products
- Offers strict protection against counterfeiting as barcodes and QR-based track and trace solutions allow brands to achieve actionable data.
- Make the supply chain visible that guarantees the product authenticity and creates challenges for the counterfeiters.
- Wins Consumer trust as brands gets better control over the processes.
- Meet the compliance requirements that make it useful for industries like automotive, aerospace, defense, etc.
LetsVeriFy product traceability solutions carry these features to meet the product authenticity demands of brands.
Consumers spend a considerable amount of money on a product. Maintaining their trust and satisfaction is of vital importance. For repeated sales and future growth, ensuring product authenticity is necessary. It is possible only if they are tracked and traced at every step of the manufacturing process.
To maintain safety standards, brands must bring visibility to the supply chain. Even if the product information is mentioned on its label, a product traceability solution is necessary to validate it. The audience will not believe the brand’s claims once they receive the counterfeited product. Therefore, it is the responsibility of trading partners to provide reliable data such as place of receipt, storage information, dispatch information, etc. Product traceability solutions ensure all this information at every point whenever brands require it. LetsVeriFy makes sure that brands can easily incorporate this digital tool to win the trust of their loyal customers and gain an edge over competitors.
A product traceability solution is no longer an option but the ultimate need for brand protection and reassurance for the consumer. To enable product traceability, brands need to establish a system that tracks the supply chain, from raw material to the consumer purchasing the product. It is the point where LetsVeriFy product traceability solutions come into the picture. We make sure that the brands can achieve the highest level of product authenticity through:
- Centralized inventory management
- Powerful Data-Driven Insights for effective decision making
- Maximizing their ROI by increasing retention rates of satisfied customers
The profitable results of product traceability solutions take the goodwill of a brand to the next level.