Traceability is the ability to track a product or item throughout its entire supply chain, from its origin to the end consumer. Traceability enhances product safety and consumer trust by enabling companies to identify contamination or defect sources, perform targeted interventions and efficient product recalls, and increase transparency regarding the origins and handling of products.
A stocktake is the act of counting and recording the quantities of goods in stock to compare the results with available inventory data and find discrepancies. It is a crucial part of any business that holds inventory and that is why the process of performing a stocktake needs to be rigorously organized.
Inventory tracking means monitoring stock movements to increase visibility in the company’s supply chain. This added transparency helps businesses improve their ordering and overall inventory management practices, ensure traceability, and make sure that goods reach the production floor and the customer at the right time.