What is track and trace?

Track and trace technologies determine a product’s status through a supply value chain. It is a smart tracking solution that provides updated information on the load status of shipping assets. Thus, track and trace solutions help logistic planners, managers and other logistic partners to digitally track valuable assets throughout the supply chain model. 

Absence of track and trace solutions

With the use of track and trace solutions, companies that have integrated supply chain systems can increase their speed in responding to various types of external events. Let’s first understand these external events that can affect company distribution before discussing the inefficiencies that could lead to a supply chain in the absence of track and trace solutions. 

1. Distribution of products in improper areas

In order to maintain the stability of the sales network and market fairness, many companies determine the distribution of sales areas as per distributor. However, most often there are cross-border transactions that can disturb this stability. 

2. Exclusive products for sale

If a product is discovered to be offered for sale in the free market, the retail price from authorized agents may be disrupted. 

3. Counterfeit products

In addition to the issue in the sales channel, products are also prone to counterfeiting in the market. If a product turns out to be fake, then it can have a major impact on health especially in the case of medicines. Therefore, if every product that leaves the manufacturing house without tracing, the product counterfeiting becomes difficult to stop.

The absence of track and trace solutions can lead to:

1. Lack of track and trace solutions leads to the chances of product duplication in your supply chain.
2. There are high chances of inventory mismanagement in the absence of track and trace solutions leading to monetary losses.
3. Absence of track and trace solutions leads to manual paperwork. Thus, it is more prone to error and is time-consuming which increases the cost for your company. 
4. Lastly, the absence of track and trace solutions errors and delays resulting in poor efficiency. 
5. Lack of installing a tracking and trace system can lead to increase in insurance policies cost. On the other hand, if you have your tracking and tracing system in place, insurance policies give you a huge discount. 

Benefits of track and trace solutions

Track and trace is a system tracking of product movements right from production, distribution till the products sold in the customer’s hand. With technological advancement in IoT for every major industry, supply chain networks have experienced major transformational waves. Now, at each processing location the goods are identified and the information is transferred to the system. Track and trace solutions offer numerous benefits for all the companies. Here are a few of them:

1. Provide unique product identifier

QR based track and trace solutions are common methods that can be used to implement unique product identity for each individual product. Data variables can also be safely  used as indicators of information such as date of manufacture, expiration date, and more and can be accessed digitally for monitoring purposes. 

2. Analyze the data that the system has recorded

The more the data recorded in the system, the better insights will be produced which will eventually help you create strategies to improve distribution and logistic processes.

3. Track and log the movement details of the product

The QR code will be scanned at each point in the supply chain layers. So, everytime the product passes through an activity, the barcode will be scanned. Modern systems can provide information on the location and status of each project as they move along the supply chain in real time. Moreover, when QR code is scanned for fake products, the advotics system can detect the same QR code that has been scanned by some other seller in a different area. 

Many industries have adopted standard marketing requirements to improve their supply chain process. Labeling has become an essential part of the packaging process. For instance, companies in the consumer packaged goods industry such as food, cosmetics, beverage, etc are required to apply mandatory coding to their products. In addition, some countries even have specific requests regarding food traceability. 

In brief, when any brand sees detailed information about the product distribution process, it can easily overcome inefficiencies or make any strategic changes for a smooth process. Thus, product distribution visibility is the key to boosting productivity in the supply chain.

Choose Let’s Verify track and trace solutions

Let’s Verify offers track and trace solutions that can overcome the problems in supply chain management. We provide a unique solution that gives each product a unique identity. We implement this by using smart labels that can be either pasted or printed on the product. Further, we are also open to customizing our services based on individual company requirements.

Are you still wondering why you should opt for Let’s Verify track and trace solution? Fret not. We have provided a few more reasons why you should use our track and trace system.

• Our in-house solutions not only give you product authentication but also traceability throughout the supply chain for increased profits.
• Our complete end to end traceability overcomes any sort of supply chain inefficiencies and this increases your brand value.
• Our track and trace solutions help in reducing errors in inventory management, increasing company sales and profits. 
• Seamless integration with third parties helps in saving time and investment.

Let’s Verify is the industry leader in providing complete track and trace solutions for boosting the efficiency of your supply chain. We provide customized track and trace systems that include security labels along with barcode/ QR codes. Organizations using our track and trace system have benefitted immensely in the past few years. 

Are you evaluating track and trace solutions for your business supply chain management? Look no further than LetsVerify. Discover our best offerings in anti-counterfeiting, brand protection solutions, smart packing, and more. Call us today!