The primary difference between Lot Numbered Inventory Items and Serialized Inventory Items in NetSuite lies in how they track and manage inventory. Here’s a detailed comparison:
1. Granularity of Tracking
- Serialized Inventory Item:
- Tracks individual units of an item with unique serial numbers.
- Each unit has its own distinct serial number (e.g., SN001, SN002).
- Ideal for high-value or highly regulated items that need to be tracked individually.
- Example: Electronics, medical devices, or equipment.
- Lot Numbered Inventory Item:
- Tracks a batch or group of items with the same lot number.
- All units in the same lot share the same lot number (e.g., Lot001, Lot002).
- Useful for managing and tracking items in batches, often for compliance or quality control.
- Example: Pharmaceuticals, food products, or raw materials.
2. Item Assignment
- Serialized Inventory Item:
- A unique serial number is assigned to each unit during purchase, production, or receipt.
- Serial numbers are used for tracking in every transaction (purchase, sale, fulfillment, or return).
- Lot Numbered Inventory Item:
- A single lot number is assigned to a group of items during receipt or production.
- Lot numbers are tracked by quantity, not individually, within the same batch.
3. Use Case Scenarios
- Serialized Inventory Item:
- Scenarios where you need to track:
- Individual warranties.
- Repairs and replacements.
- Ownership of specific units.
- Example: Laptops, smartphones, luxury watches.
- Lot Numbered Inventory Item:
- Scenarios where tracking is batch-based:
- Manufacturing runs.
- Expiry dates.
- Recalls or compliance.
- Example: A batch of 1,000 tablets produced on a specific date.
4. Costing
- Serialized Inventory Item:
- Costs are tracked per individual unit.
- Enables precise cost tracking for each serialized item.
- Lot Numbered Inventory Item:
- Costs are tracked per lot.
- All items in the same lot share the same cost and inventory characteristics.
5. Expiration Date Tracking
- Serialized Inventory Item:
- Does not inherently support expiry date tracking.
- Serial numbers only track individual units, but expiry dates can be managed using custom fields.
- Lot Numbered Inventory Item:
- Supports expiry date tracking for the entire lot.
- Useful for perishable goods or regulated industries.
6. Inventory Transactions
- Serialized Inventory Item:
- Serial numbers must be entered individually during:
- Purchase Order Receipt.
- Fulfillment.
- Adjustments or Returns.
- Lot Numbered Inventory Item:
- Lot numbers and quantities are entered during transactions, not individual units.