Failed to generate lot number automatically

In Oracle, if lot controlled item is set to generate lot number automatically with “Prefix” and if you try to generate it, it may give an error with APP-INV-05373: Please check lot defaulting controls. One of the reason could be Lot No’s length

[Navigate to Inventory -> Setup -> Organizations -> Parameters]

So make sure that total length should be equal or greater than the “Prefix” you defined in Master Item / Organization Item. Here in this example prefix’s length is 8 and length in Organization Parameter is 6 which leads to this error. So correct length would be >8