Inventory consumption in an analytical laboratory is a decisive area that depicts the timely usage of items in terms of quantity and value. This is why Lab inventory analytics is necessary. Studying the past stock consumption pattern and trends helps the Inventory Manager of your Lab to optimize the resources, reduce costs, and improve efficiency and productivity in the lab.
Similarly, the lab statistics and graphs are quite useful to make lab inventory consumption reports and decisions on the next steps to enable efficient consumption and prevent leakages if any.
What are the problems that Lab inventory analytics solves?
- Helps you derive high & low stock consumption patterns over a time frame
- Gives you enough insight to help you backtrack the high consumption pattern
- Provides better visibility on usage for every department or inventory
Advantages of Consumption Analytics
Consumption analytics is a powerful tool that provides several benefits of inventory management in a lab. Here are some of the key benefits of using lab inventory consumption analytics:
- Consumption analytics helps you verify daily consumption at your lab as per the items consumed in inventory or department. This enables managers to easily track lab statics trends for specific items as per specific departments.
- Learning about consumption patterns helps you with root analysis as you track continuously. It helps you evaluate the reason for patterns in the inventory consumption report, especially at the increasing and decreasing lines.
- With easy to track and monitor, it is super easy to make informed decisions to control the overall usage. The graph gives you enough visibility to ask questions about which items were most consumed. Also, which department consumed more and derives inventory solutions accordingly.
We at Crelio Inventory offer real-time Consumption Analytics to help you run your lab inventory management software without any discrepancy. With the graph, you can appreciate the benefits of inventory management and have a precise knowledge of lab statistics department-wise and inventory-wise.
Consumption Analytics: Everything you must know
Department-wise consumption: Real-time trends in items consumed for departments allows your analytical laboratory to give direction to every department on how to improvise in your lab inventory management software.
Inventory-wise consumption: Looking at the lab statistics data of the inventory-wise consumption you can prepare a lab inventory consumption report. Also, you can also analyze how consumption is made for a particular day.
This makes inventory planning better for days with higher tests done. For example, during the monsoon season, the testing capacity for malaria is higher than usual. Learning about the past consumption pattern in an analytical laboratory offered by an inventory solution can help you manage lab inventory consumption effectively for such peak hours. Furthermore, there are other added benefits of lab inventory analytics as well.
Here is the list of benefits of inventory management that can help your lab –
- The graph helps you study past consumption trends that update in real-time.
- You can view how the lab is consuming stock in terms of value through the lab inventory management software.
- The real-time view helps you take immediate inventory solutions to avoid leakage in the future.
- Helps you get a pattern of how items are consumed to track, locate and monitor anomalies in the lab consumption.
Hence, managing lab inventory can be a challenging task, especially when it comes to monitoring the consumption of digital assets. However, by managing your lab inventory consumption efficiently with analytics, you can streamline your workflow, improve productivity, and optimize your resources.
