Inventory management is among the high-level challenges for every diagnostic. Hiring an essential analytics expert might help. From minimizing manual input to reducing manual effort, redundancy, implementation of controls, better algorithms and tracks interrupt our main goal. Apart from these, there are a few common lab inventory management problems that are hard to track & fix. These require effective Laboratory Inventory Management strategies and your attention to improve usage and drive better business outcomes.
Problem 1: Wastage in Lab Inventory Management due to Expired Stock
Labs often fail to keep track of stock expiry dates which is the implication of poor inventory control in the laboratory. This results in a heavy quantity of stock wastage. The larger the inventory in your store, the more will be wasted if not done systematically. On the other hand, tracking expiry can be tough due to several lab inventory management challenges such as having too much, incomplete, complex, or no data in hand. The effects of poor laboratory stock management highly influence the cost of a diagnostic business, especially for mid-size to larger labs and enterprise centers. In the worst-case scenario, prioritizing expiry is another bottleneck for a lab. This calls for a better approach to lab supply management, further by tracking and inventory control in the laboratory preventing wastage.
Solution: Keep track of near-expiry products and adopt Inventory Planning and various Laboratory Stock Management Techniques
Keeping track of near-to-expire stock is of utmost importance to take better action. However, it is also important to re-evaluate stock every 30 days and cross-check its consumption, for better knowledge of expiry. By using the benefits of Laboratory Inventory Management, one can make better decisions before expiry takes place, only to prevent wastage.
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Problem 2: Wastage due to Sporadic Consumption of Stock at the Device Level
When labs do not maintain machine calibration, quality checks, and other quality analysis procedures, Inventory Management in the Laboratory is highly impacted. Since this leads to (sporadic) overconsumption due to poor quality control, there is stock wastage which affects the quality of tests. Therefore, such hard-to-locate lab inventory management challenges must be eradicated.
Solution: Track and maintain stock consumption at the device and test level
Despite maintaining QC regularly, we must enable tracking, and maintain stock consumption at both device and test levels to understand the problem. This laboratory supply management will enable smooth consumption without any potential leakages or we can say unnecessary wastage.
Problem 3: Inefficient Capital Management by Overstocking
Overstocking is another one of the very crucial lab inventory management challenges that labs mainly ignore to consider. Although, overstocking is the biggest reason for wastage. It does not just show us how inefficiently we handle our monthly inventory lab pricing but also hampers conversion, leading to a heavy loss for months.
Solution: Order based on past consumption
To maintain inventory lab pricing, it is essential to access past consumption regularly while placing orders. While we follow this approach month by month, it improves user efficiency and gives us enough knowledge about consumption against purchases; helping us with better laboratory store management.
Know how better data management at lab inventory can prevent leakages
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Problem 4: Unavailability of Stock at Peak Time
Stock unavailability leads to heavy loss of customers, business, and reputation loss; as you lose a great opportunity to scale. The cause of unavailability of stock can be due to several reasons that altogether point to poor lab inventory management. Some of these reasons might also match the above lab inventory management challenges.
Solution: Plan purchase orders properly based on past consumption
When you have enough appropriate knowledge of your past consumption, you can evaluate the peak times of business well. A seasonality-based analysis of consumption over a year is of utmost importance to study laboratory inventory management problems. Also, derive loopholes to get better methods of laboratory inventory control to manage it well in healthcare labs. Solutioning such a key problem even helps against something like a pandemic.
Problem 5: Responsive Lab Inventory Management rather than Preventive Maintenance
Lab Inventory management challenges and their handling in a diagnostic lab are typically performed using a responsive approach wherein data is looked at after an error/problem is depicted. This is why most labs fail at planning better methods of inventory control in the laboratory despite using feasible management strategies. An effective Inventory tracking system with proper handling, maintenance, and laboratory supply management can improve the overall flow of stock data, thus minimizing errors/problems beforehand.
Solution: Have access to real-time data
Access to all data associated with the laboratory inventory systems such as stock data, stock consumption data, expiry data, and many others, in real-time is the key to enabling a lab to plan preventive strategies. Solutions for lab supply management including equipment and following them in a timely broadly help us with error control, leakage control, and inventory lab pricing.
A major challenge in inventory management is to maintain various types of lab inventory control techniques. Having lab inventory management software is extremely essential because of its benefits of inventory management. It sets a tracker to lab stock, its consumption, and expiry and provides inputs to verify quality suppliers and purchases.
Conclusion
Effective laboratory inventory management is paramount for the smooth functioning and success of diagnostic labs. The challenges outlined, such as wastage due to expired stock, sporadic consumption, overstocking, unavailability at peak times, and a responsive rather than preventive approach, underscore the complexity of this task. However, adopting proactive measures, such as real-time data access, proper planning based on past consumption, and implementing advanced lab supply management strategies, can significantly mitigate these challenges.
Utilizing Laboratory Inventory Management Software emerges as a crucial solution, providing a comprehensive approach to tracking stock, consumption, and expiry. Employing preventive strategies and leveraging technology for inventory management in the laboratory helps to handle, maintain, and manage supplies. Labs can also enhance their efficiency, reduce costs, and ensure better business outcomes. The continuous improvement of laboratory inventory control techniques and the integration of innovative solutions enable diagnostic labs to navigate these challenges successfully, contributing to the overall advancement of healthcare services.
