Price Of Poor Inventory Management
Think of how many employees you would engage 24/7 to keep an eye on your inventory and optimizing it in real-time to make sure that everything is at optimal levels
Then think how many more you would need to find out what these optimal levels are for each drug, consumable
Lack of Coordination and Integration
- Are you holding too much inventory
- Are you holding too less
- What is the cost of over stock/under stock
- Can this be explained?
Think of how many employees you would engage 24/7 to keep an eye on the supply side of the world making decisions in real-time based on 100’s parameters
Then imagine how many more you would need to place orders, manage the logistics.
- What-if analysis in Realtime
- Are you always up to date on trends – occurring, predictive.
- Is the analysis linked not only to patient intake but also to symptoms, care provider, treatment
Known Facts Of Managing Inventory
Quality of Service
Inventory must be sufficient to provide high-quality patient care.
Availability of healthcare supplies when required improves patient care and outcomes.
Safe-guard to hazards in demand and supply that might cause stock-out which in turn affects treatment outcome.
Inventory delays can cause critical failures. There are legal and other administrative costs of Managing such failures.
Take advantage of economies of scale, & reduce:
- Ordering costs
- Stock-out costs
- Acquisition costs
- Financing Costs
Contribute to the efficient and effective operation of patient care.
- Reduces the number of costly alternatives and/or rescheduling
- Smoothing and stabilizing resource utilization
- Inventory: When you need it, where you need it