Lab inventory management is essential for effective management of the whole lab. A good inventory management software which can digitize the inventory management operations for will have immense benefits. It may even become a key tool in optimizing the management processes. 

Let’s discuss more of these benefits of digitizing lab inventory management. But first why don’t glance over these articles about customized software program improvement corporation and analysis of sales metrics for improved performance.

Data Entry

If the current lab inventory software that you use has a barcode scanner then your employees won’t have to do the time consuming job of making inventory by hand and risking mistakes. Once the scanner reads the barcode, all the relevant information of that product will be extracted and saved in the management system. 

There won’t be any need of filling sheets about the piece manually. This data entry automation can save as much as 40% of the work time. 

Real Time Inventory Tracking

 When the data is entered in the system, the solutions in the software place it in the HIPPA compliant cloud storage. Only the authorized users will be allowed to access it real time. They will be able to see how much of what product is available at a given time from any place without having to check manually. 

This function reduces the possibility of excessive inventory and sample losses. Real time tracking of inventory allows to keep eyes on the lab workflow from beginning till end. 

Demand Planning and Forecasting

If you digitize your inventory, you will get timely alerts about products that are running out. This way you can avoid delays in lab processes and carry on with your work. The automated alerts will ensure that you plan ahead for purchasing products and never feel anxious about wasting time. 

You can add strong data analytic capabilities to your inventory management software so that you know the consumption pattern. Forecasting the demand accurately using the data that comes from this won’t be hard. 

Scheduling Maintenance

If you have ever worked in the lab, you’ll know that there is often an equipment or two that need maintenance and repair. You can use the inventory management app to make a list of the equipment that according to you and the manufacturer’s recommendations require maintenance. 

When the scheduled time arrives, the app will send you a notification along with a recommendation of a specialist who will take care of the problem. This will not only prolong the life of your equipment so that you can use it for as long as it’s useful life but cut down the costs too. 

Conclusion

It goes without saying that inventory management is a crucial element of modern labs. Companies that are using it already enjoy the multiple benefits it offers such as automated data entry, panning and forecasting demand, inventory tracking in real time, scheduling audit and equipment maintenance. 

The digital transformation of your lab might not be as simple for you since it requires time and money. But if you go for it, you will soon realize that it was worth it. 

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