It’s No Secret: Automation is the next big trend in Inventory Management
An organization can control and manage inventory in two ways – the hard way or the easy way. Taking the hard way can be time-consuming, repetitive and ineffective while the simpler alternative, Automation, would allow employees a better use of their skills and resources to perform more important tasks.
From clinics to laboratories and private practices to hospitals, the healthcare industry uses a large amount of sophisticated technology, medical supplies and medications to support patients. Efficient inventory management is essential for storing and managing these medical supplies.
If inventory is not monitored, it will adversely affect organizational operations and could endanger lives, if certain medical supplies are not available at the point of need.
Automation, what is it really?
Automation is defined as the technique, method, or system of operating or controlling a process by highly automatic means, as by electronic devices, reducing human intervention to a minimum.
By automating inventory management, an organization can better forecast, monitor and replenish stock inventory.
Let’s explore the need to Automate Inventory Management
1. Saves Time
The need to type in product or box numbers for each component is completely removed by barcode scanning. This means at any time a product is sold or purchased, the inventory will automatically be updated when the products are screened. Without the need for manual labour! This saves a tremendous amount of time.
2. Reduces human error
The need to maintain paper records and spreadsheets is removed which reduces clerical errors. In addition, automated systems help assess specific operational and revenue costs, quickly classifying the worst and best-performing products.
3. Accurate real-time inventory levels
Automated inventory ensures that every time a customer calls to see if a product is in stock or if an inventory search has to be carried out at any time, accurate inventory details are instantly available. No more scanning pen and paper inventory sheets – all the details needed are at your fingertips.
4. Cost management
Lack of proper inventory at the right time may mean surplus stock, backorders, etc. If a product is kept in a warehouse for a long time or if an order is completely missed, then the costs will increase. Automated inventory management helps keep track of which product is doing well and which one remains on the shelf.
5. Improves the quality of distribution
A large percent of consumers tends to witness the ‘out-of-stock’ situation, resulting in loss of revenue for retailers as well as customer disappointments. If there is enough stock at the warehouse, an organization will be able to supply the products on time, which will boost their credibility.
6. Easy forecasting
Automation allows an organization to boost market forecasting by analyzing stock-based data patterns. So, they will know how many units of the product to meet the projected demand before ordering new items.
7. Handle multiple channels of sales
From web store sales to phone orders to retail counter sales, it can be difficult to know the actual, on-hand stock quantities when an organization manages multiple channel orders. Automated inventory management can display inventory reliably, regardless of the channel through which a sale occurred.
8. Multiple location control is simple
Automated inventory management addresses the issue by being able to coordinate inventory levels across several locations – whether in one warehouse or in several warehouses.
The Final Verdict
You’re not losing control over your organization with automated inventory management – You’re gaining it.
Automation of the inventory management and supply chain is fostering progress in the healthcare industry. Automation allows a medical product to be tracked all the way from its origin to individual patient results. By automating inventory data, you can see your industry’s inner workings more accurately – helping you to see the bigger picture as well.
