2010 was a terrible year for hospitals, in terms of their inventory management. Across the country, their stock of more than 200 types of medicine fell to dangerously low levels. Just about every hospital or healthcare organization had at least one drug shortage, and 82 percent delayed treatments for patients. Why? Because they didn’t have the medicine they needed, according to an American Hospital Association survey.1
Of course, 2010 was a long time ago. Not that it’s not important. But the fact is that we’ve recently been through an experience that has put previous emergencies to shame. You might even say it’s unprecedented. That’s right. We’re talking about COVID-19.
The Covid pandemic certainly impacted hospitals and entire nations. If nothing else, it showed the importance of inventory management in hospitals. Not just to hospitals, but to every type of business. Without effective inventory management, medical supplies can’t make it to their destinations. So it’s definitely an important topic to address. It’s just interesting that most of the points that were so critical a decade ago are still exactly as pertinent to today’s crisis.
Right now is a great time to be alive, isn’t it? I mean, we have so much technology that makes life easier. Not only that, but it reduces the amount of time it takes to perform simple, mundane tasks. With this in mind, it’s good to step back every now and then and think about things we take for granted. Then we can acknowledge how good life is because of them. One of those things I’d like to talk about right now is effective inventory management software.
While many companies still aren’t taking advantage of it to the fullest, ones that are using it can easily forget how hard it was to manage inventory without it. So let’s go through a brief history of inventory management to see what an amazing invention inventory management software truly is.
When you take stock of your inventory, you have to have a physical count of everything you have on hand. This way, you can figure out if there is any discrepancy, which items you need to reorder, or if you need to do a stock adjustment. Instead of just doing that, right now we’re going to take stock of your inventory management. That means we’re going to delve into how you’re currently managing your inventory and dive into how to take stock. Then we’ll see what’s working and what needs to be fixed to make your company even more successful.
What are the goals of good inventory management? Inventory management helps businesses be successful.1 That is as much of an understatement as saying the sun’s surface is warm. Of course inventory management is a crucial part of any business’ success! There is no denying that fact. After all, it is how you obtain the goods you need to fulfill orders and keep your customers happy.
With smart inventory management, your business will enjoy many benefits. The following are the top 10 positive results of good inventory management:
Time is of the essence when it comes to managing your inventory. If you have food products or other goods that have a limited freshness period, expiration dates are a must-have tool to track them by. No matter what goods you sell, it’s important to know their lead times and auto reorder points to make sure they don’t run out. And you can enable employees to track their time on the job and schedule tasks to make sure important things are done properly and in a timely fashion.
Let’s talk more about the five time-based inventory management tools we briefly mentioned above to get a feel for why they are so important to your business.
If 2020 was the year that exposed businesses’ weaknesses, 2021 is the year when they are fortifying themselves and transforming those weaknesses into strengths. Improved inventory management is at the core of how many are accomplishing this feat. These are the top four inventory management trends that may prove vital to the success of your business in the coming year and beyond.
How do you manage inventory? It seems like such a simple
question, but there’s actually a lot of complexity in its answer. We are going
to walk through what inventory is and the steps that are necessary to take in
order to properly manage it.
Return Merchandise Authorizations are important tools that facilitate the return process. And you can make them even easier to put in place when you use these four hotkeys in Fishbowl’s RMA module.(more…)
You can make all sorts of changes to items within Fishbowl’s Inventory module with the help of these hotkeys. Check them out and give them a try the next time you need to adjust, move, or scrap inventory, among other things.(more…)