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.
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.
2020 has been a long year. Businesses have struggled to conform to COVID-19 safety guidelines to keep their customers and employees safe while also having to deal with significant supply chain disruptions, travel restrictions, and other problems. If you’ve found yourself asking “Will this year ever end?” you’re not alone. As we finally come to the end of the year, we can reflect on what went wrong and how we can make next year go right.
Fishbowl’s manufacturing and warehouse management software can help you go from the longest year to your strongest year. While your competitors are shrinking, you can expand. Increase employee productivity, add mobility, cut costs, find new opportunities for growth, and make better use of your resources. How can a software solution help you stage such a dramatic turnaround? Let’s find out.
With all the uncertainty caused by the COVID-19 outbreak,
the future might look bleak. But Fishbowl has several inventory management and
other business tools that can help you turn uncertainty into an opportunity to
grow. While your competitors are struggling to stay afloat, you can leap ahead
of them by implementing the following advanced tools and strategies.