INVENTORY MANAGEMENT – HOW DOES ONE TAME THIS BEAST?

Dec 15, 2021

Inventory Management

An image depicting a frustrated man sitting in front of a laptop, surrounded by papers flying in disarray in an inventory area with shelves and products.

Inventory management in laboratories had been a manual exercise mostly. After advent of computers on the horizon books have transformed into spreadsheets and documents. This though has been a valuable improvement is still a good old register whose visibility is and will remain the domain of the inventory optimization process. Many in the industry would agree that a mistake in here will present challenges like inconsistent tracking, inaccurate data, limited visibility, complex supply chain, overstocking, loss of inventory etc.

While organizations have been making a concerted effort to address this Achilles heel in the operations, software industries are working to help them in this process by developing tools like inventory management software, sometimes standalone and some integrated into ERP systems. But, does this address the elephant in the room? I would say most of the lab managers will not be sure if it’s true, unless it’s a huge process involving detailed customizations which involve time and money. This becomes a greater challenge for smaller and medium sized organizations.

A smart Laboratory Inventory Management Solution fits into the organization's workflow like a glove on hands, giving the managers / users visibility in terms of what, where, when of inventory in the lab.

What – What in the material? All the documents related to the material.

Where – Where the material being stored or used?

When – How much is available? What is the dependency (forecasting) and by when the replacements should arrive so, the work isn’t impacted. Revol Process Solutions Pvt. Ltd., is an Indian IT organization based out of Chennai with operations in the Middle East as well, have been working with organizations across the spectrum who leverage science and technology to serve their customers. Our close interactions with these organizations have helped us understand the challenges and we have developed a lab inventory management software which functions as an integral part of our Laboratory Information Management System – Revol LIMS or can be used standalone and integrated into a pre-existing Laboratory Information Management System.

We offers an inventory management suite which is based on web based enabling all sizes of laboratories or businesses from startup to Fortune 100 to take advantage of a centralized system which is easy-to-navigate, offers dashboards with role-based access to authorized devices (computer, tablet, or smartphone) when connected to the internet and get real-time information on inventory.

Inventory Management System of Revol Laboratory Information Management System Software helps our customer’s to reap the benefits like

Tracking Inventory in multiple locations
Scheduling Inventory Maintenance
Record Management
Role Management
Automate Manual Tasks
Greater Visibility with Real-Time Data
Ensures Compliance with General Accounting Principles
Improve stock forecasting

Conclusion

Every laboratory has different requirements. But, the right laboratory inventory management platform can automate processes, improve inventory practices and enhance customer experiences. Revol Lab Information Management System offers a bunch of built-in inventory management solution and control features to help overcome some of the biggest lab inventory optimization challenges. Track inventories across multiple locations and make laboratory inventory management more efficient.