4 Ways to Boost Inventory Management Efficiency and Reduce Lab Operating Costs

Inventory Management Tips

 

When we look at pictures of research labs stocked with industrial machines, it’s obvious that serious investment capital helped bring that facility into the world. Lab equipment, supplies and even the building itself can come at a high cost. However, if we ask any accountant in the industry, we will probably hear the same thing – that one of the biggest expenses in a lab is the cost of labor. It is the people in the lab, not the objects, which drive the research and create innovative new products.

Often left unaddressed, another expense in a chemical facility is caused by chemical inventory inefficiencies. Chemical purchases and inventory management are interpreted as a low percentage of operating costs. In fact, if we let chemical inventory run amok, then these issues can add up to significant operating costs. In particular, it is the workflow of the facility as a whole, which has a phenomenal effect on the labor costs.

 

4 Ways to Boost Inventory Management Efficiency and Reduce Lab Operating Costs

The team at ChemSW looked into the cost benefits of using our chemical inventory software solutions, and uncovered four ways that a best practices system can fix inventory inefficiencies and reduce operating costs. You can read the report in its entirety by requesting our white paper here.

 

1) Stop searching for chemical inventory

Let your computer tell you where to look and spend less time searching. In the ideal lab, researchers would be able to spend 100% of their time on, you guessed it, research. Best practices in chemical inventory control means using bar code technology, so that employees can scan a chemical container as it travels. This creates a site-wide database of every chemical, location and quantity. What a gold mine of information to reduce time spent searching for inventory and to facilitate regulatory compliance!

 

 

2) No more work delays from missing inventory

This is one of the more subtle sources of waste in a laboratory. In some facilities, there is an unfortunate amount of time wasted waiting for chemical inventory or searching for chemical inventory that may not even be on site. Each facility can benefit from a gatekeeper who conducts all inventory management, ordering and expiration tracking. Using a best practices software solution, this small team will know when supplies of a necessary chemical are low and they can reorder before the researchers even bat an eye.

3) Researchers should do research, not hunt for chemical hazard information

In facilities without inventory management software in place, staff can spend an average of 7.7% of their time looking for chemical properties, hazards, structures, MSDSs and handling protocol. According to the ChemSW study, lab staff who were using CISPro™, our best practices inventory software solution, were able to find the same information in nearly half the time. With access to the inventory database in the cloud, staff can quickly and easily find chemical details and safety information from any location.

 

4) Save time with inventory order requests and reports

Even if a best practices inventory system only saves minutes during a routine task, those minutes can really add up quickly. The final key area where CISPro™ was able to improve efficiency was in the process of order requests and regulatory reports because more tasks were automated and the software was easy to use.

Between these four areas of laboratory operations, our best practices chemical inventory system streamlined the chemical inventory ordering and management process for the facilities in the study. These labs saved hours of staff time and improved the efficiency of the operating procedures.

Please visit our website to learn more about our products and find out why ChemSW is an industry leader in chemical inventory management.

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