Best Practices for Reducing Stock Outs and Overstocks In the Healthcare Industry
By Wonil Gregg, vice president of customer engagement and experience, DCPerform.
Whether you’re a customer or a worker, chances are you’re all too familiar with the persistent challenges of stockouts and overstocks across the healthcare industry. Stockouts can lead to missed opportunities or incomplete treatments, while overstocks cause unnecessary financial waste. The cost of unused drug waste in the healthcare industry costs $2.8 billion of medication per year.
Managing inventory in the healthcare industry requires striking the right balance between supply and demand and using great supply chain services. Fulfilling customers’ demands must balance maintaining an adequate yet cost-effective supply of goods and materials. Learn more about minimizing stockouts and overstocks to improve patient care and increase savings.
Mastering Forecasting and Inventory Analysis
Forecasting and inventory analysis have become essential tools for ensuring optimal stock levels in the ever-changing healthcare industry. Inventory forecasting uses data to drive decision-making. This is the application of information and logic to ensure you have enough products to meet customer demand without overstocking.
- Analyze past trends and consumer behavior to accurately predict future demand
- Consider complexities such as seasonality and trend forecasting
- Ask questions to identify demand patterns, such as growth and spikes during specific seasons
- Take into account planned marketing campaigns and other events that may impact sales
- Utilize inventory management software for sophisticated demand forecasting
- Prevent stockouts and backorders by optimizing inventory levels
- Maximize profits by reducing excess inventory and minimizing storage costs
- Continuously monitor and adjust inventory levels based on real-time data and insights
- Constantly improve forecasting and inventory analysis processes for better accuracy and effectiveness.
Whether it is a small or large corporation, paying attention to these crucial metrics is key to staying competitive in today’s fast-paced market.