Last updated on Wednesday, 17, June, 2020

While running any business, marketing, advertising, sales, and accounts management is important. But along with it, one of the most important things to manage is supply and demand. It could be managed if you maintain a proper inventory with the inventory management system. Since it runs in the background of your business but plays a huge role, so should be given importance.

Think if you have customers on the window, but you do not have enough stock to fulfill their needs. It would eventually cause damage to your business and would not eventually leave a good impact on the customer’s mind. Or if you have overstocked goods which have reached their expiry date, this would also badly impact your business. To overcome these kinds of blunders, you should have inventory management, that could prevent these kinds of errors and help increase in clinical productivity.

Be it an outpatient clinic, pharmacy, laboratory or a hospital admission cell, proper inventory management system is very important and a critical part to ponder upon. In this article, we are going to discuss, how can clinical productivity be increased by using an inventory management system?

Benefits of Using Inventory Management System

Customer retention

If you would maintain a proper inventory with an efficient inventory management system, you would not go out of stock. Since the software would indicate that you need to stock on the goods before you completely run out of them. This feature will eventually help you in creating loyal customers for your place because they would not go empty-handed. Also, they would not have to roam at different places, to get their desired product.

Money-saving

An inventory management system helps you in saving money because it protects you from overstocking. Many businesses fail just because of overstocking since it is lethal for a business. Overstocking would lead you to severe financial crises and business loss. You would be spending all the money on buying and just storing it for no use if the product is not in demand. By maintaining inventory properly with a management system, you can save your money and business as well.

Organized warehouse

By maintaining inventory with inventory management software, you can keep your warehouse clean and tidy. It would help you in determining what is in demand and should be kept first and what is not in rolling, so it can be kept beside. It would also reduce the time of labor to pick things from the warehouse and supply.

Time-saving

You could save enough time by maintaining inventory properly.  Imagine if you have to count and keep the record of each and every product manually. How time-consuming and tiring it would be? An inventory management system helps you in getting the knowledge of which item has to be ordered, or which item should be brought at the sales counter just by seeing the record. It would save time for you so that you can counter check the stock and process other tasks.

Business stability

Maintaining inventory with an inventory management system would help you to achieve business stability by improving cash flow. If you would have a properly managed inventory, you would not need to spend a large sum of money on buying the stock. By cash rolling, you can buy the stock from the sales and can perform other tasks too.

Stock balance

Since inventory is a balance between goods input and output, it helps in maintaining the delicate line of maintaining the balance between its sale and stock. Overstocking can damage your business by storing things that are not in demand. While understocking would cause you to lose customers. So, both are damaging for your business, you should try to maintain this balance of neither overstocking nor understocking by using the inventory management system.

Data visibility

By using an inventory management system, you could easily review the data. It enables you to view sales, purchase, what is left in the stock, and what has to be ordered. These things are so important in running a business. By analyzing the need and demand, you can order products that have high sales and manage supply and demand in a better way.

Expiry date reminder

If you are using inventory management software for a pharmacy, superstore, or laboratory, it is highly valuable. Since the products after their expiry dates are of no use, an inventory management system would keep you updated and informed about which product has a near expiry date. This would save your products to get expired in store, which would lead them to the garbage, eventually damaging your business badly.

Conclusion

The inventory management system has many benefits since every business needs the right inventory management system to prosper. You should choose the one which suits the best for your business and works without any interruptions. Instacare provides all in one package for clinics and hospitals to manage their inventory and all clinical tasks. For more information visit us at Instacare.com.pk.