How Technology helps you to manage your medical inventory

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How Technology helps you to manage your medical inventory

  • Highlights

  • Inventory management is a key to a successful clinic

  • Manual inventory control is time-taking and prone to errors

  • Predicting inventory with analytics

  • 6 Benefits of digital inventory tracking


It is commonly known that most hospitals and medical clinics face major challenges in managing medical inventory. The traditional methods of inventory management are characterised by storage issues, inadequate information regarding existing inventory and wastage of products.PAR levels for replenishment of products are determined by employees and not based on any data analytics. Manual inventory control is time consuming with high probability of errors.
Investing in a state-of-the art inventory management system can bring in several benefits.

1. Accuracy

When you have an inventory management system in place, you can expect almost 100% accuracy in managing your products. This will minimise wastage of stocks and enhance your revenue.

2. Simple and easy to use

While choosing an inventory management system, you should opt for one that is simple and easy to use. This will ensure that any employees can easily understand and use it.

3. Real- time tracking

An advanced inventory management system helps in real time tracking of products and in maintaining sufficient stocks at all times.

4. Trending Analytics

Use of trending analytics will help you to avoid excess inventory and inadequate inventory. Product expiration can be minimised. Historical trend data can help you decide on the PAR levels to be maintained.

5. Flexibility and Scalability

Modern inventory management systems are scalable and can be modified to multiple levels of use. Tools such as smart cabinets and 2-Bin Kanban system will ensure smooth functioning of the system even when diverse products need to be managed.

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Bajaj Finserv offers business loans to doctors up to Rs.35 lakh with added benefits like 24-hour disbursal, doorstep document pickup and Flexi Term Loan facility. With these special loans, you can integrate technology in your practice operations and streamline operations and boost profitability.

6. Future-proof Solutions

Any inventory management system that you choose should be adaptable to technological changes that may occur in future. A case in point is the Near Field Communication Technology (NFC).This technology is available in many smart phones and in the Apple watch. Very soon, this technology will be used by clinicians and hospital employees to track products in the inventory system. The inventory management system that you choose should be compatible with the NFC technology and any other technology that may come up in future

Such flexibility will ensure that you can reap the benefits of emerging technologies without having to reinvest in a new inventory management system.
It would not be prudent to continue with a manual inventory system when the medical world is being transformed by the conveniences brought in by emerging technology. Today, innovative financing options like business loans for doctors available in the market. They can be used to fund a modern inventory management system can that can erase all the problems associated with manual inventory control. It can offer you tremendous benefits such as ease of operation, prevention of wastage and enhanced revenue.

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