4 benefits of optimized inventory management in laboratories

Laboratories need to keep track of the inventory of the products they use and the products they produce for safety as well as economic reasons. Product traceability is a major issue to ensure quality and to differentiate themselves in a competitive environment with a unique added value.

Inventory management for HSE

When using so-called “hazardous” products, it is important to know where these products are located, their characteristics and quantities. Above all, it seems obvious not to store in the same place an oxidizer and a fuel, for example, which are responsible for many accidents every year.

Inventory management to ensure compliance with regulations

Some products must be used in very small quantities to minimize risk and ensure the reliability of audit results. In addition, a number of products are prohibited in the design of a product (bisphenol A, mercury …) according to many national regulations, but also international (Reach, RoHs, Prop 65) it is necessary to be able to demonstrate which alternative product is used and where it is stored and packaged.

Inventory management to guarantee stock traceability

Obviously, product traceability allows better management of orders and deliveries so as not to cause a shortage of a certain product, and thus not to impact production. Also, with regard to certain product characteristics, such as expiration dates, the lack of traceability can create a malfunction in the production chain.

There is a significant time saving then thanks to the traceability of products and raw materials and the management of stocks. Also, this traceability makes it possible to preserve the results of analyses, the dates of legal conservation and allows to remake analyses.

Inventory management for the valuation of the added value of the finished product

Some products used in testing or manufacturing processes have a high value, so it is necessary to monitor their use in order to optimize costs. In addition, these products can also be resold, which requires the ability to trace their location and sometimes justify their packaging.

For example, the development of a new chemical product is very expensive, while at the same time, an almost similar product may have already been researched and developed. From a cost optimization perspective, it is necessary to be able to retrieve the information from this other project, in order to capitalize on the knowledge already acquired by the laboratory, by means of a sample library, and reuse the products so as not to lose products that have enormous value and that can be reused.

Inventory management for purchases optimization

Inventory management helps to optimize procurement and streamline the relationship with suppliers on orders and deliveries to be made. Also, thanks to monitoring, it is possible to set up minimum alert thresholds so as not to create a break in the production chain.
It is also a good way to trace the physical dimensions of a product, i.e. the batches that are manufactured or purchased, which are then subdivided into samples.

BASSETTI Group with its Technical Expertise Management teams is committed to implementing methods, tools and IT processes to structure, archive and disseminate this knowledge with high added value within the company.