SpendEdge’s Inventory Management Helped a Pharmaceutical Supplier Maintain Accurate Inventory Levels and Minimize Cost of Inventory
Importance of Inventory Management in the Pharmaceutical Industry
With the growing concerns pertaining to healthcare treatments, the pharmaceutical suppliers have witnessed a promising growth over the past few years. Moreover, the pharma companies are expected to witness considerable growth, owing to an ageing population, changing lifestyles, and unhealthy eating habits. However, with these rising customer expectations, the commercial environment is getting harsher with customers looking for cost constraints in the pharmaceutical products offered. Moreover, inventory management is becoming a major concern for the companies in the pharmaceutical industry. While the pharma companies can’t risk drug shortages due to lack of inventory visibility, they also never want to incur the costs of overstock that would negatively impact productivity and the patient experience. Thus, to address these challenges and enhance production capabilities, organizations are looking to devise an inventory management solution.
With the help of a reliable inventory management system, organizations can effectively keep track of their stock manually. In addition, the inventory management system helps businesses restock certain items, the amount of purchase, and the prices to pay.
Maintaining Accurate Inventory Levels for Pharmaceutical Suppliers
The client is a leading pharmaceutical supplier with offices spread across 17 countries. Based out of the United States, the company generates annual revenue of over $17 billion.
The Business Challenge
A renowned pharmaceutical suppliers with offices spread globally wanted to efficiently keep track of their inventory system and balance the risks associated with inventory gluts and shortages. The pharmaceutical suppliers also wanted to keep the right amount of stock level to fulfill the customers’ demand and operate profitably. Moreover, with the help of an inventory management solution, the pharmaceutical supplier wanted to reorder their supplies to meet the minimum levels and provide a measure of control over the inventory management process. The primary concern of the pharmaceutical suppliers was to leverage the use of relevant technologies to gain better visibility into the supply chain system.
The inventory management system offered by SpendEdge helped the pharmaceutical suppliers analyze the customer behavior and gain insights into the buying patterns. Moreover, the inventory management system also offered an accurate picture of the requirements of the customers and kept quantities of products on hand to avoid out-of-stock issues. The inventory management solutions assisted the client to segment the products based on customer demands ranging from high-value, moderate-value, and low-value. With the help of our inventory management solution, the pharmaceutical supplier was able to minimize the cost of inventory while maximizing supply chain efficiency in a timely manner. The solutions offered by SpendEdge also helped the client establish a better relationship and collaboration with the suppliers. Additionally, the solution also offered real-time visibility into the inventory in terms of the orders, and vendors, and helped analyze trends in sales and supply chains.
Stocking the right amount of inventory is crucial. If you order too little, your customers will start looking elsewhere. If you order too much, there’s a chance you’ll be stuck with lots of extra stock that you’ll be forced to sell at clearance prices, or risk having them become obsolete. So why take such risks? Optimize the value of goods you have and increase inventory turnover by keeping fewer slow-moving products on hand while increasing your stock levels on profitable goods. Request a FREE demo below!
Why Inventory Management Solutions?
Inventory management is the management of inventory and stock. As an element of supply chain management, inventory management solutions include aspects such as controlling and overseeing ordering inventory, storage of inventory, and controlling the amount of product for sale. The solutions are important in all aspects of a business. They can help you gain visibility across your entire supply chain. Proper inventory management solutions help you figure out exactly how much inventory you need to have on-hand. This will help prevent product shortages and allow you to keep just enough inventory without having too much in the warehouse. The inventory management system can have real-time and monetary benefits. A good inventory system also helps you save money that could otherwise be wasted on slow-moving products.
Stay steps ahead of the game and always have the right amount of products on hand by making apt decisions with the inventory management system. Get in touch today!