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The Z5 Inventory blog is brought to you by the geniuses behind Count, Reallocate, Buy, which saves hospitals money at every step of your inventory's lifecycle.
Find out how to solve healthcare's $5 Billion inventory waste problem today. Then get back to the ridiculous gifs we found this week. 

Inventory Counts Are Fun! Don’t You Agree?

6/13/2017

A healthcare pro counting product on paper count sheets. The old way.

You live in a world filled with boxes, packages, bins, shelves, storage rooms, items out of order, manufacturer name changes, and did I mention the unreadable labels?

OK, I think you get the point. It’s a big job to take on, but you are the force behind the management of most hospitals' second biggest expense: inventory.

Year over year - or perhaps more often - physical inventory counts are taken, and the majority of us continue to do it the same way we’ve done it forever. Why? Because “'round here we have it down pat, and it's worked fine for the past 10 years or so."

Ok, so the "old way" may work and might get the job done. Maybe you use paper-based counting methods or handheld scanners and those may work fine for getting the job done and reaching a valuation. Now don’t get me wrong; if it works that’s fine.

I would challenge each reader by asking this: if there is a better way or method that yields more accurate results, would it at least be worth exploring?

Where would we be in the world today if we just left things as the status quo and no one explored? Should we have just continued riding horses because they got us from point A to B and got the job done? Can I get a Big NO here? I think all readers would agree.

I’ll let Mark Twain give some guidance here:

“Twenty years from now you will be more disappointed by the things you didn't do than by the ones you did do. So throw off the bowlines. Sail away from the safe harbor. Catch the trade winds in your sails. Explore. Dream. Discover.” 

Where does this leave us with inventory? According to the MGI Digitization Index (below), Healthcare still remains in the category of "relatively low digitization," meaning plenty of room for improvement. Be bold! Try new offerings and solutions in inventory counts. You might be surprised, and you might uncover significant time and monetary savings.

mgi-industry-digitization-index.jpg

 

What we find is that - more often than not - there is room for improvement. The MGI Index shows that the majority of industries still have room for improvement, particularly in digitization. The biggest challenge is identifying where to begin. Inventory counts is one of these areas.

When we first set out to save customers time in completing inventory counts through our iPad Z5 Count application, a nice side-effect occurred. The side-effect was uncovering inventory which many hospitals didn’t even knew existed. These items were simply overlooked as "old" or deadstock and were left to expire or just disappear into a storage closet at a financial loss/cost to the hospital.

For those that took a chance and caught the "trade winds" in their sails by using Z5 Count, they can now realize the benefits of our Count, Reallocate, Buy platform. Perhaps you’ve heard the expression: “One man's loss is another man's profit.” Well in this case the "loss" or deadstock medical supply inventory now becomes hospitals' increased profit as they purchase inventory from us at a substantially low cost. Our unique solution allows customers to both buy and sell their deadstock inventory following a thorough Z5 Count, so technically no one (buyer or seller) is "at a loss."

So what are you waiting for? Sail away from safe harbor and explore.

Sign up for a brief demo below. Explore, learn, and we'll answer any questions you may have.

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About Z5 Inventory

Every organization in the healthcare industry struggles with inventory. So Z5 Inventory’s founders set out to solve the problem. Using our unique Count, Reallocate, Buy platform, Z5 Inventory can not only count your inventory, but turn the slow-moving and excess stock on your shelves into savings in your pocket.

Want to learn how much we can save you? Contact us.


 Headline photo via Depositphotos.

Topics: physical inventory count, selling medical inventory, buying inventory, supply chain management, medical supply, digital supply management, healthcare inventory, buying medical inventory

Matthew Padon

Written by Matthew Padon

Vice President, Sales at Z5 Inventory