![]() A car parked in a space for a long period of time would not yield the same profit as turning cars frequently (especially during events but that is a whole different story). You’d also want to make sure that what goes in, also goes out. You would want to maximize the amount of cars you can park in it to get the most money. Think of every square foot of your storage facility like a parking garage. The cost of storage is one that most managers miss. Although I strongly recommend ordering in bulk to save some cash, it isn’t always wise to do so if you don’t have the capacity to use it all. ![]() You might notice upon closer inspection that some supplies continue to sit on the shelf. This is also when you want to assess the possibility of reduction. Take advantage of free lab management software products on the market. If you can automate this process with lab inventory software, I recommend doing so. Once the supply has been reduced to this threshold, that would be the set time to re-order. ![]() This will become the threshold for re-ordering. Note the minimum amount your lab will keep on-hand. Create a new list or spreadsheet outlining all the products you will continue to use. Now it is time to put these findings to work. It is a great idea to take notes so you have a point of reference to go back to. What products are used most often? How many are used per week or per month? Thinking back 6 months, how many times have you re-ordered these items? Does your current project require additional stock beyond the current levels? Have you ever had to throw away supplies that reached their expiration date? Asking yourself all of these questions will start to render a plan of action. While doing this, you should carefully consider every aspect of your daily routine. Now that you’ve finished your list, it is time to evaluate what you could use more and less of. Once you’ve completed, you can begin taking stock of things needed versus those that are not. Whichever you choose, make sure every item is accounted for. You can do this the old fashioned way with a pen and paper or with software. Take stock of everything and I mean everything. Whether you are starting a new lab or working to simplify the inventory process, creating a starting point is essential. Stretching your lab budget further and improving efficiency can be a reality with some simple, yet creative, tips. But doing so efficiently will increase productivity and reduce costs. Monitoring consumable supplies, reagents, lab equipment, and instruments can be a big task. No matter the size of your lab, controlling inventory is one of the most important things you can do to make everything run smoothly. To help, the folks at M2 Scientifics have put together this handy guide to lab inventory management. Although it can be easily forgotten about, it remains one of the single most effective ways to reduce costs and improve productivity.
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