Three mistakes to avoid when managing consignment inventory

Consignment inventories follow one big goal: placing medical devices, equipment, and supplies where they need to be — at the hospital, in closest proximity to the patient. It’s a supply chain model where suppliers place inventory at a hospital and retain ownership of the inventory until it has been consumed by the hospital.
managing consignment inventory | consignment inventory management

Managing consignment inventory efficiently presents an ideal scenario for suppliers and hospitals alike. However, the reality often reveals significant challenges and potential pitfalls that can lead to time-consuming and costly errors. Understanding and avoiding these common mistakes is crucial for streamlined inventory management in the healthcare industry.

1. Lack of Inventory Visibility

Inventory visibility is increasingly crucial in today’s complex global supply chains and diverse medical device market. With stringent legal regulations in the healthcare industry, maintaining complete inventory visibility is essential for compliance. Full visibility enables efficient management of product recalls and expiration dates, reducing administrative burdens and costs while ensuring adherence to legal standards. Consequently, this approach not only streamlines operations but also enhances overall safety and reliability in healthcare services.

2. Manual Processes in Consignment Inventory

The consignment inventory cycle, from shipping to consumption, invoicing, and replenishment, can be hampered by manual processes. These time-consuming tasks, such as relying on spreadsheets or handwritten notes for tracking consumption and expiry dates, disrupt the flow of operations. Therefore, automating these processes is key to optimizing product turnaround times and eliminating human errors. Furthermore, this ensures a more efficient and error-free consignment cycle.

3. Inadequate ERP System Integration

The effectiveness of any inventory software solution hinges on its integration with your ERP system. Software that requires data duplication and lacks real-time integration can lead to significant operational challenges, particularly during critical situations like batch recalls. A state-of-the-art consignment software loses its value if it is not properly integrated with your ERP system. Hence, investing in a solution that seamlessly aligns with your ERP landscape is essential for effective inventory management.

mymediset’s Consignment Cockpit: The Proven Solution for SAP Users

mymediset’s Consignment Cockpit has been exclusively developed for SAP users and stands as the proven consignment solution among Fortune 500 companies in the healthcare industry. Overall, it addresses the key challenges of consignment inventory management, offering seamless integration, real-time data accuracy, and automated processes tailored to the needs of healthcare providers and suppliers.

Explore the potential of mymediset’s Consignment Cockpit for efficient, compliant, and automated consignment inventory management in healthcare. Contact us for a demonstration tailored to SAP users in Fortune 500 organizations.

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