Supply Chain Efficiency Improved With Inventory Management Intervention
Researchers looked at the supply chain process of 370 items at three hospitals. They developed an inventory management system using an advanced forecasting technique to predict what tools would be necessary to have in stock in place of a traditional order and replenish method.
The data show the implemented forecasting technique was beneficial and efficient for between 61 percent and 71 percent of the items across the three hospitals, meaning it accurately predicted the demand for the devices and allowed researchers to order an appropriate amount of inventory.
Researchers suggest these forecasting techniques can improve efficiency and reduce expenditures in the hospital supply chain.
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