Effective inventory control can often be the difference between providing essential services to your patients or not. Inventory is a significant asset to all dental practices, but it can create undesirable problems if your ordering and tracking processes become mismanaged. Enhancing inventory management control with effective ordering, and implementing a proper monitoring system of stock levels, can affect the overall efficiency of your practice.
Obtaining optimum inventory levels is a continual challenge, but inventory control alerts can make this process more manageable. Before discussing the benefits of alerts, it’s essential to understand the difference between a minimum inventory level in your practice and an optimal level.
The minimum inventory level in your practice should be designed to be the bare minimum level of supplies that you need on your shelves at all times. If the stock falls below the minimum level, it could potentially cause unwanted operational challenges. The minimum level is based on your available inventory storage space, inventory usage, and the allocated budget.
Optimal inventory levels are the ideal quantities of supplies that a dental practice should have on shelves at any time. But inventory control alerts aren’t triggered until you hit your minimum level. Setting a higher threshold for frequently used supplies will ensure that you always have an appropriate amount of supplies on hand. Simply put, optimizing inventory levels can help practices become even more profitable.
But inventory alerts are valuable far beyond just helping keep your inventory shelves sufficiently stocked. They also help dental practices to:
Shop more efficiently
Alerts can manage low stock notifications accurately and ensure that a high level of attention is applied to your inventory. When shopping for dental supplies online, alerts can help practices order more efficiently. They can reduce the chance of your practice running out of essential supplies when you need them and ensure that you’re not negatively impacting the practice’s bottom line by over-ordering.
Knowing what’s available and ready to use in your stock room is crucial for running an efficient practice. With inventory alerts, you can see what is readily available at all times, and it helps practices order the right amount of supplies. Having complete access to real-time data and seeing what’s readily available can help practices order supplies before stock levels hit a dangerously low point.
Reduce stock waste
It’s no secret that an oversupply of inventory can make dental practices lose money. On the other hand, you are taking a chance to not provide patients with required treatments and procedures if stock is wasted – and this will negatively impact your bottom line. Alerts can timely notify practices about supplies inching closer to their expiry dates. Remember, expired supplies lead to untreated patients and monetary loss.
Sufficient inventory levels are a clear sign of an efficient dental practice. Utilizing inventory alerts can help ensure that your practice doesn’t stock up on too many or too few supplies, can enhance your ordering processes, and improve your cash flow. Most importantly, a well-balanced inventory is pivotal to keeping your valued patients satisfied.