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Managing Medical Inventory – Traceability and Count through Procurement, Stock Movements and Sales

Medical Inventory Traceability

Businesses that are involved in the medical device and pharmaceutical industry must meet requirements set from national governing bodies. In Ireland, it’s the Health Products Regulatory Authority (HPRA) that regulate the industry to ensure products are safe and do what they’re supposed to.

 

One requirement from governing bodies in the medical industry is traceability of products through the supply chain. Manufacturers must be able to track and trace their health products from supplier to customer. This allows both the company and regulatory bodies to ensure product quality is high and allows them to perform product recalls if needed. Another part of traceability is being able to manage inventory expiry dates appropriately.

Batch Traceability Benefits

  • Fast Product Recalls – Real-time reporting and easy access to batch or lot tracking allows you to quickly identify the products that need to be recalled allowing businesses to retain strong reputation and customer satisfaction.
  • Precise Product Recalls – Recall the defective batches only avoid an unnecessarily large recall which can be very wasteful and costly.
  • Meet Industry Standards – Comply with any regulation regarding traceability
  • Track Expiry Dates – Each batch’s expiry date is easily accessible so you can focus on less product wastage, recalls and better quality control systems.
  • Better Supplier Relationships – Identify which suppliers delivered the highest quality materials and products.
  • Reliable Inventory Information – Manual systems are time consuming and error-prone. An automatic inventory tracing system like Enterpryze makes the data reliable and available at all times.

How does it work?

Available in our ERP Package, you can enable batch traceability in the Items module in your Enterpryze account. You can add and track batch numbers assigned to groups of your products where they require unique identification in your production or business process.

Then, you can add batch numbers to your purchase transactions, sales transactions and stock movements ensuring you keep a trail of each batch’s journey.

There are also several batch reports available at hand including a Batch Sales Report and a Batch Expiry Report.

Our Help Centre articles on Batch Traceability can help you enable this feature.

Cost of Inaccurate Stock Counts

Stock levels fluctuate all the time. Purchase transactions and manufacturing operations increase your inventory. Of course sales transactions reduces your inventory levels. Stock movements between warehouses and stores changes the count in each location.

Losing track of your stock can lead to

  • missed opportunities in sales
  • excessive time lost on administrative inventory tasks
  • stock expiring in storage
  • too much stock purchased and stored

All of this leads to reduced profits. For this reason, the inventory management process affects profit margins a lot more than we might think.

Automated Stock Count

In Enterpryze, automation allows your inventory levels to stay accurate and available for reporting at all times.

  • Procurement: Create Purchase documents that automatically update stock levels for the quantity you choose.
  • Movements: You can create stock movements so that your count in each storage location is always accurate.
  • Sales: Connected Sales Channels and Sales Invoices you create will automatically update your inventory levels. Connect each sales channels to a storage location to maintain an accurate stock count in each warehouse or store.

Inventory Reporting

To make good operational decisions, you need good information. Information regarding inventory levels across warehouses can dictate manufacturing, procurement, stock movement and sales decisions to ensure you have enough stock for your customers.

To make sure your team is well informed and operating with the most up-to-date information, Enterpryze provides a Dashboards reports for your Sales, Purchasing, CRM, Services operations and more.

In Enterpryze, you can pull Stock Take Reports, Stock Valuation Reports and have full visibility over all inventory postings and  movements.

Real time reporting makes it easy for you to see at a glance how your business is performing, what has been done and what needs to be done.

There’s also a Home screen where each user access to a calendar, a notifications widget and more for their day to day planning and operations.

Upcoming Webinar: Quality Control in the Medical Device & Pharmaceutical Industry - Tracing Your Products from Supplier to Customer in Enterpryze

We are hosting a webinar specifically to demonstrate how Enterpryze provides a solution for the challenges highlighted in this article.

Date: Thursday, September 30th, 2021.

Click the button now to register now. 

Register for Webinar

Intelligent Inventory

If you are interested in seeing how Enterpryze can help your business manage your inventory please feel free to book a demo.

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