Blog Post:

Are You Flying Under the Radar and Hiding the Real Cost?

Mar 6, 2017 | 1 comment

The information below outlines the need to evaluate the difference between taking an inventory using your internal staff and using a professionally trained Data Capture, Analysis, and Inventory Company.

Over the years many retail, manufacturing, warehousing, distributors and other industries have changed their perception of data capture. At one time, 95% of the retail industry performed their own internal counts and less than 5% utilized external professional services. Today, more than 95% of the retail industry outsources their inventory to professional services. Only a few retailers take on the task. Why? Inventory accountability has become much more complex than “financial counting”. Technology has changed and continues to change as inventory is now used for more than just year-end numbers. It takes accurate data to correctly “measure – monitor – adjust”. Good data offers many “key indicators” to evaluate and properly manage and maintain supply chain.

To do this correctly, Data Capture and Inventory Companies invest vast amounts of money in proprietary software to capture, clean, and process your internal data files. They also spend 5-10% of their operating budget just to purchase hardware. These percentages still exclude; the high cost of labor, training and benefits, research and development and travel. However, travel is often offset by experienced teams who are efficient and accurate while also delivering; progressive reports, in depth final reports, and additional comparative analyses providing customers the tools needed to make costly decisions. Currently, inventory services are better known as professional data collectors and analysts who provide data for one of your largest assets which are reported to shareholders, auditors, boards of trustees and the IRS. Therefore, your inventory service should be equally valued to your outside CPA firms. Hiring temps and supplementing internal staff increases risk while decreasing accuracy.

As a professional data capture and consulting company, DSC has helped many companies in the retail and manufacturing sector transition away from standard year end inventories. DSC greatly assists in evaluating and identifying; proper inventory levels, deficiencies, leakage, risk factors and best practices.

On the surface, outsourcing may appear to be the costlier alternative. After computing labor and over time for in-house personnel (nurses and other personnel who could be attending to your patents) who do not have the skillset, one could be led to believe performing this service internally is more cost effective. This line of thinking fails to consider several important factors.

  • Don’t “Fly under the Radar” anymore.
  • Budget for the most Important Event in your Business
  • Counting Your Largest Asset
  • Put it on your Balance Sheet!

For more information, please call DSC at 434-263-5200 or visit our website at www.dscinv.com

Jim Jones
CEO-DSC

About Us

Inventory management, no matter what your business, is imperative to success. For hospitals, medical inventory management in the clinical care areas is an elusive and serious concern. Hospitals and Surgical Centers are now, more than ever, trying to get a handle on cost of inventory in all areas including ORs, Cath Labs, PACU, ASU, Anesthesia, IR Labs, Labor & Delivery, SPD, Pharmacies and all other clinical supply areas.

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About Our Services

Data Capture

Physical Data Capture of your Medical Inventory

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Perpetual System Inventory Updating

DSC will perform a real time inventory count of perpetual supply areas while transactions are frozen. Once the counts are audited and verified, they are posted in the system.

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Cycle Count Program

Cycle Counts may be performed on any number of product types such as consignment, perpetual, implants.

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Pharmacy Inventory Services

Custom designed to your specific accounting requirements.

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Laboratory Data Capture & Inventory

We will conduct a physical count of your laboratory supplies using proper Units of Measure based on item master criteria.

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Comparative Analysis

Detailed report showing changes over time so that you can evaluate progress.

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Consigned to Owned Confirmation™ Program

We will schedule meetings with the manufacturer representatives and vendors of the consignment products to collect, review, and update contracts. When completed, DSC will conduct the initial consignment inventory.

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Surgical Tray Audits

Surgical trays are normally included in a standard physical inventory, however, this can be offered as a stand-alone service.

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Pre-Inventory Training

DSC can train your department heads so that all departments are conducting inventory operations consistently and in compliance with corporate directives.

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Special Projects

DSC can provide fully credentialed on-site resources for support of special and/or short-term needs.

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Standardization

Based on observation during an inventory and/or assessment, DSC can help identify which items are counted or not counted at specific locations.

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