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Saving Time and Reducing Costs Through Cost-Efficient Inventory Management
Saving Time and Reducing Costs Through Cost-Efficient Inventory ManagementChallengeKeeping track of lab supplies emerged as a complicated problem for a global leader in household products manufacturing. Frequent delays and difficulty locating necessary supplies had become such a hassle that researchers were driven to stock more than they needed, causing inventory to pile up. The company’s procurement team estimated that its laboratories were stocking three to four times the necessary volume. Managing this stock was a grossly inefficient use of researchers’ time, and the expense of accommodating this inventory could not justifiably be passed onto the end user. How could the company optimize the efficiency of its inventory in order to increase valuable research time for its scientists? SolutionThe company asked Avantor Services to analyze its inventory, study its current ordering process, and recommend a solution that would reduce costs while allowing scientists to stay focused at the bench. Avantor Services studied the situation and created a plan that included:
The Avantor Services Site Services Team implemented the 5S system in the stocking locations: Sort, Set (in order), Shine, Standardize, and Sustain Forward. This system emphasizes standardizing methods of organizing and cleaning the stockroom, and continuous use of these methods to reduce the time spent on future reorganization efforts. ResultAvantor Services introduced technology, process innovation, and metrics to drive greater efficiency. Through this, the company has saved:
The automated inventory management system also recovered more than 4,300 hours that scientists had previously been using on searching for supplies instead of research activities. The first phase of the project has recovered 130 square feet of storage space, which created a savings of almost $12,000. Additional plans for the future will potentially reclaim as much as 5,000 square feet. ChallengeA new system was needed for a large household product manufacturing company to controls costs and stop wasting scientific resources on inventory management. SolutionAn automated inventory management system was implemented to prevent repetitive ordering, reduce scientists’ involvement, and optimize inventory levels. ResultReduced overstock inventory by $30,450 and recovered 4,373 hours per year for research that had previously been wasted on managing inventory. Need Help?Are your scientific resources being wasted on non-research activities? Avantor Services has the skills, knowledge, and experience to support research productivity improvement at your organization. |