{"id":38542,"date":"2023-03-06T12:35:55","date_gmt":"2023-03-06T07:05:55","guid":{"rendered":"https:\/\/www.techjockey.com\/blog\/?p=38542"},"modified":"2023-04-11T12:00:05","modified_gmt":"2023-04-11T06:30:05","slug":"benefits-of-iot-inventory-management","status":"publish","type":"post","link":"https:\/\/www.techjockey.com\/blog\/benefits-of-iot-inventory-management","title":{"rendered":"Benefits of IoT Inventory Management Software for the Hospitals"},"content":{"rendered":"\n

Delay in receiving clothes, furniture, cosmetics, or even groceries can be manageable. However, delay in receiving the right medicines or medical equipment can be life threatening.<\/p>\n\n\n\n

Even today, hospitals are struggling to manage inventory which results in unexpected equipment failure, downtime, and inconvenience. To deal with this, the healthcare industry requires a smart inventory solution that can fix inventory issues in the early stages.<\/p>\n\n\n\n

However, the healthcare industry\u2019s requirements can be best met by using an IoT- driven inventory software. IoT inventory management software comes with embedded sensors and device functionality that collects real- time inventory data, both at rest and in transit.<\/p>\n\n\n\n

Let\u2019s see how the IoT driven inventory management software works, and how it benefits hospitals to manage their inventory efficiently.<\/p>\n\n\n\n

<\/span>What is IoT Driven Inventory Management Software?<\/span><\/h2>\n\n\n
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\"What<\/figure><\/div>\n\n\n

IoT or the Internet of Things refers to a collective network of devices that are connected and an advanced technology that enables real-time communication among the devices, sensors, and the cloud. This reflects real-time data that is collected by sensors on your software.<\/p>\n\n\n\n

The IoT based inventory management solutions come with an embedded device and sensor functionality that centralizes hospital data to offer quick access to information like inventory levels or location, collect data on hospital inventory, and more to perform smart actions. It helps healthcare institutions to detect inventory issues and correct them in the early stages only.<\/p>\n\n\n\n

Moreover, by using an IoT inventory solution, hospitals can monitor an asset\u2019s location, provide live data of goods and shipments by tagging them with IoT devices, and fetch information on medicines and medical equipment. This further helps hospitals in managing supply chains and hospital planning.<\/p>\n\n\n\n

Case Study of a Large Cancer Hospital & Research Center<\/strong>

Challenges Faced by the Hospital<\/strong>:

The supply chain of the hospital was inefficient. The inventory was only done through barcoding which was inefficient in providing real-time visibility into inventory levels. In fact, the cancer center’s costs started increasing due to increased inventory wastage, inadequate security for expensive inventory, and frequent expiration of medicines.

Impact After Implementing an IoT- based Inventory Management Software<\/strong>:

To deal with inventory-related challenges, the hospital decided to switch to inventory software that was integrated with RFID technology. The hospital\u2019s carts, cabinets, shelves, etc., were connected to RFID readers that helped in getting the exact inventory location.

With accurate inventory visibility, the hospital reduced wastage and optimized the overall cost. In fact, they were even able to automatically generate purchase orders and reorders to maintain optimum inventory levels.<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

<\/span>Major Benefits of IoT Driven Inventory Management Software in the Healthcare Sector<\/span><\/h2>\n\n\n
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\"Major<\/figure><\/div>\n\n\n

Using IoT-driven inventory management software<\/a>, hospitals can accurately track their medical inventory, avoid stockouts, inspect the equipment, detect expired medicines, and more. Moreover, the inventory software\u2019s integrations save time by automating manual tasks like bill generation, expense calculation, and more.<\/p>\n\n\n\n