2 Minutes Read

Transform Inventory Cycle Counting for Pharmaceutical Companies with mInventory

Modernize your warehouse! Schedule a live demo to see how your warehouse can achieve 99.9% inventory accuracy with Mobile Barcoding Solution and automated processes
Schedule a Demo

The COVID-19 pandemic has underlined the importance of uninterrupted supply chains and efficient inventory management in the pharmaceutical industry. Thousands have died worldwide due to the unavailability of medicine and ventilators. This is mainly due to the supply chain disruptions and API (Active Pharmaceutical Ingredient) shortages that led to production halts. Pharmaceutical companies should focus on efficient inventory and warehouse management. In this blog post, we’ll discuss one of the best practices, inventory cycle counting, and the new ways of achieving more out of it.

Inventory cycle counting:

Inventory cycle counting involves a comparison between physical counting and inventory records. The practice is a great way of determining the accuracy of your inventory management. When regularly and correctly done, cycle counting helps businesses to keep their inventory holding costs as low as possible. 

Although it’s important, manual cycle counting is cumbersome and no one’s favorite job. You need a large part of your manpower and time to make sure the stock levels on your system match with stock on your shelves. If you don’t count your inventory regularly, you may face huge inventory problems and revenue losses. You can call it a necessary evil. Cycle counting helps inventory managers identify significant warehouse issues before they show adverse effects. Pharmaceutical companies can greatly improve the accuracy of their inventory and financial statements by timely capturing and monitoring cycle counts.

Pharmaceutical companies have come a long way with digital transformation. But most of them are still relying on paper-based processes to execute cycle counts. These manual processes make the already cumbersome task more difficult and inefficient. A minute error can lead to a great mismatch between the actual inventory levels and inventory data. Your production line may not receive 

Using digital technologies to optimize the cycle counting process

Modern digital technologies such as barcode scanning, wearables and smartphones eliminate error-prone paper-based processes. Using barcode scanners will enable warehouse workers to perform inventory counting faster, almost in 50 percent less time. Since your workers don’t need to write down numbers, the chances for errors are zero. If these barcode solutions are integrated into the ERP system of your pharmaceutical company, data will be automatically updated into the system of records.

Innovapptive’s Connected Inventory Management is a mobile inventory management solution that makes cycle counting an easier exercise. This solution can be integrated into rugged barcode scanners, smartphones, and wearable devices. The recount feature in the solution allows you to recount the items which are already counted. If there is a huge mismatch of system and count quantity, this feature will allow you to initiate a recount of the material.

 

Connected Inventory Management leverages smartphone cameras to allow inventory staff to take pictures of inventory and upload them into the ERP system’s cycle counting module. These can be saved for future references.

Watch an online demonstration of Connected Inventory Management in action by clicking this link. This demonstration showcases mInventory’s features and illustrates its benefits. To learn more about how Innovapptive’s mInventory can help your company increase its cycle counting efficiency and improve warehouse productivity, call 888-464-6668. Our experts are standing by to answer your questions, listen to your needs and to configure a solution to overcome your warehouse challenges.

New call-to-action
5 Reasons Why Companies Should Use Digital Work Instructions
Technology advancements are creating new opportunities in asset-intensive industries. Simultaneously, challenges are being created for front-line...
Read More
Eliminate Maintenance Reworks and Increase Wrench Time with Digital Work Instructions
Few things are as frustrating as having to redo something you thought was finished. Who wants to perform the same job twice? Unfortunately,...
Read More
Solving the Front-line Worker Skills Gap with Digital Work Instructions
Industrial process plants and manufacturing facilities are confronting twin problems that could lead to a loss in production and revenues in the...
Read More
Innovapptive’s New Mobile Work Instructions: Overcome Skills Gaps and Tribal Knowledge Loss
American manufacturing plants face a growing crisis as aging Baby Boomers retire from the workforce. Once these employees walk out the front gate for...
Read More
Redefining Fixed Asset Tracking for Media & Entertainment Companies
 “Lights, camera, action!” Content creation in the media and entertainment industry (including cinema, TV, news, advertising and broadcasting)...
Read More
5 IT Considerations For Selecting the Right Mobile Connected Worker Platform
More and more companies are interested in implementing a mobile Connected Worker Platform - especially in asset-intensive industries such as Oil &...
Read More
Build vs. Buy: Does a DIY Mobile Connected Worker Platform Make Sense?
“If you want something done right, you’ve got to do it yourself.” This adage gets proven right daily. If you’re handy under the hood, it makes sense...
Read More
Preventing Costly Data Compromises: 5 Best SAP Mobile Solution Security Practices
Sheriff: “What happened?” The Stranger: “Somebody left the door open and the wrong dogs came home.” When you’re the victim of lax mobile device...
Read More
5 Reasons Why Warehouse Managers are Losing Sleep & How an SAP EWM Mobile Solution Can Help Them Rest Easy
By Richard SandallSupply Chain Evangelist At the sharp end of the supply chain, today’s warehouse managers are faced with a range of challenges that...
Read More