Inventory management is critical to the quality of testing and the financial viability of the laboratory. As mentioned previously, inventory management is an extension of the budget process. If adequate supplies are not available, testing cannot occur. On the other hand, if too much inventory is available, supplies will expire, and essential institutional resources will be tied up in products just waiting to be used. Several key inventory management components will be discussed in this course. Inventory management begins with creating a starting point for all supplies, followed by determining stocking levels, locating and storing the inventory, and then the ordering process. The ordering process means finding the best vendors, developing purchase contracts, and determining the delivery process to the laboratory. Once delivered to the laboratory, the process includes how the supplies are inspected, sorted, and logged for tracking and storage. Post-use tracking so supplies can be ordered on time to prevent running out (stock outage) follows. Of note: A contingency plan should be in place for what to do if any vendor reports a supply backorder.
