5 Reasons Why Your Lab Needs Velocity by Insysiv

In the intricate world of hospital laboratories, efficient supply chain management is paramount to ensuring seamless operations and cost-effectiveness. Yet, many labs struggle with disparate data, lack of analytics, and suboptimal purchasing practices. Enter Velocity by Insysiv, a game-changing solution designed to revolutionize how labs manage their supplies and drive substantial savings. Let’s delve into five compelling reasons why your lab needs Velocity.

1. Strategic Buying Unleashed

Velocity is not just another inventory management tool; it’s a strategic ally in optimizing purchasing decisions. By leveraging data captured by Insysiv’s Track handheld devices during procedures, Velocity employs advanced analytics to uncover patterns in purchase and usage of supplies. This deep understanding empowers labs to make informed decisions based on actual utilization rates, physician preferences, and historical spending patterns. Say goodbye to guesswork and hello to strategic buying that aligns with your organization’s needs and goals.

2. Virtual Bulk Buy for Real Savings

One of Velocity’s standout features is its ability to uncover hidden savings through what can be termed as a “virtual bulk buy.” By analyzing real-time analytics, Velocity helps identify opportunities for bulk purchasing commitments without the need for traditional market share commitments. Labs can commit to purchasing specific amounts by specified dates, optimizing pricing and ensuring cost savings without tying up capital in excess inventory. The result? Substantial savings without compromising on supply availability or quality.

3. Precision Inventory Management

Velocity empowers labs to achieve perfect par levels by leveraging utilization rates for each product in their inventory. Say goodbye to stockouts or overstocking woes; Velocity’s real-time analytics ensure you always have enough supplies on hand without excess inventory tying up resources. Moreover, Velocity’s expiration management feature provides insights into items at risk of expiration, allowing labs to prioritize usage and collaborate with vendors for inventory refresh strategies, reducing waste and maximizing efficiency.

4. Real-Time Insights for Informed Decisions

Gone are the days of relying on outdated inventory valuations or manual forecasting methods. Velocity offers real-time inventory valuations categorized by product type, ownership status (consigned/owned), and more. This granular visibility into inventory value enables labs to make informed financial decisions, optimize resource allocation, and identify cost-saving opportunities proactively.

5. Empowering Demand Forecasting

Anticipating future demand is key to proactive inventory management and cost control. Velocity equips labs with robust demand forecasting capabilities based on historical usage patterns and real-time data insights. By accurately forecasting demand, labs can make commitments to vendors with confidence, negotiate favorable terms, and unlock substantial savings through volume discounts and optimized pricing structures.

Velocity by Insysiv is not just a software solution; it’s a strategic enabler for labs seeking to optimize their supply chains, reduce costs, and improve overall operational efficiency. By harnessing the power of data analytics, virtual bulk buys, and real-time insights, Velocity empowers labs to make smarter purchasing decisions, maintain optimal inventory levels, reduce waste, and drive significant savings—all while ensuring uninterrupted supply availability and quality patient care. Embrace Velocity and unlock the true potential of your lab’s supply chain management capabilities.

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