Inventory management is one of the most important jobs for biotech firms. Regulatory agencies demand strict record-keeping when it comes to manufacturing life-saving medicines, and there are major financial implications too. If you can’t find the materials you need when you need them, you’re wasting money, adding stress, and possibly putting critical experiments at risk.

So, it’s no surprise that digital inventory systems are one of the most popular solutions we provide. But even something that seems as straightforward as inventory management can vary widely depending on the company.

At its core, inventory management boils down to a few key things:

  • Knowing how much you have – Keeping track of quantities on hand for each material and lot.
  • Knowing where it is – Tracking the locations of each item so you can find it when needed.
  • Making operations easier – Using tools like barcoding to speed up tasks such as put-away, requisition, and fulfillment.

These basics are the foundation of inventory applications, but how far you go with them depends on your goals.  Take location tracking, for example. Some companies simply note the freezer or storage area where a material is kept. While others track down to the individual box or even the exact spot in a box. The more precise you get, the more work it takes to maintain. But in some cases, that precision is worth the effort.

Let’s look at liquid nitrogen freezers, or cryotanks, as an example. These vessels are very cold. Technicians have to wear gloves, and every time they open the vessel, the temperature can spike, which might damage the contents. Knowing exactly where each vial is stored lets them generate a picklist ahead of time, so they can locate the needed materials quickly and minimize how long the tank stays open.

Now compare that to pulling bottles from a warehouse at room temperature. In that case, the warehouse technicians don’t need such detailed tracking. Knowing the rack or possibly the shelf on a rack is usually sufficient because they can find what they’re looking for by sight and the material is not put at risk due to lengthy searches.

Inventory management isn’t about doing everything perfectly, it’s about finding the right balance that makes sense for your business.  Some materials demand precise locations, while others don’t. The trick is figuring out what level of precision works for your operations and using the right approach to make it happen. Whether it’s protecting delicate materials or keeping track of everyday supplies, a solid inventory system can save time, cut waste, and keep things running smoothly.

Let 1Platform4® Manufacturing be your “Digital On-Ramp”.  We’ve helped dozens of emerging biotech companies digitize their operations.  Follow us on LinkedIn for more insights or fill out your contact information in the form below to get started on your digital transformation.