White Paper

Quantifying The Financial Benefits Of Chemical Inventory Management Using BIOVIA Cispro

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As organizations grow, business and operational processes evolve. Over time—particularly if the facility expands—items are moved, sometimes lost, sometimes misplaced. If that item is chemical inventory, a number of challenges can arise.

Lack of accurate information concerning chemical inventory affects the organization’s ability to manage chemical costs efficiently, which can lead to under- or over-estimating the resources required. For instance, if chemicals in existing inventory can’t be readily found, more must be ordered. If the misplaced chemicals are found after expiration, they must be discarded, resulting in wasted inventory. Discarding inventory because of lack of accurate inventory knowledge unnecessarily increases the amount of company expenditures. Alternatively, many organizations purchase excess inventory, or “safety” stock, to ensure that materials are on-hand somewhere. This not only results in wasteful spending but also places facilities that handle hazardous or regulated materials in jeopardy of exceeding allowable amounts.

Simply knowing what chemical inventory is on hand, and where it is, can eliminate management headaches and reduce regulatory scrutiny.

Chemical inventory management processes that have not been optimized with technology and best practices can negatively affect operational effectiveness and efficiency.

Many organizations rely on spreadsheets and other inefficient processes and solutions. Spreadsheets are static methodologies that do not manage data in real time, nor can they readily accommodate changes by multiple users to keep the data up to date. BIOVIA CISPro, with BIOVIA inventory management best practices, provides chemical inventory data in real time, accessed and updated by many users and complies with regulatory requirements for chemical management and reporting.

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