A Study on Inventory Management Strategies for Medical Equipment Suppliers
Mr. Sarath. K, B.E (ECE)
MBA (Marketing and Operations) Student, Reg.No:43410527,
School of Management Studies,
Sathyabama Institute of Science and Technology, Chennai, TamilNadu.
Dr. Gananath Khilla
Assistant professor
School of Management Studies,
Sathyabama Institute of Science and Technology, Chennai, TamilNadu.
ABSTRACT
Inventory management is a vital component for the success of medical equipment suppliers, as it ensures that essential products are available exactly when they are needed, especially in critical healthcare situations, while also helping companies avoid the financial burden of holding too much stock. The healthcare industry presents unique challenges compared to other sectors, such as the need for high levels of accuracy, dependability, timely delivery, and strict adherence to safety and regulatory standards. These factors make inventory management more complex and demanding. This study explores how suppliers of medical equipment implement various inventory management strategies to strike a balance between efficiency and safety. It focuses on how these strategies contribute to improving operational workflows, increasing customer satisfaction, and boosting overall profitability. The research also dives into the specific inventory practices that are currently in use, highlights the common obstacles suppliers face such as overstocking, under stocking, and product expiration and provides recommendations to overcome these challenges. By offering a detailed understanding of inventory processes in this highly specialized and essential industry, the study contributes valuable insights that can help medical equipment suppliers refine their inventory management approaches for better outcomes in both service quality and business performance.
KEYWORDS: inventory management, medical equipment suppliers, healthcare logistics, operational efficiency, customer satisfaction, supply chain, stock control, safety standards, profitability, inventory strategies, demand forecasting, regulatory compliance, inventory optimization, healthcare industry.
