ABC Analysis of Inventory Control in the Hospital Industry: Prioritizing Patient Care and Efficiency
Introduction: Inventory management plays a vital role in the hospital industry, where timely access to medical supplies and equipment can be a matter of life and death. In an environment where patient care is paramount, hospitals need to ensure that critical items are readily available while minimizing unnecessary expenses. The ABC analysis of inventory control provides a valuable framework to achieve these objectives. By categorizing inventory items based on their importance and value, hospitals can optimize resource allocation, streamline procurement processes, and ultimately improve patient outcomes. Understanding ABC Analysis: The ABC analysis is a simple yet powerful tool that classifies inventory items into three categories: 1. Category A: High-value items with low demand frequency that collectively represent a significant portion of the total inventory value. 2. Category B: Moderate-value items with moderate demand frequency, accounting for a medium portion of the o...