Inaccurate inventory records can lead to increased costs, unexpected delays in demand fulfillment, and lost revenue. Results from both models provide insights for supply chain managers in the hospital setting, as well as hospital administrators considering the adoption of similar technologies or systems. In addition to choosing the optimal order-up-to level, we seek the optimal frequency of inventory counts to reconcile inaccurate records.
#Just in time inventory systems journal article full
We develop two models, optimizing either cost or service level, and we assume a periodic-review, base-stock (or par-level) inventory policy with full backordering. Similar to previous literature, we consider actual net inventory and recorded net inventory in developing the system performance measures. In practice, recording demand with perfect, 100% accuracy is infeasible, so our models condition on the level of accuracy in a particular hospital department, or point-of-use (POU) inventory location.
A critical component of achieving promised gains is the hospital’s ability to accurately and consistently capture hospital inventory use. Despite vendor promises, supply chain gains from new technology are often unfulfilled or result in a reduction of performance. Many hospital supply chains in the US follow a “stockless” structure, often implemented with the acquisition of new systems promising improved efficiencies and responsiveness.
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