Implementation of vendor managed inventory (VMI) in managing intraocular lenses (IOL) in eye care organization
Keywords:
Turnaround time, Order filling rate, Inventory management, Vendor managed inventory, Operational efficiency and effectivenessAbstract
Nowadays healthcare has a completely changed scenario as compared with the early 90’s. As more and more profit-generating hospitals are coming in the industry, hospital, and health care is no longer remains a charitable or philanthropically act. So to remain in the market and compete within hospitals need to now focus on the different and innovative strategies in every aspect. Supply chain and operations are one of the important keys of any organization which directly impact business and revenue. Vendor Managed inventory is not a new concept but it is not efficiently utilized in service and healthcare industry as of now. Some retail and automobile industries have utilized the concept and also able to reduce the inventory cost with the manageable position of stock out and overstocking position. As the hospital’s key functioning is to deal with the life of patients on day to day so the position of material needs to be necessarily on right time and the right place. This paper is based on the insight of the application of vendor managed inventory in the management of inventory for the IOL (Intraocular lenses) that is used for the surgeries in the eye hospital. We will also study the questionnaire on the acceptability of the concept of vendor managed inventory in the hospital that will help to assess the acceptability of VMI in the hospital and healthcare industry. Also, a framework matrix is designed to understand the relation of VMI with the revenue earning and smoothening of operational efficiency.
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