DEVELOPMENT OF AN INVENTORY SYSTEM FOR VETERINARY ENTERPRISES
Thursday, June 2, 2016, 10:15 AM – 10:45 AM
Roderick T. Salvador
Most practitioners do not know the accurate details related the financial health of their practice. These details may include average daily gross income, aspects of the practice providing the highest revenue, inventory status, required inventory levels for each product, and the like. This practice is primarily attributed to the absence of business related subjects in the veterinary medicine curriculum. This limitation is not usually addressed via personal studies on business processes. Adjustments were only done based on the results of previous experiences. Though effective, this trial and error approach is expensive in terms of time and financial requirements. A better approach is to have a system that produces data that can serve as references in making business decisions. The “log book” approach is the common practice. It usually works while at the juvenile stage of the practice. It is however tedious. Extraction and analysis of data and analysis is manual and limited. Historical performances may not be included in the analysis. A better approach is through the use of computer programs. This presentation outlines the method on how to develop a computer-based program that can track product flow, and monitor the inventory status.