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“Don’t shoot for minimization or maximization. Shoot for optimization!” So says our expert and co-founder of Inventory Ally, Emmitt Nantz, on this episode of Inventory Nation. Host Nicole Clausen welcomes this leader in the field of veterinary operations improvements to explain why Cost of Goods Sold (COGS) is currently a high priority and how systems have evolved to increase efficiencies.
In particular this conversation highlights the power of harnessing predictive data analytics to locate that sweet spot we all want when it comes to having not too much, and not too little, but JUST the right amount of inventory. It’s a driver of profit and frees up resources for more important things like pay raises, bonuses and capital improvements to our practices.
Learn how tools like Inventory Ally and the Inventory 911 Toolkit streamline operations, initiate incremental improvements, reduce inventory reactivity and systematize product replenishment. “We want to strive for perfection because it sounds like, well, perfection,” says Nicole. “But actually what we want to strive for is excellence and (inventory) guardrails are what give us that excellence.” Join our host in welcoming a systems wizard ready to help us take control and strike that balance!
Visit this link if you’d like to learn more about Inventory Ally or schedule a demo. Start unlocking savings and unleashing your veterinary practice’s full potential today!
Would you like to learn more about Inventory 911 Toolkit, our step-by-step blueprint to help inventory managers optimize knowledge, strategy and confidence? Click here!
You can also join our virtual neighborhood for inventory managers and other veterinary professionals for free by visiting this link.
KEY QUOTES:
- “Cost of Goods Sold actually has a lot of inefficiencies and lack of predictability built into it already and that’s why (COGS) becomes a key driver in the big picture.” (Emmitt)
- “If you have stale inventory hanging around on the shelf, you’re really taking away opportunities that could do some really cool things in your practice.” (Nicole)
- “If you’re trying to reduce COGS, then we have to make sure we have the full picture first … so I invite you to have a conversation with your accountant to understand where they’re getting that number from and what’s included, what’s not.” (Nicole)
- “If your budget is so restrictive that you almost can’t keep anything in stock, we have bigger problems that we need to address.” (Nicole)
- “Instead of being a target, Cost of Goods Sold is really more of an outcome that we should start to monitor for changes over time.” (Emmitt)
MEET NICOLE CLAUSEN
Hi, I’m Nicole Clausen, and I started Veterinary Care Logistics with the dream of changing the way we manage inventory together.
With 15+ years of experience in the veterinary industry, I have worked in several positions from receptionist to operations manager for several different hospitals.
While no two practices are ever alike, I noticed one common problem: a lack of inventory management and control. If you are tasked with managing inventory, I understand first-hand the challenges you face.
When I first started managing inventory, I struggled with the same things that many of my clients experience: a to-do list up my chin and a pretty persistent case of imposter syndrome. But jolting awake in the middle of the night, wondering if you remembered to order rabies vaccines is no way to live.
I knew something had to change.
Veterinary Care Logistics was born out of the demand by several industry leaders to utilize my inventory system as a model throughout the country. Whenever I tell people what I do, I usually get a puzzled reaction: Why would you want to do that? I hate inventory!
Truthfully, I love the puzzles, the numbers, and the strategies of inventory. But what really sets my soul on fire is creating lightbulb moments.
New clients who often come to me tell me that they feel like they are drowning or that they think they are just not cut out for this. Then once we start working together, putting systems in place, theres always, always an ah-ha moment.
And at that moment, a shift occurs. You know exactly what you need to do. Your confidence rises. And the confusion, overwhelm, and worry all begin to melt away like a bad, backordered-rabies-vaccine dream.
These are the moments I live for.
LINKS + RESOURCES MENTIONED IN THE EPISODE
ADDITIONAL RESOURCES:
Veterinary Care Logistics: @Instagram
Veterinary Care Logistics: Certified Veterinary Inventory Professional Program
Veterinary Care Logistics: Consulting Services
ABOUT VCL:
Veterinary Care Logistics serves veterinarians and their teams who are frustrated that their current inventory system is not functioning correctly and are facing out of control inventory costs and improperly stocked hospitals. VCL helps veterinarians through inventory analysis, comprehensive step-by-step action plans, and thorough team member training. My clients experience great success and rave about my work because I roll up my sleeves and get dirty working with your hospital to improve your inventory as if it was my own hospital.
