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INVENTORY OPTIMIZATION USING DATA ANALYTICS

Research Proposal · April 2024


DOI: 10.13140/RG.2.2.20490.68809

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INVENTORY OPTIMIZATION USING DATA
ANALYTICS

ABSTRACT

Hospitals spend nearly one-third of their overall operating expenses on healthcare supply chain
management (RevCycleIntelligence, 2019). To address this, they're increasingly turning to data
analytics (Cygnus, 2023). This involves collecting and analyzing extensive healthcare data to
streamline inventory processes and mitigate operational inefficiencies (Miller, 2022). Traditional
methods often fall short, making predictive analytics crucial for forecasting demand patterns
(Jones & Patel, 2019). Implementing barcode systems and RFID technology further enhances
inventory management (Marker, 2019; Hayes, 2023). Empirical studies showcase improved
efficiency and cost-effectiveness (Saputra, Ernawati, & Wulansari, 2021; Suijkerbuijk, 2017).
Despite budget constraints, integrating data analytics remains a priority for hospitals aiming to
enhance their supply chain management.

Key words: Data analytics, Healthcare supply chain management, Inventory management.
1.0 INTRODUCTION

Enterprises in every sector, including the healthcare industry, are constantly dealing with large
amounts of big data to improve efficiency and profitability (Miller, 2022). Hospitals are
increasingly using data analytics to enhance performance and efficiency in today's fast-paced
healthcare landscape. Data analytics involves collecting and analyzing vast amounts of healthcare
data to drive actionable insights and informed decision-making (Cygnus, 2023).

In recent years, there has been a shift in the healthcare supply chain industry regarding the
importance of data analytics, not only for reducing costs and increasing revenues, but also for
improving efficiency, clinician satisfaction, and patient care and safety (Nonan, 2022). One critical
aspect of this management is the inventory of healthcare facilities, encompassing a vast array of
supplies, equipment, and pharmaceuticals essential for patient treatment and operational
functionality. However, the traditional methods of inventory management often fall short in
meeting the dynamic demands and complexities of modern healthcare systems.

Amidst this backdrop, the integration of data analytics emerges as a transformative solution,
offering unprecedented insights and capabilities for healthcare facility inventory optimization.
Leveraging advanced analytical techniques, healthcare providers can harness the wealth of data at
their disposal to streamline inventory processes, enhance resource allocation, and mitigate
operational inefficiencies. From predicting demand patterns to identifying supply chain
bottlenecks, data analytics empowers healthcare organizations to make informed decisions that
drive improvements in patient outcomes and cost-effectiveness.

This term paper delves into the crucial significance of leveraging data analytics to address the
pressing need for more efficient and effective inventory management within healthcare facilities.
By bridging the gap between traditional methods and modern demands, it aims to illuminate the
transformative potential of data analytics in streamlining processes, enhancing resource allocation,
and mitigating operational inefficiencies. Through this integration, healthcare organizations can
harness unprecedented insights to predict demand patterns, identify supply chain bottlenecks, and
make informed decisions, thereby improving clinician satisfaction, patient care, and cost-
effectiveness in today's dynamic healthcare landscape.
1.1 Objectives:

To assess the current challenges and limitations of traditional inventory management methods.

To analyze theorems and case studies of organizations leveraging on inventory optimization.

To identify some established inventory management systems.

To explore the potential benefits of integrating data analytics into inventory management
processes.

2.0 LITERATURE REVIEW

The conventional methodologies employed in healthcare inventory management predominantly


rely on manual interventions and guesswork. However, such reliance invariably leads to
inaccuracies, inefficiencies, and potential errors in inventory tracking and management (Khokhar,
2023). A significant drawback stems from the absence of real-time data, causing delays in
decision-making and impeding the agility to respond promptly to fluctuations in inventory levels
and demand dynamics. Consequently, this flawed system can precipitate either overstocking or
understocking of medical supplies, both scenarios carrying substantial ramifications (Balkhi et al.,
2022). While overstocking translates to escalated carrying costs, understocking precipitates stock-
outs, adversely impacting treatment availability and thereby compromising patient care. By
integrating data analytics into healthcare inventory management, organizations can mitigate the
shortcomings of manual interventions and conjecture, thus fostering more accurate decision-
making processes and enhancing responsiveness to inventory fluctuations and demand dynamics.

Scholars have extensively studied the application of data analytics in healthcare supply chain
management, emphasizing its potential to optimize inventory levels and enhance operational
performance (Miller, 2022). For instance, predictive analytics techniques have been employed to
forecast demand for medical supplies, enabling proactive inventory replenishment and reducing
the likelihood of stockouts (Smith et al., 2020). Additionally, prescriptive analytics models have
been developed to optimize order quantities and reorder points, minimizing inventory carrying
costs while ensuring sufficient stock availability (Jones & Patel, 2019).

2.1 Theoretical Background


2.1.1 The Economic order quantity model

The economic order-quantity (EOQ) model presents a viable approach for determining the optimal
quantity of inventory to order in a bid to balance the tradeoff between ordering and storage costs.
This technique aims to minimize the total cost of inventory while still ensuring that the business
has sufficient stock to meet customer demand. (Schwarz, 2008). By conducting a thorough analysis
of the ordering and storage expenses entailed in managing inventory, businesses can make
informed decisions about the ideal quantity of stock to order. Ordering costs pertain to the expenses
incurred when placing an order, while storage costs relate to the expenses associated with holding
inventory over a specific period. The EOQ calculation aims to strike a balance between the costs
of holding inventory (handling cost) and the costs incurred in placing orders (ordering cost).
Through a comprehensive assessment of these two costs, companies can determine the most cost-
effective and efficient strategy for managing their inventory levels.

2.1.2 Poisson Distribution

The Poisson distribution is a cornerstone of probability and statistics, particularly useful for
situations where events occur infrequently within a fixed interval. The Poisson distribution is
commonly employed in inventory management to analyze and predict the occurrence of rare events
or discrete outcomes, such as the number of customer arrivals, machine failures, or product
demands within a specific time frame (Fernández & Vatcheva, 2022). Imagine a hospital
pharmacy tracking the number of antibiotic prescriptions received each day. The Poisson
distribution can help us understand the likelihood of receiving a specific number of prescriptions,
considering the average daily rate. Poisson distribution help to calculate various metrics such as
expected costs, holding costs, shortage costs, and outsourcing costs associated with the supply
chain (Modak, Panda, & Sana, 2020).

2.2 Empirical literature and case study

Study of analysis of Raw Material Inventory Control carried out by Wahyu Sidiq Saputra, Rieska
Ernawati, and Wiwik Anggraini Wulansari at CV. XYZ, (a digital printing company) revealed that
raw material inventory control in the company still uses the manual calculation method. With the
Economic Order Quantity (EOQ), the inventory of raw materials can be kept to a minimum, the
cost as low as possible, and the quality better. Based on the results from their research and data
analysis showed that the application of the EOQ method in CV. XYZ can produce inventory cost
efficiency. This means that the raw material procurement policy carried out by CV. XYZ so far
has not been efficient and has not shown minimum costs. While the inventory costs that have been
issued by the company are still greater when compared to companies implementing raw material
inventory control using the EOQ method (Saputra, Ernawati, & Wulansari, 2021).

In the study conducted at Eindhoven University of Technology for Philips Healthcare, the Poisson
distribution was utilized as a fundamental tool for inventory management in the context of
integrating preventive maintenance and inventory control for healthcare systems. The research
specifically highlighted the application of the Poisson distribution in modeling the incoming
demand stream of spare parts at the distribution center. By analyzing the usage data of iXR-
machines, the study observed that the demand for spare parts could be approximated by a Poisson
process, taking into account changes in the demand rate over time.

Moreover, the study emphasized the importance of using historical data and demand forecasting
techniques based on the Poisson distribution to optimize inventory levels and ensure timely
availability of spare parts. By considering the stochastic nature of demand and applying preventive
maintenance policies, the research aimed to enhance the efficiency of inventory management
practices within healthcare systems.

Furthermore, the study incorporated maximum likelihood estimation methods with censored data
to model the time until failure and usage at failure of components, enabling a more accurate
assessment of maintenance needs and spare parts requirements. By leveraging the Poisson
distribution as a predictive tool, the research sought to minimize operational disruptions, reduce
long-term maintenance costs, and improve overall system reliability in healthcare settings
Suijkerbuijk, C.A.W.M. (2017).

2.3 Inventory management systems

2.3.1 Manual System:


A manual system of healthcare inventory management refers to the traditional, non-automated
method of tracking and managing medical supplies, equipment, and medications within a
healthcare facility. This system relies on manual processes, such as physical counting, handwritten
records, and spreadsheets, to maintain inventory levels, order supplies, and monitor usage. In a
manual system, healthcare professionals are responsible for manually recording inventory
transactions, such as receiving new supplies, dispensing medications, and transferring items
between departments. This process can be time-consuming and prone to human error, leading to
potential stockouts, overstocking, or inaccurate inventory records. Eighty-one percent of hospital
staff in a recent Cardinal Health survey reported performing manual inventory management, and
over one-half (51 percent) said the number of manual processes in the supply chain was a
significant challenge (RevCycleIntelligence, 2019).

2.3.2 Just -in-time system:

Just-In-Time (JIT) inventory management is a strategy that seeks to minimize inventory levels by
receiving goods only as they are needed for production or sale. This approach contrasts with
traditional inventory management methods, which involve keeping a buffer stock of inventory to
meet unexpected demand (Stevens, 2023). JIT inventory management is based on the idea that it
is more efficient to produce or purchase goods as needed rather than holding them in inventory.
This can reduce carrying costs, such as storage space, insurance, and spoilage. Additionally, JIT
inventory management can help to improve cash flow by reducing the amount of money tied up in
inventory. JIT inventory management is advantageous for healthcare organizations. It streamlines
inventory processes, reduces storage space, and eliminates waste. It enables healthcare providers
to make smaller investments in inventory, which enhances financial sustainability. JIT ensures
critical medical items are always available, enhancing patient care and safety. The COVID-19
pandemic exposed vulnerabilities in healthcare supply chains that relied heavily on JIT systems.
The sudden surge in demand for essential supplies highlighted the limitations of JIT in responding
to unforeseen spikes in demand. To address these challenges, healthcare organizations need to
consider emergency inventory management, strategic sourcing, national stockpiling, and robust
supply chain risk management practices (Balkhi et al., 2022).
Figure 1: JIT system chain.

Photo credit: zoho.com

2.3.3 ABC analysis system:


ABC analysis is a useful inventory management technique that hospitals use to determine the
importance of their inventory items based on several factors such as cost, demand, and risk data.
By prioritizing items based on their importance, businesses can focus on managing the most critical
inventory items and ensure they always have enough stock on hand to meet patient demand
(Chakraborty, 2024). ABC analysis is a widely used inventory management technique that
categorizes inventory items into three classes based on their importance to a business. Class A
items, which are the most critical SKUs, rely heavily on profitability or sales volume and
contribute significantly to a business's revenue. As such, these items require constant monitoring
and attention to ensure that the business has enough stock on hand to meet consumer demand.
Class B items are moderately important, while class C items are the least significant and generally
represent low-cost items with lower demand.

Through ABC analysis in healthcare, organizations can strategically allocate resources to enhance
efficiency. By pinpointing areas requiring more attention and resources to enhance patient
outcomes and operational effectiveness, healthcare providers can prioritize critical aspects of care
delivery. Moreover, by assessing which areas can be managed with fewer resources, healthcare
facilities can streamline inventory management processes, potentially lowering expenses while
maintaining quality care standards. ABC analysis is an inventory management technique that
categorizes inventory items into three classes based on their importance to a business. This
technique is based on the Pareto Principle, which states that 20% of a company's inventory
accounts for 80% of its revenue. By categorizing inventory into three buckets, businesses can focus
on managing the most critical inventory items and reduce waste, ultimately leading to increased
profitability.

Figure 2: Classes in ABC inventory management.


Photo credit: Abby Jenkins

The effectiveness of the ABC analysis varies depending on the characteristics of each
organization's operations and can pose some setback despite its immense contributions to
inventory management. It relies heavily on the dollar value of inventory items and may overlook
other important factors. Its implementation requires significant investment of time and resources,
and ongoing maintenance can be resource-intensive. The rigid classification criteria may not align
with certain inventory items, leading to suboptimal decisions. Additionally, prioritizing items
solely based on their monetary value can introduce risks of undersupply or oversupply and
negatively impact overall performance (Abby, 2023).

2.3.4 Barcode system:


Barcodes serve as a graphical depiction of alphanumeric characters and symbols, with these
characters encoded within contrasting black and white regions. They are straightforward to
generate, achievable through various means such as Excel, Word, or nearly any PC or Mac
software enabling font adjustments, online barcode generators, or specialized inventory
management software (Marker, 2019).

In healthcare settings, barcode inventory management systems play a crucial role in efficiently
managing medical supplies and equipment. Each healthcare product, ranging from medications to
medical devices, is assigned a unique barcode identifier. This identifier can be linked to various
essential data points, including supplier information, expiration dates, lot numbers, and current
stock levels. Similarly, barcodes can be assigned to specific storage locations within hospitals,
pharmacies, or medical facilities. When healthcare workers receive or distribute supplies, they can
scan both the product and location barcodes, allowing the inventory system to update in real-time
and accurately track inventory movements (Marker, 2019). The type of barcode to use in healthcare
can vary for instance, the 1D barcode is widely used in hospitals for processing patient care, such
as patient wristbands. However, there is always a growing need for barcodes to store more and
more data, for which 1D barcodes have their limits (Donna, 2020). In a 2D barcode, data is encoded
in pixelated dots or shapes, typically arranged in a square or rectangle, rather than the vertical lines
found in 1D barcodes. This difference allows 2D barcodes to store significantly more data
compared to 1D barcodes. While 1D barcodes are often used as references to product information
records stored in a database, 2D barcodes can sometimes contain enough data on their own,
eliminating the need to link them to a separate database. For example, 1D barcodes are commonly
utilized in hospitals for processing patient care, such as printing barcode wristbands for patients.
However, as the demand for storing larger amounts of data increases, 1D barcodes reach their
limitations. In contrast, 2D barcodes offer a solution by providing a more efficient way to encode
and store extensive information within a single barcode. This capability makes 2D barcodes
increasingly valuable in healthcare settings and other industries where comprehensive data storage
is essential (Marker, 2019).

Scanning of barcode QR barcode (2D barcode)


Figure 3: photo credit: stock.adobe.com Figure 4: photo credit: free icons

2.3.4 Radio-frequency identification inventory management:

‘Radio Frequency Identification (RFID) is a technology that uses radio waves to passively identify
a tagged object (Hayes, 2023). Also, RFID can be seen a wireless technology that uses radio waves
to identify and track objects or people. RFID tags contain a microchip and an antenna that can be
attached to objects or embedded in products. The tag emits a unique identification code that can
be read by a compatible RFID reader. RFID technology has many applications, including inventory
management, access control, and asset tracking. RFID operates through tiny electronic devices,
often resembling microchips, which store information; a technology that uses radio waves to
automatically identify and track inventory items. These devices are typically compact, sometimes
as small as a grain of rice, yet capable of holding substantial data. While not all RFID tags emit
electricity, some incorporate stored power sources or batteries. The scanners employed to read
these devices can also supply sufficient electricity to activate the microchip (Hayes, 2023).
Hospitals can implement an RFID system without any complexity involved. By utilizing fixed
RFID readers and passive tags, healthcare facilities can quickly and simply set up automated asset
tracking (Sparks & Sparks, 2023).

3.0 METHODOLOGY AND DATA ANALYSIS

Hospitals are keen on integrating data-driven solutions to enhance the management of their
tangible resources. According to Global Healthcare Exchanges, for the second consecutive year,
data analytics ranked as the most desired capability for supply chain management. However,
limited budgets frequently hinder investment opportunities (RevCycleIntelligence, 2019).

In the healthcare sector, data analytics serves as the foundation of contemporary inventory
management. Through harnessing data and advanced analytical methods, healthcare organizations
can forecast future needs, fine-tune inventory quantities, and enhance the efficiency of their supply
chain. This approach helps prevent both excess inventory and shortages, ensuring optimal stock
levels for patient care (RevCycleIntelligence, 2019).

This study focused on the use of quantitative data sourced from Kaggle.com The study lies on
delineating the data analysis system implemented for enhancing healthcare inventory management,
elucidating the techniques and tools utilized to analyze, interpret, and derive insights from the
collected data sets. The dataset is built from the initial dataset consisted of 600000 transactional
data collected in 6 years (period 2014-2019), but emphasis was made on the most recent year -
2019, indicating date and time of sale, pharmaceutical drug brand name and sold quantity, exported
from Point-of-Sale system in the individual pharmacy. Selected group of drugs from the dataset
was classified to the following Anatomical Therapeutic Chemical (ATC) Classification System
categories:

M01AB - Anti-inflammatory and antirheumatic products, non-steroids, Acetic acid derivatives and
related substances.

N02BA - Other analgesics and antipyretics, Salicylic acid and derivatives.

N05B - Psycholeptics drugs, Anxiolytic drugs

R03 - Drugs for obstructive airway diseases.

Figure 5: Scatter plot for the monthly sales data for M01AB drugs in 2019.
Source: (Jumoke, 2024)

For most of the year, sales fluctuated between approximately 30 and 50 units, indicating a
relatively stable demand for M01AB drugs. In the month of October, there was a significant drop
in sales, where it fell below 20 units. This could be due to various factors such as supply issues,
changes in demand, or external market influences. On the other hand, sales peaked in February,
approaching almost 60 units. This spike could suggest a seasonal increase in demand or successful
marketing efforts during that period.

Figure 6: Line graph for the monthly sales data for N02BA drugs in 2019.
N02BA
35

30

25
Axis Title

20

15

10

0
1/6/2019 2/6/2019 3/6/2019 4/6/2019 5/6/2019 6/6/2019 7/6/2019 8/6/2019 9/6/2019 10/6/2019
Axis Title

Source: (Jumoke, 2024)

The sales showed a wave-like pattern with peaks and troughs throughout the year. Noticeable
peaks in sales occur around March, July, and October, which may indicate seasonal trends or
specific events driving demand. There was a consistent decrease in sales every alternate month
starting from February, suggesting a possible bi-monthly cycle in purchasing or usage patterns.
The shaded area above the value of 25 represent a target sales figure or an upper limit for stock
levels.

Figure 7: Bar and Line graph for the monthly sales data for N05B drugs in 2019.
Source: (Jumoke, 2024)

There was a steady decrease in the quantity sold from January to December, with sales dropping
from 100% to around 20%. The initial high volume in January suggested a strong start to the year,
which then consistently diminished over the months. This downward trend could reflect a variety
of factors, such as changes in market demand, increased competition, or shifts in healthcare
policies affecting prescription rates.

Figure 8: Line graph for the monthly sales data for R03 drugs in 2019.
R03
140

120

100
Axis Title

80

60

40

20

0
1/6/2019 2/6/2019 3/6/2019 4/6/2019 5/6/2019 6/6/2019 7/6/2019 8/6/2019 9/6/2019 10/6/2019
Axis Title

Source: (Jumoke, 2024)

The sales pattern was somewhat inconsistent, with significant peaks in March and May, suggesting
periods of higher demand or successful marketing strategies. Whereas, from July onwards, there
was a general decline in sales, which could indicate a seasonal trend, changes in prescription habits,
or market saturation. The fluctuations in the data, especially the peaks around March (3/16/2019)
and May (5/16/2019), where sales reached close to or above 120 units, could be due to specific
events or promotions that temporarily boosted sales.

Figure 9: summarized monthly sales of four drug categories (M01AB, N02BA, N05B, R03)

Row Sum of Sum of Sum of


Labels M01AB N02BA N05B Sum of R03
Jan 166.2 94.2 268.2 318
Feb 141.89 107.55 263.4 259
Mar 167.86 96.7 324.4 298
Apr 154.06 77.5 281.4 191
May 149.88 98.75 248.8 313.2916667
Jun 177.03 119.15 228 155
Jul 162.5 83.8 225.6 77
Aug 172.05 73.2 225 173
Sep 187.43 111.4 255.8 126.4166667
Oct 46.37 22.75 95 42
Grand
Total 1525.27 885 2415.6 1952.708333

Source: (Jumoke, 2024)

M01AB (Anti-inflammatory): Sales were relatively stable throughout the year, with a noticeable
drop in October.

N02BA (Analgesics): This category also experienced a significant decrease in October, but
otherwise maintains moderate sales figures.

N05B (Anxiolytics): The sales for this category were the highest among the four, with a consistent
pattern except for the sharp decline in October.

R03 (Respiratory drugs): This category showed variability, with the highest sales in January and
the lowest in July.

The overall pattern of the data shows a significant decrease in sales for all categories in October,
possibly indicating external factors influencing the market during that period. The total sales
volume analysis reveals that N05B drugs had the highest sales in 2019, followed by M01AB, R03,
and N02BA.
Chart Title
350

300

250
Axis Title

200 Sum of M01AB


150 Sum of N02BA

100 Sum of N05B


Sum of R03
50

0
Jan

Apr

Aug
May

Oct
Mar

Jun
Feb

Jul

Sep

Axis Title

Source: (Jumoke, 2024)

The dashboard included a bar chart with data for four categories: M01AB, N02BA, N05B, and
R03, represented by blue, orange, gray, and yellow bars, respectively. The chart shows monthly
sales from January to October. The filter panel allows for selection of individual months, enabling
users to focus on specific periods and observe trends or anomalies in the data. By selecting
different months, the dashboard would update to reflect the data for that period, providing insights
into inventory levels, sales performance, and potential stock issues.

Note: Utilizing a dashboard with visualization tools enables stakeholders to make data-driven
decisions in real-time. The ability to filter and analyze data by specific months allows for a granular
understanding of sales patterns and trends, empowering inventory managers to make informed
decisions regarding stock levels, procurement strategies, and allocation of resources.

4.0 CONCLUSION

In conclusion, hospitals face significant challenges in managing their healthcare supply chain
efficiently, with a substantial portion of their budget allocated to this endeavor. Traditional
methods often prove inadequate in addressing the complexities of modern healthcare systems,
leading to inefficiencies and suboptimal outcomes. However, by embracing data analytics,
healthcare providers can revolutionize inventory management processes. Through predictive
analytics, techniques like EOQ and ABC analysis, and the implementation of barcode systems and
RFID technology, hospitals can streamline operations, optimize resource allocation, and mitigate
inefficiencies. Empirical studies underscore the tangible benefits of these data-driven approaches,
showcasing improved efficiency and cost-effectiveness. Despite budget constraints, integrating
data analytics into supply chain management remains a strategic priority for hospitals seeking to
enhance performance and patient care in today's dynamic healthcare landscape.

5.0 REFERENCES

Abby Jenkins (2023). ABC Inventory Analysis & Management. Retrieved from ABC Inventory

Analysis & Management | NetSuite

Balkhi, B., Al-Shahrani, A. M., & Khan, A. (2022). Just-in-time approach in healthcare inventory

management: Does it really work? Saudi Pharmaceutical Journal, 30(12), 1830–1835.


https://doi.org/10.1016/j.jsps.2022.10.013

Chakraborty, A. (2024, February 12). What Is ABC Analysis? 2024 Comprehensive Guide.

Retrieved from https://www.selecthub.com/inventory-management/abc-analysis/

Fernandez, G. A., & Vatcheva, K. P. (2022). A comparison of statistical methods for modeling

count data with an application to hospital length of stay. BMC Medical Research
Methodology, 22(1), 211. https://doi.org/10.1186/s12874-022-01685-8

Hayes, A. (2023, February 27). Radio Frequency Identification (RFID): What it is, how it works.

Investopedia

.https://www.investopedia.com/terms/r/radio-frequency-identification-rfid.asp

Jones, A., & Patel, R. (2019). Optimizing Inventory Management in Healthcare: A Prescriptive

Analytics Approach. Journal of Healthcare Management, 25(3), 45-56.


Khokhar, S. (2023). The challenges of inventory management in medical supply chain. South

Asian Journal of Operations and Logistics, 2(2), 1–18.


https://doi.org/10.57044/sajol.2023.2.2.2306

Miller, J. (2022). Data Analytics: A Strategic Imperative for Healthcare Organizations. Journal of

Healthcare Information Management, 18(2), 78-89.

Miller, L. (2022, July 4). Data Analytics Can Improve Financial Performance And Efficiency In

Hospitals. Retrieved from https://viehealthcare.com/data-analytics-can-improve-financial-


performance-and-efficiency-in-hospitals/

Modak, N. M., Panda, S., & Sana, S. S. (2020, April 10). Optimal inventory policy in hospitals: a

supply chain model. https://doi.org/10.1007/s13398-020-00838-y

Nonan, H. (2022, April 6). How Data Analytics Bring Supply Chain Excellence to Hospitals.

Retrieved from https://vuemed.com/data-analytics-transform-healthcare/

RevCycleIntelligence. (2019, December 18). Data analytics add value to healthcare supply chain

management. RevCycleIntelligence. https://revcycleintelligence.com/features/data-


analytics-add-value-to-healthcare-supply-chain-management

Saputra, W. S., Ernawati, R., & Wulansari, W. A. (2021, August 30). Analysis of Raw Material

Inventory Control Using Economic Order Quantity (EOQ) Method at CV. XYZ.
https://doi.org/10.29040/ijcis.v2i3.63

Schwarz, L. B. (2008, January 1). The Economic Order-Quantity (EOQ) Model.

https://doi.org/10.1007/978-0-387-73699-0_8

Sparks, K., & Sparks, K. (2023, April 19). Top 4 benefits of using a Hospital RFID System. RMS

Omega. https://rmsomega.com/top-4-benefits-of-using-a-hospital-rfid-system/

Stevens, C. (2023, April 20). What Is Just-In-Time (JIT) Inventory Management? Retrieved from
https://www.business.org/finance/inventory-management/what-is-just-in-time-inventory-
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Suijkerbuijk, C.A.W.M. (2017). Integration of preventive maintenance and inventory management

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