ChemSW Releases New White Paper on the Financial Benefits of Chemical Inventory Management for Laboratories
ChemSW, Inc. has announced the release of their latest white paper titled “Quantifying the Financial Benefits of Chemical Inventory Management Using CISPro®.” The white paper documents the results of a financial benefit study ChemSW conducted of their CISPro chemical inventory management solution to determine how technology has helped customer stakeholders to streamline associated processes and costs. Fourteen key parameters--from reporting to labor costs--that relate to chemical inventory management were assessed. The surveys delivered an astounding range of detail concerning cumulative financial benefits from even small productivity enhancements.
“The information that the survey data reveals has been both expected and surprising,” states Brian Stafford, President of ChemSW. “Expected because we knew that our customers enjoyed cost savings as a result of implementing CISPro to manage their chemicals; surprising because we learned more about the actual time that many organizations are spending performing chemical management activities.”
Laboratory activities are never stand-alone. How each task is performed affects all related tasks. The survey examines the financial benefits of time-savings from optimization of the lab tasks associated with chemical management.
“All the areas where workflows can be optimized and labor hours reduced with CISPro benefit our customers financially,” Stafford emphasizes. “But there’s always more to the equation than just performing a specific task faster and more efficiently. CISPro also enables associated activities such as reporting to be streamlined, making it easy to generate Tier II, Fire Code, DHS and other regulatory reports. Once the activities surrounding chemical management are optimized with CISPro, all related workflows are also streamlined in a domino affect that benefits everyone in the lab.”
Written by ChemSW’s Sr. Business and Financial Consultant, Darryl Braaksma, the white paper presents the survey results and the subsequent determination of the financial benefits, including a cost benefit case study for a return on investment (ROI).
“Our customers responded favorably across the board for realizing increases in efficiencies for each of the areas studied: laboratory operations, inventory management, inventory reporting, MSDS management, procurement and waste management,” explains Braaksma. The survey findings enabled a calculation of the financial benefit gained through more efficient chemical inventory management, use and reporting.
“The survey revealed that all the activities associated with chemical inventory management added up to a significant cost,” Braaksma continues. “Based upon the results, organizations on the average enjoyed an annual financial benefit of $12,900 per laboratory staff user plus $12.50 per container for inventory support. This means that for an organization of 50 laboratory staff users with 10,000 chemical containers, the financial benefit is estimated at $770,500 per year.”
Lack of accurate information concerning chemical inventory affects an organization’s ability to manage chemical costs efficiently, which can lead to under- or over-estimating the resources required. The white paper reveals how a chemical inventory system based on best practices can maximize chemical inventory accuracy, enhance the organization’s environment, health and safety (EH&S) program and drive regulatory compliance.