Ep. 97 | Optimizing Your Inventory COGS with Emmitt Nantz

SUMMARY:

“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!

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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)

ABOUT OUR GUEST:

Emmitt Nantz is a co-Founder and visionary leader at Inventory Ally, a cutting-edge inventory management software solution designed specifically for veterinary hospitals. By leveraging the latest technologies and industry insights, Inventory Ally equips veterinary teams with the tools they need to achieve unparalleled efficiency, cost savings, and improved patient care.
Learn more about Inventory Ally or schedule a demo at: www.inventoryally.com

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