Using RFID for the management of pharmaceutical inventory - system optimization and shrinkage control

Authors:
ÖZden Engin ÇAkıCı;Harry Groenevelt;Abraham Seidmann
Affiliations:
-;-;-
Venue:
Decision Support Systems
Year:
2011

Citing 17
Cited 3

On properties of stochastic inventory systems

Management Science
New Bounds and Heuristics for (Q, r) Policies

Management Science
Pricing and the News Vendor Problem: a Review with Extensions

Operations Research
Properties of the Periodic Review (R, T) Inventory Control Policy for Stationary, Stochastic Demand

Manufacturing & Service Operations Management
The Dynamic Pricing Problem from a Newsvendor's Perspective

Manufacturing & Service Operations Management
Exploring the impact of RFID on supply chain dynamics

WSC '04 Proceedings of the 36th conference on Winter simulation
Strategic and Institutional Perspectives in the Adoption and Early Integration of Radio Frequency Identification (RFID)

HICSS '07 Proceedings of the 40th Annual Hawaii International Conference on System Sciences
Partially Observed Inventory Systems: The Case of Zero-Balance Walk

SIAM Journal on Control and Optimization
The Critical Issues about Deploying RFID in Healthcare Industry by Service Perspective

HICSS '08 Proceedings of the Proceedings of the 41st Annual Hawaii International Conference on System Sciences
Inventory Record Inaccuracy: An Empirical Analysis

Management Science
Inspection and Replenishment Policies for Systems with Inventory Record Inaccuracy

Manufacturing & Service Operations Management
Implementation of the Newsvendor Model with Clearance Pricing: How to (and How Not to) Estimate a Salvage Value

Manufacturing & Service Operations Management
Retail Inventory Management When Records Are Inaccurate

Manufacturing & Service Operations Management
Note---Pricing and Inventory Control for a Perishable Product

Manufacturing & Service Operations Management
End-of-Period vs. Continuous Accounting of Inventory-Related Costs

Operations Research
Continuous Review Inventory Model with Dynamic Choice of Two Freight Modes with Fixed Costs

Manufacturing & Service Operations Management
Efficient Inventory Management by Leveraging RFID in Service Organizations

HICSS '10 Proceedings of the 2010 43rd Hawaii International Conference on System Sciences

RFID-enabled shelf replenishment with backroom monitoring in retail stores

Decision Support Systems
RFID versus bar-coding systems: Transactions errors in health care apparel inventory control

Decision Support Systems
A real-time risk control and monitoring system for incident handling in wine storage

Expert Systems with Applications: An International Journal

Quantified Score

Hi-index	0.00

Visualization

Abstract

Motivated by a case study at a radiology practice, we analyze the incremental benefits of RFID technology over barcodes for managing pharmaceutical inventories. Unlike barcode technology, RFID enables accurate real-time visibility, which in turn enables several process improvements. We analyze the impact of automatic counting and discuss the system redesign critical to optimizing the inventory policy and eliminating shrinkage. We show that continuous review is superior to periodic review whenever accurate real-time information is available at no additional cost. We explain how RFID-enabled strategies vary with inventory parameters and provide a cost-benefit analysis for the implementation of RFID for the radiology practice.