Financial Benefits of Chemical Inventory Management Using BIOVIA CISpro

BIOVIA conducted a financial benefit study of the BIOVIA CISPro chemical inventory management system solution to determine how their technology has benefited customer processes and costs. We surveyed customer stakeholders with direct association and use of BIOVIA CISPro for managing their chemical inventory, assessing fourteen value metrics related to chemical inventory management. Stakeholders responded favorably across the board for achieving efficiencies in each of the areas studied: laboratory operations, inventory management, inventory reporting, Material Safety Data Sheet (MSDS) management, procurement and waste management.

The survey findings enabled a calculation of the financial benefits gained through more efficient chemical inventory management, use and reporting. On average, organizations achieved an annual financial benefit of $12,900 per laboratory staff user plus $12.50 per container for inventory management support. Accordingly, for an organization of 50 laboratory staff users with 10,000 chemical containers, the financial benefits are estimated at $770,500 per year.

This white paper presents the survey parameters and results with the subsequent determination of financial benefits, including a cost benefit case study for a Return on Investment (ROI).

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