7 Benefits of Doing Chemical Management Right
- Inventory Management
- Life Sciences and Pharma
No research lab has ever attributed a major discovery to how well they acquire and manage chemicals. Additionally, no research enterprise has ever leveraged a unique approach to chemical acquisition and management for a distinctive competitive advantage. It’s just the cost of doing business.
Does that mean all approaches for managing research chemicals are equal or that chemical acquisition and management can’t add value for research organizations? Definitely not.
Labs that manage chemicals poorly expose their organizations to higher acquisition, carrying, and disposal costs; regulatory and safety risks; lost productivity; and unwanted environmental and societal impacts. (Check out 3 Reasons Your Chemical Management Process Isn’t Working and How to Fix It.)
When chemical management is done correctly, however, organizations can:
- Reduce redundant annual chemical spend purchases by 10-25 percent
- Increase on-contract spend with preferred suppliers by 9-15 percent
- Decrease disposal costs by 10-20 percent
They also put themselves in a great position to:
- Reduce overall risk exposure and environmental impact
- Minimize non-productive time
- Attract and retain top talent
- Earn a reputation as good stewards of the environment and their communities