Tuesday, February 11, 2025

Tips for Avoiding Supply Chain and Inventory Disruptions

In the world of laboratory research, an efficient and resilient supply chain is essential for avoiding bottlenecks in a lab’s operations. This talk will explore best practices for managing your lab's supply chain, focusing on strategies to streamline procurement, optimize inventory, and ensure reliable access to critical materials. Attendees will learn how to leverage technology for real-time tracking, implement sustainable sourcing practices, and build relationships with suppliers to mitigate disruptions. We will also discuss the role of data analytics in forecasting demand and how to align supply chain management with broader research objectives. Whether you're managing a small academic lab or a large industrial research facility, this session will provide actionable insights to improve operational efficiency, reduce costs, and support innovative science. 

Key takeaways: 

• Learn strategies to diversify your supply chain and minimize risks associated with supply disruptions. 

• Understand the importance of identifying and maintaining relationships with key contacts at suppliers for seamless communication and support. 

• Explore best practices for organizing lab storage to improve efficiency and accessibility. 

• Gain money-saving tips and negotiation strategies to optimize supplier contracts and reduce costs.

Presenter: Tom Ruginis
HappiLabs
11:00 am-12:00 pm ET

Financial Basics for Lab Managers

Lab managers are responsible for the financial health of the lab. However, most lab managers have little or no previous financial training before starting in the role. It is vital for lab managers to gain a basic understanding of the vocabulary, terms, and processes used by the financial people in the organization which will enable improved communication and better decisions. Lab managers don’t need to be experts in accounting or finance—they need a basic foundation in these skills to enable the lab to succeed.

This presentation will explore these different aspects of the financial responsibilities of the lab manager so that they can build a basic understanding and apply this knowledge to ensure the financial stability of their lab.

Learning objectives include sources of revenue, profit and loss, accounting terms and expectations, profit and margin, types of costs, building budgets, and financial challenges.

Presenter: Scott Hanton
Lab Manager
12:30-1:30 pm ET