{"id":75779,"date":"2024-02-12T18:26:54","date_gmt":"2024-02-12T23:26:54","guid":{"rendered":"https:\/\/todaysveterinarybusiness.com\/?p=75779"},"modified":"2024-02-12T18:26:54","modified_gmt":"2024-02-12T23:26:54","slug":"inventory-ally-021224","status":"publish","type":"post","link":"https:\/\/navc.sitepreview.app\/todaysveterinarybusiness.com\/inventory-ally-021224\/","title":{"rendered":"Inventory Ally Wins 2024 Pet Pitch Prize"},"content":{"rendered":"

Inventory management has long been a challenge for veterinary practice leaders. That\u2019s why Inventory Ally was developed: to optimize costs, cut down on product shortages and reduce the time animal hospitals spend on managing inventory. The work paid off at VMX 2024 when Inventory Ally won the seventh annual Pet Pitch Competition.<\/p>\n

The Evolution of an Idea<\/strong><\/h3>\n

Emmitt Nantz<\/a> co-founded the Inventory Ally software platform.<\/p>\n

\u201cI\u2019ve been in veterinary operations for about 20 years,\u201d he said. \u201cI started in Banfield, managing hospitals, but then I quickly moved into large-scale projects at Banfield. About 13 years ago, one of my first big projects for them was an inventory management solution, and they still use it in their hospitals today.\u201d<\/p>\n

Earlier in this career, Nantz created SmartFlow, a cloud-based solution that transforms how\u00a0veterinary teams manage patient care workflows. SmartFlow is now sold by Idexx Laboratories, where Nantz spent almost four years managing a team doing software onboarding.<\/p>\n

\u201cAll of that career experience \u2014 from root-cause analysis to large-scale process design to the startup software to managing implementation \u2014 all came together as an opportunity to kick off Inventory Ally,\u201d he said.<\/p>\n

It was late 2022 when Nantz and his co-founders started building Inventory Ally. It came to market in mid-2023 when they thought the time was right for a new inventory management solution.<\/p>\n

\u201cWe watched a lot of hospital consolidators go from the highest multiples they\u2019ve ever seen to starting to fall, and they needed to make up some of that lost value,\u201d Nantz said.<\/p>\n

\u201cThe go-to software for hospitals is their practice information management systems<\/a>, which all have some sort of inventory management solution embedded in them, so the default thinking is the transactional data within PIMS is going to help you manage your inventory,\u201d Nantz said. \u201cBut that\u2019s a fallacy because 50% of your inventory doesn\u2019t transact.<\/p>\n

\u201cThe other big thing is that PIMS use service packages, and it assumes the same static consumption for every procedure, but it varies. So it\u2019s always been incomplete and inaccurate.\u201d<\/p>\n

Inventory Ally users pay a monthly subscription fee.<\/p>\n

\u201cWe use order history data and predictive analytics to guide the replenishment of every product,\u201d Nantz said. \u201cWe don\u2019t use the transactional information, and that\u2019s quite a pivot in the inventory thinking.\u201d<\/p>\n

Getting Off the Ground<\/strong><\/h3>\n

While the pieces of the idea had been kicking around in Nantz\u2019s head for a while, it took some time to get Inventory Ally operational.<\/p>\n

\u201cAccess to data is far easier than it used to be,\u201d he said. \u201cBeing able to access people\u2019s order history is now more available, which gives us the ability to apply algorithms to make it available to everybody.\u201d<\/p>\n

Inventory management is a highly competitive space, so Nantz wanted a differentiator because looking for funding can be difficult for a startup, no matter how much the solution is needed.<\/p>\n

\u201cWe came at this by working with a small group of hospitals \u2014 about eight \u2014 for about a year, Nantz said. \u201cWe used customer feedback and built that loop to optimize the solution on a tight, personally funded budget. Then we started to scale it.\u201d<\/p>\n

Key Benefits<\/strong><\/h3>\n

Nantz said Inventory Ally has several key components that customers appreciate.<\/p>\n

\u201cThe first, which is most important, is the time savings,\u201d he said. \u201cMost hospitals, before joining Inventory Ally, spent four to eight hours a week managing their inventory. Once they go with Inventory Ally, we give them a curated list of products to count once a week, and we build the order for them. That takes maybe 45 minutes a week. That\u2019s time that can go back to the patients and hospital.\u201d<\/p>\n

The second is simplifying the ability to improve inventory turnover. Most hospitals that use Inventory Ally see a 30% to 40% reduction in on-hand inventory, freeing up space and releasing working capital, Nantz said.<\/p>\n

\u201cIt doesn\u2019t make any sense to have a manual process that wastes time that could otherwise be put towards pets and customers,\u201d he said.<\/p>\n

Looking Ahead<\/strong><\/h3>\n

Inventory Ally\u2019s growth strategy is to build strategic relationships with distributors, buying groups and PIMS developers.<\/p>\n

\u201cWe have a four-pronged approach to build integration with distributors and PIMs and are looking to accommodate both independent and enterprise groups,\u201d Nantz said. \u201cIt\u2019s a slow, methodical pace forward to make sure we can accommodate the scale and deliver exceptional customer service every time.\u201d<\/p>\n

\u201cAs we continue to grow, we will add additional customer success managers and two others to the development team to accommodate the demand,\u201d Nantz said. \u201cWhen it comes to growing the team, it\u2019s very much reactive to where the demand is recognized. I\u2019m not going to anticipate and hire outside of where our needs are.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

The cloud software product simplifies inventory management and purchases.<\/p>\n","protected":false},"author":5,"featured_media":75781,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"iawp_total_views":0,"footnotes":""},"categories":[90],"tags":[],"class_list":["post-75779","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-online","column-news","clinical_topics-news","clinical_topics-veterinary-products"],"acf":{"hide_sidebar":false,"hide_sidebar_ad":false,"hide_all_ads":false},"yoast_head":"\nInventory Ally Wins 2024 Pet Pitch Prize | Today's Veterinary Business<\/title>\n<meta name=\"description\" content=\"Inventory Ally aims to to optimize costs, cut down on product shortages and reduce the time animal hospitals spend on managing inventory.\" \/>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" 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