Integration of Accounting Frameworks and Cost Optimization in Laboratory Inventory Management: A Review Article

Abstract

Efficient inventory management is vital in clinical laboratories to sustain diagnostic workflows, control costs, and uphold quality standards. This review integrates accounting frameworks with practical optimization strategies for laboratory inventory control. Traditional valuation methods—first-in, first-out, last-in, first-out, and weighted average—are evaluated alongside activity-based costing for more accurate cost attribution. Budgetary control, variance analysis, lean management, just-in-time practices, and vendor-managed inventory are highlighted as key tools for financial governance and waste reduction. Demand forecasting models and performance indicators are emphasized for monitoring efficiency. A flowchart is presented to illustrate integration of inventory lifecycle management with laboratory information and enterprise resource planning systems. Challenges include demand fluctuations, supply chain disruptions, and digital integration barriers, while future prospects lie in AI-driven analytics, blockchain tracking, and real-time automated platforms. This review bridges accounting principles with practical approaches to enhance financial control, operational efficiency, and sustainable resource use in healthcare diagnostics.