Features and Cost Of Lab Inventory Management Software Development

By RisingMax

February 10, 2023

Features and Cost Of Lab Inventory Management Software Development

The discovery of life-saving medications depends heavily on lab inventory management since it guarantees the precise and timely tracking of all laboratory supplies. The finest lab inventory management software automates the various duties involved in keeping track of laboratory inventory, such as checking for products that are about to expire and placing new orders for supplies.

Your scientists can have the exact products they need—when and where they need them—when you have an efficient and comprehensive solution that includes an accurate stockroom and point-of-use inventory management system. That means you and your team can focus on your work at the bench and produce results on time.

laboratory inventory management software

RisingMax Inc. is the leading lab automotive inventory management software development company with the experience of more than a decade in healthcare software development. We have delivered more than 500 projects for healthcare software and 300+ projects on AI and blockchain based healthcare projects.

Get a free consultation service from our experts for software development.

Features We Provide In Laboratory Inventory Management System

A solid and dependable inventory management system in place aids in cost savings, productivity gains, a reduction in the likelihood of human mistakes, and maintenance of a fully stocked lab.

Therefore, the following features belong in a software package for inventory management:

  • The supervision of supply. A lab employee should be able to keep track of all the supplies, consumables, reagents, samples, and equipment with the use of a barcode scanner and a handy mobile app. He or she should also be able to execute inventory transactions, oversee the delivery of supplies, keep track of expiration dates, and oversee equipment repairs.
  • An employee should be able to complete testing paperwork, update all the details about samples and equipment, and handle all other connected paperwork via software. 
  • Inventory demand scheduling and planning. You won't have to worry about a sudden shortage of resources because a well-designed inventory management system can estimate inventory demand and alert you when supplies run low. A robust data analysis feature can assist in properly forecasting future demand, guaranteeing that the lab is constantly running at full capacity. A reliable lab inventory management system should flag expired reagents, and you should be warned or even prevented from utilizing them. Even though it is less significant for research, using expired reagents could render any clinical test reported to a patient invalid. 
  • The most crucial data for managing your lab's inventory of reagents or consumables is the reagent lot and expiration dates.
  • The software will enable users to schedule tasks, check their status in real time, and update them as necessary for ongoing inventory-related procedures. 

Such software is versatile due to its modular design, which makes it simple to add new features and enhance performance in the event of unanticipated loads. The list above is a broad illustration of an average lab inventory software. Each specific organization will have a different custom software solution.

Major Benefits of Laboratory Inventory Management Software

Your laboratory can benefit greatly from a lab inventory management system, which can also speed up internal operations.

Automation of Data Entry

The majority of systems have barcode or QR-code readers that scan products and update the inventory registry. The first benefit of this feature is that it removes tedious and error-prone manual data entry, which increases staff productivity. Such systems also eliminate data duplication and ensure accurate data collection, classification, and presentation.

Real-time tracking

The items are automatically scanned and stored in a single cloud repository, to which authorized users have unrestricted access. As a result, each laboratory or warehouse has access to the most recent information about samples and inventory status. With real-time inventory tracking at your disposal, you'll never encounter shortages or surpluses, as well as unanticipated losses of your lab supplies.

Planning and Forecasting

You will always be informed when an item is getting low and that you need to refill it. With laboratory inventory management software, you can always remain on top of things and feel secure about the supply levels in your warehouse or lab. The algorithm can estimate future behavior and provide suggestions for what goods you might need more if you update or keep track of existing data.

Align the current state of IT with your business strategy by hiring the most trustworthy laboratory inventory management software

Lab Inventory Management Software Development Cost

The needs of the organization it serves, the features that need to be included, the technologies utilized, the stage of idea preparation, the fees charged by the software development company, etc., significantly impact the cost of producing sophisticated software. Any estimate provided by a consumer, no matter how rough. 

Otherwise, the sum of money or time guessed without considering a specific scenario won't accurately reflect the situation. It may offer you an inaccurate concept of the necessary investments. Using the specified specifications, a professional should handle the development costs.

So, you have a clearly defined vision for the future lab inventory system. In that case, you should get in touch with a software developer so they can rapidly calculate the expenses of lab management software specific to your situation.

Additionally, we will give you access to

  • Product Manager
  • Business Analyst
  • UI/UX Designer
  • System Architect

Furthermore, our experience shows that the outcomes of it can be utilized to attract additional investments if necessary. Get in touch with RisingMax Inc. to collaborate if you want to develop a blockchain inventory management system.

Usually, the cost of any software development depends on various factors, including the complexity of the software. Let’s see what could be the approximate cost to develop laboratory inventory management software:

Complexity Level

Cost Estimation

Low-Level Complex AI

$30,000- $50,000 

Medium Level Complex AI


High-Level Complex AI


Another thing that affects the development cost of the lab inventory management software is the size of the company you are hiring for the development. 

Size Of The Company

Company Size 



Small Size Company

$20,000 to $ 45,000


Mid Size Company



Large Size Company

$1,00,000 to $15,00,000


Why Risingmax Inc. Is The Best Lab Inventory Management Software Developer 

RisingMax Inc. has been working in healthcare software development since 2011 and has delivered more than 500 custom healthcare software development projects. 

We have expertise in providing healthcare software development services like:

  • Healthcare mobile apps
  • Healthcare web development
  • App solutions for wearable gadgets
  • IoMT apps
  • Healthcare MVP development
  • laboratory inventory management software

For building any custom software you can get in touch with us. We will provide you with free consultation services for healthcare-based software. 

What We Can Provide In The Package

  • 150+ developers 
  • 50+ designers 
  • 50+ QA experts
  • Individual Project Managers 
  • 100% transparency in project building
  • Flexible workforce
  • Cost-effective development cost

And many more……

For the complete package of the lab inventory software development or even for the consultation to gain knowledge, you are most welcome. We are available 24*7 to assist you. 

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