Inventory control – challenging burden in pharmaceutical business
An efficient inventory control system has to resolve contradictory demands and it can be challenging to implement. While inventory represents the largest investment for most pharmacies, an effective inventory management system meets customer interests at the lowest cost with the minimum investment. In other words, efficient inventory management is profoundly connected with sales and service maintenance. Accordingly, despite the fact that the pharmacy business is unpredictable, inventory management can be.
Pharmacy inventory optimization with software
Maintain a wide variety of stocks and avoid obsolete items, keep stock low, maintain a high level of service, adjust volume order to lower cost as well as maintain slow-moving inventory at the same time – these are the challenges that nearly every pharmaceutical business encounters. Luckily, advanced software does provide assistance in certain decision making for pharma inventory managers. So, how can software increase the pharmacy business inventory profit?
1. Visualizes upstream & downstream of goods in a single view
In order to reduce costs, and maintain effective inventory to satisfy customers’ demands, managers are required to spend time and energy monitoring shelves. The software provides the opportunity to bring data from multiple systems and deliver it into a single view. This is a visualization with real-time stock availability and makes it easier to maintain accurate inventory levels. Thus, knowing the entire flow of goods upstream and downstream, the manager is able to increase inventory turns.
2. Updates regarding stock obsolescence
About-to-expire inventory, also known as ‘dead inventory’ or ‘excess inventory’, ties business cash flow. By identifying slow or non-moving items, the software minimizes the risk of products expiring, on some level predicts overstocking, and thus saves money, and increases service levels for higher operational efficiency.
3. Automates tasks within Supply Chain Center partners
Disconnection with supply chain partners can lead to inefficiencies, lack of visibility, and general uncertainty. Automated tasks within the end-to-end supply chain reduce labor and operational costs, eliminate human error, increase fill rates, and improve inventory management. Automation in pharmacy brings more transparency and visibility of operations, as well as gives agility to respond to unexpected events faster.
Bring your pharma business to a world-class level
Staying competitive in the pharmacy business is challenging. Due to high competition, the most common struggles that pharmaceutical companies face are low profits, low turnover, inaccurate forecasts, same merchandise, lost sales due to stockouts. We, the PharmaMS team, have been helping pharmaceutical companies for more than 10 years to make business more profitable. We encourage you to stay competitive and explore new insights that our service could provide. Order risk-free diagnostics and receive consultation from our experts.