The U.S. pharmaceutical industry is creaking at the seams. Pharmacists fulfilled more than 4 billion prescriptions in 2016 — a greater amount than any other year on record. As a result, patients face longer wait times to get vital medication. If you don’t optimize your inventory management processes, customers might choose other pharmacies — such as large retail stores like Walmart — to fill their prescriptions. This could have a detrimental impact on your business. To prevent this from happening, I have compiled three reasons why you need an inventory management system in 2018.
1. Improve Your Stock Control Processes
Manual stock control is a long and laborious task. You need to tally up the total number of medications in your pharmacy day after day after day — a process that is not only time-consuming, but completely unreliable. Inventory management systems, on the other hand, let you enhance your stock control procedures with minimal effort. Using data-driven methodologies, these programs allow you replenish stock items with a click of a button, helping you to improve profit margins and reduce inventory costs.
OrderInsite has revolutionized the way you manage stock control processes in your business. This easy-to-use software provides you with a 360-degree overview of your prescription drug inventory so you know exactly how many prescriptions you fulfill at any given point in time. You can also track and monitor on-the-shelf and over-the-counter products in your pharmacy. The result? More accurate record keeping and shorter wait times for customers. It’s no wonder, then, that more pharmacists use inventory management systems like OrderInsite to expedite day-to-day business tasks.
2. Streamline Your Accounting Records
Improving your accounting methods leads to better inventory management. With the latest inventory software, you can access financials in one place, on one screen, without having to rely on several programs. You can discover which medications and products are the most popular over a period of time, for example, and use this information to facilitate future order fulfillment processes.
Conventional inventory systems make it hard to determine your accounting performance. In fact, manual processes can lead to human error and take you longer to compile important information for payroll and tax compliance. An inventory management system, however, takes the stress out of accounting procedures. You have a wealth of information at your fingertips, saving you time and hassle. OrderInsite lets you streamline your accounting methods with a suite of useful tools.
3. Access the Latest Analytics
Inventory management systems provide you with the latest real-time information about your inventory processes, and you can use this data to solve problems and make important decisions about your pharmacy. Unlike conventional inventory systems, you can access reports that generate valuable business intelligence and analyze key performance indicators such as total sales, inventory turnover, service levels and holding costs. All of this information is available through your computer system, making it easy to examine the latest data.
OrderInsite is an inventory management tool that integrates with your pharmacy’s existing systems, saving you money. Plus, you can store data in the cloud, allowing you to access advanced reports wherever you are in the world. Use this system to track the latest analytics and use the information for internal and external audits and government compliance reports.
These are just three reasons why I think you need to invest in an inventory management system today. Want to improve customer satisfaction, streamline stock control processes and reduce human error? Use OrderInsite to transform all your inventory needs. Click here to find out more.