Inventory management is the core of your pharmacy business. If it is well-functioning, your business will grow and flourish.
But, if you don’t know how much stock you have in your hand, it might be difficult for you to make smarter business decisions and your pharmacy will be harmed.
That’s why many pharmacists, nowadays, invest in powerful inventory management systems to track their inventory accurately and easily.
In today’s article, we will cover the most common inventory management obstacles you might face when running your pharmacy and how to solve them.
Let’s delve in!
Shortage in Drug
There are some times when critical drugs and medications are in shortage, while the demand on them is great.
It is hard for pharmacists to ensure that they have enough quantity of drugs which jeopardizes patients’ expectations and harms the overall business.
On the other hand, sometimes you have excessive stock which increases drug and capital waste. Pharmacists should be able to balance between the availability of drugs and the demand on them in order to eliminate waste.
Large volume of inventory has a negative effect on your overall profit.
Manual inventory tracking
Using spreadsheets to track your inventory might work for small business, but let’s agree that they are not the most effective way in you have a large business. The traditional way in handling complex processes usually leads to errors and time consumption.
If the available data is inadequate you will either end up ordering large volume of drugs and suffer the consequences of waste or order small volume of drugs that can’t cover your customers’ needs.
Inventory Management Solutions
By using an inventory management system, you will be able to digitalize and automate the routine tasks of inventory. This will reduce human errors and increase data accuracy which you can use in forecasting the right amount of drugs your pharmacy needs.
Using inventory management systems will help you generate detailed reports that you can use to adjust inventory accordingly.
Developing action plans, such as inventory reduction strategy, surplus inventory plan, etc. based on your monthly report will help you reach your business needs easier.
Never take any decisions based on instincts. Always make sure you gather the most accurate data from different recourses to be able to form better decisions that bring real results.
Inventory management is not the responsibility of one person. You have to establish a collaborative environment where all the staff shares the responsibility of inventory management.
It is important to make sure that your pharmacy has the right drug at the right time.
Inventory management is tricky and you should have the proper tools and skills to get everything on track.
Remember that your pharmacy business is based on robust inventory management.