How Data Analytics is Important for Your Pharmacy Management

Data analytics has always been significant for pharmacy management softwares since it directly contributes to developing the quality of work through collecting, analyzing, and streamlining important information regarding business and clients.


Now, you can accurately identify consumers' behavior, their needs, and every taken stage in their purchasing process. 


All this data can be used to determine the weak points in your pharmacy, such as design, purchasing process, and financial transactions, in addition to the possibilities of changing those weaknesses into strengths.


Customer Behavior Analytics

Customer behavior analytics aims at assisting pharmacy management in measuring the purchase trends and customers' expectations, especially with the significant changes that usually occur in their behavior. 


Although providing products with the appropriate price is very important, customers are usually not willing to buy products that are less expensive and not compatible with their needs. 


Data analytics can help pharmacy managers streamline their consumers' preferences in terms of choosing particular products and their alternatives. Also, managers get to know the customers' willingness to either buy pharmaceutical products online or in-store, which helps you to decide whether to go online or not.


Furthermore, data analytics can reveal customers' purchasing priorities and analyzing their age group. In France, for example, the size of families spending on medication in the 1970s was 1.5%, but in 2000 it increased to 2.8%. 


A study conducted on a large number of pharmacy customers revealed that 72% of customers believe that receiving care from pharmacists for their health and providing personalized counseling are the reasons behind their confidence and loyalty to their pharmacy.


Regarding cosmetics, for example, a study revealed that 78% of women are looking to use natural cosmetics tested by certified dermatologists because safe products are what they need regardless of the price. In addition, the figures showed that 48.5% of the customers of body care products are old people. 

Sales Reports

Using data analytics can provide pharmacy management with comprehensive reports about sales activities, which can help owners with developing pharmacy operations in accordance with their customers' needs.


Further, pharmacy management softwares that use data analytics can help you generate sales reports daily, monthly, or yearly.


Accurate sales analytics aims at measuring its current volume compared to expected numbers, in addition to analyzing the size of profits and studying the reasons behind progress or decline, as well as analyzing employees' performance in the sales department using the performance index "KPI."      


Data-based Operations Management

Specialized pharmacy software allows pharmacists to access a massive amount of vital data and updates to make management based on accurate and useful instructions.


According to HIMSS Analytics foundation, depending on data in the management of health and pharmaceutical institutions increased productivity by 5-6% and that the institutions which rely on data to manage their operations have achieved significant progress in the financial and operational performance as well as increasing their profits by at least 8%.


This operation has developed related jobs such as the CEO of data "CDO" and InformationWeek revealed that in 2014, senior CEOs of institutions were planning to choose a manager for this position by 17% and by 2019, the percentage reached 90% which sheds light on the importance of the matter.

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