4 Easy Steps to Improve Pharmacy Inventory Management
The truth is even a pharmacy that does an average job of managing its inventory can see drastic changes with just a few improvements to Pharmacy inventory management. Take a look at these ways you can us to evaluate your operations and make adjustments to improve your return on sales.
1. Place fewer orders
Many pharmacy owners today still place several small orders throughout the day. They scan their shelves at the end of the day and place a final order before locking up in the evening. However, when you place larger orders fewer times throughout the week, you spend less time preparing orders and putting orders away, which can ultimately save you money.
Get rid of excess safety stock, outdated products and items that are on the shelves but rarely or never move. Then, increase your safety stock on faster moving products. This decrease in inventory can increase cash flow.
3. Invest in a better Pharmacy Management inventory system
When you invest in a computer system that has Pharmacy Management inventory capabilities, you’ll offset the expense of the new equipment with the savings you’ll see in other areas of your business.
There are several systems in the Kenyan market but the easiest currently is pharmacypluspos that offers a free trial for upto 14 days. If you like it you can purchase, it if not ditch it. You have nothing to lose 😉
4. Stop “just in time” ordering
You might think that just in time ordering is the most efficient form of ordering because it can bring cost savings and reduce inventory levels. However, this thinking doesn’t take into consideration several critical elements. Just in time ordering only works when you have reliable delivery, reliable supply, and stable, predictable demand.
Written By Adams Mutua
Pharmaceutical Business Consultant in Kenya