In the past, inventory Software Solutions were limited. They provided very few features and were difficult to use. Due to this, many pharmacies refused to use new inventory software as it would over complicate the daily workings of the pharmacy and any benefits would be delayed. Now however, inventory Software Solutions are extremely capable. Full of features, they allow users to add in and manage their work from previous financial years, which allows them to update their business working from the earlier dates.
Inventory Software Solutions provide many advantages to pharmacies. While it’s true that being able to manage inventory levels and track goods throughout the supply chain is essential for any business, Pharmaceutical inventory software provides much more value to any organisation that uses it.
The primary advantages of Pharmaceutical inventory management software are:
1) Providing better data for accurate decision making – By keeping an eye on profit margins, product performance as well as inventory levels, managers will be able to increase their sales and profits. Tracking the sales of different medicines will allow the users to make accurate predictions of which medicines will need to be stocked depending on the requirement.
2) Synchronization – If a Pharmacy has multiple branches served by a distributor, synchronisation of data is absolutely necessary. By synchronising the data, managers will be able to tell when the reorder point will crop up for every single outlet. This makes the logistics of ordering and supplying much simpler, which can also help save money and earn a profit.
3) Increased Efficiency – inventory management software helps managers automate a variety of inventory related tasks. The Pharmaceutical inventory software automatically collects data, creates records and performs calculations. It also transforms all this data into handy graphs making analysis much easier. This in turn boosts business efficiency.
4) Warehouse Organisation – This kind of Pharmaceutical inventory software can also help distributors as well as retailers perfect their warehouse optimisation. By using Inventory management software to group popular products, and by placing them near the entrance for easy access, the process of picking them up is greatly hastened. By applying inventory management software to the warehouses, the chances of any product spoiling or going out of stock reduced drastically. The software also increases inventory visibility, making it easier to track all the products.
5) Cybersecurity – By restricting user rights, companies can allow employees to assist with inventory management. By giving the employees enough access to receive products, order out of stock products, transfer products to other branches and perform other tasks, a great deal of the manager’s time is saved. The point of restricting user rights is to create levels of access. One employee must never have access to all the company data and files, as it creates a major weak spot in cyber security. Good cyber security is a combination of factors, and inventory and sales data protection is a part of that. This also protects company security and by dividing the work, speeds up the inventory management process.
6) Expense – Since Pharmaceutical inventory solutions are mostly stored on the cloud, managing the inventory requires nothing more than internet access and Barcode Scanner. Even barcode scanners are now becoming obsolete since smartphones have QR code scanners. Since smartphones can function as QR code scanners and deploying cloud based software is inexpensive, the costs of using cloud-based software, internet, and scanning technology are reducing day by day. This drop in cost makes sure that any pharmacy can use the appropriate inventory management software to increase their business efficiency.
7) Complexity – As time passes, Pharmaceutical inventory management software gets more and more intuitive to use. Despite the increasing complexity of business, inventory management software tries to keep things as clear as possible. Almost all such softwares provide training manuals to teach employees how to use it. Once the basic level of complexity is cleared, employees are able to use the software and all its features correctly.
8) Quick deployment – Cloud based Pharmaceutical inventory software is extremely easy to deploy. The only thing business owners have to do is sign up for the subscription and start using the software via the internet. By connecting it to the warehouse database, the cloud-based software immediately catalogues the entire available stock. This kind of real time tracking and analysis is very helpful to business owners. Along with warehouses, business owners can even integrate this software with their outlets as well as their cloud-based accounting software. This kind of holistic integration leads to connectedness and reduction in multiple data entry. This enables the users to simplify their working. But connecting the inventory software to the accounting software has another benefit. It allows users to integrate GST billing into the system. With the GST software price rising day by day, this kind of integration helps offset that expense.
9) Coordination – Properly used, inventory management software allows various departments to work together more efficiently. The software can help with coordination between different departments regarding stock transfer or orders. Mismanaged coordination can create bottlenecks of inventory, where one branch is getting too many orders, while others have too much inventory. This software reduces bottlenecks and creates inter departmental efficiency.