5 Tips to Optimise Your Pharmacy Operations and Stock Keeping
Managing the operations and stocks of pharmacies can be a challenging task. However with the right mix of strategies and streamlined processes in place, operations can be smooth and bottom lines improved.
Below are five tips to optimise your pharmacy operations and stock keeping.
Implement a stock management system
Having an accurate stock or inventory management system in place is crucial. Such a system is key to track all your stock levels, expiration dates and re-order levels. With a robust stock management system, one reduces the risks for stock outs or over stocks, minimises waste and improves the overall efficiency.
Prior to opting for a stock management system, always conduct a business analysis exercise wherein requirements are gathered and specifications are compiled. Solution mapping is subsequently carried out to find the best software solution for your business needs. This phase is of paramount importance, in order to avoid overspending in overkill solutions.
Train all your employees
Another very important part of the pharmacy operations puzzle is your staff complement. Staff training and development is essential. All staff members should be well-trained to be proficient in the way they operate the stock management system and be knowledgeable about the stocked products, services offered and modus operandi (i.e. internal procedures).
Well-trained staff will help reduce human errors, improve overall operations and boost customer services.
Leverage technology
Harness the power of technology to reduce errors, improve accuracy and save time through automation. A digital transformation mindset helps in digitalisation processes and procedures in a frictionless manner. Invest in point-of-sale systems (POS), barcode scanners and possible automated dispensing systems to enhance the efficiency of your pharmacy operations. A number of available funding schemes aid businesses with their digitalisation projects.
Extract trends and patterns from your data
Analyse your sales data to extract patterns and trends about the best sellers, the slow moving items, the complimentary items and more. Moreover, predict demand and optimise your stock levels based on historical sales data. Data is fact and will help you make informed decisions about stock levels and purchasing decisions. Overstocking means tied up capital and most of the time storage space issues.
Get an external perspective and review your processes regularly
Continuous improvement is crucial. Review your processes regularly and identify areas for improvement and roll-out the necessary changes. Conduct stock-takes at least annually and commission regular audits reviewing stock levels and staff performance. Consider introducing ISO certification to instil a level of operational excellence.
To be in a position to best manage your pharmacy you need a combination of strategies, data and tools. We can help you strive to improve your efficiency, cost-base and profit margins.
