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Strategies to control your inventory

 

Maintaining accurate stock levels enables you to make informed and data driven decisions in your pharmacy. Let’s take a look at some strategies to make stock management easier. 

 

Manage accurate stock levels and product information

  • Avoid manually counting stock by using a stocktaking app, such as the Minfos App. Our stocktaking app can be used by multiple staff members at the same time. Staff can use approved barcode scanners or smart phones to order products, stocktake and edit stock quantities.
  • Be systematic about managing stock activities by scheduling tasks such as conducting category reviews, auditing products with low gross profit margins, selecting products for a promotion, organising periodic stock count of an aisle, etc). Share these scheduled events using the Minfos calendar.
  • Avoid entering products incorrectly by leveraging a product information repository like the Minfos Product Catalogue to access correct product names, PDEs, barcodes, etc.

 

Smart ordering and receipting stock

  • Setup product categories and locations to run efficiently reports and print bulk shelf labels.
  • Save time and avoid stocking issues by using your POS system such as Minfos to generate orders (consider generating orders based on stock required for a specific number of days, product categories and products with negative stock on hand).
  • Use order templates to pre-set orders, which can be used to automatically generate orders on pre-scheduled dates and frequencies.
  • Create orders using a tool such as Minfos ePad to add products to an order easily and quickly from various locations during the dispensing process.
  • Streamline your stock receipting process, locate products quickly and isolate high-cost items when you receive multiple totes from Symbion using a tool such as Minfos/Symbion SSCC tote barcode integration.

 

Review reports to efficiently reconcile stock

To keep stock issues to a minimum, use your POS software reports to:

  • Keep an eye on products that are expensive, slow moving and top sellers.
  • Conduct product audits to quickly identify discrepancies that need investigation (eg. theft, damaged product(s), entry error, etc.).
  • Find duplicate product stock cards and merge where necessary.
  • Investigate and action products with negative stock on hand, variances and stock that is considered dead, dated or damaged.

 

Backup your stock management data

Always backup your POS software data using a service such as Minfos Cloud Backup. This automatic back up service allows you to offload the worry of backing up data daily.

 

If you enjoyed this post, you can learn more about how to create a simple and actionable stock management plan here.

 

Looking to gain control of your inventory? Minfos software enables you to manage every aspect of your pharmacy – from dispense to retail. Let us show you a demo.

 

All advice provided is general in nature and is not intended as legal advice.