Any
business that handles stock must have excellent inventory management.
Having the products needed to meet customer demand helps to propel a
business to success. This applies to businesses of every size, including
pharmacies.To correctly predict market demand, a business owner
requires accurate insights into real-time stock levels. Said insights
can be achieved by tracking the flow of stock using retail inventory
software.
Here is why pharmacies must have the right retail inventory software for stock management.
Eliminate Stock Discrepancies
A
stock discrepancy is one major issue that often occurs in traditional
inventory management. Stock shrinkage issues like human error and theft
go unnoticed, causing lost profits and hurting the pharmacy’s cash flow.
If stock discrepancy continues to exist, the business will eventually
be forced to shut down.
Advstock Inventories offers a digital
stocktake solution using a user-friendly barcode inventory system. Our
real-time reporting engine provides instant data and captures all the
relevant detail needed for results to be uploaded into your inventory
management system, effectively eliminating stock discrepancies and
uncovering hidden stock shrinkage issues.
Review Product Performance
The
right stock and inventory app give you insights into your best-selling
products and any dead stock that you might have. This information helps
to make sound decisions on what stock rotation strategies you need to
succeed. For example, you can discontinue products that do not sell well
and move near-expiry products to the front.
Advstock Inventories small business stocktaking app
can make the filtering easier for you. As the app is made as
self-service, you can do stocktakes as many times as needed to keep
track of each product’s performance.
Review Pricing Strategies
Besides
product performance, the right retail inventory software can help you
analyse sales and profits. The reports generated can be used to modify
existing pricing strategies for maximum profit.
Improve Stock
Ordering ProcessBesides wasting warehouse space, buffer inventory also
puts a strain on your daily cash flow and increases the risk of
inventory loss. Being able to monitor your stock levels at all times
allows you to anticipate shortages and order the right number of
products without depending too much on buffer inventory.
Why Choose Advstock Inventories
Advstock
Inventories is a cloud-based, self-service small business stocktaking
app for retail, wholesale, manufacturing, and hospitality industries.
Developed by the leading provider of stocktaking services in Australia,
this small business stocktaking app is available in Apple and Android
app stores. Leverage your resources from anywhere to perform
cost-effective stocktaking and design a custom stocktaking solution to
optimise your business processes.
In addition to providing stocktaking apps for pharmacies, Advstock Inventories also offers stocktaking apps for convenience stores,
stocktaking apps for food and beverage businesses, and stocktaking apps
for bars and clubs – each type comes with different features to support
the niche industries.
Get in touch to know more about our self-service stock and inventory app.