When pharmacies run low on medicines, lives can be put at risk. Therefore, proper inventory management is essential in the healthcare industry.
Importance of healthcare inventory management
Healthcare stores deal with a lot of inventory — both in terms of variety and quantity. It can be a Herculean task to keep tabs on so many products. Each item needs to be accurately recorded in inventory records, and items must be monitored to ensure supplies do not run out or the items do not expire.
Inventory management software is essential for properly managing medicines and other healthcare supplies. Here are three reasons why.
1. Stock tracking
Manually tracking inventory levels using paper or spreadsheets is inefficient and prone to errors. Inaccurate records can give you a false sense of assurance of having sufficient quantity that you don’t actually have. This can potentially lead to stockouts. Switching to a dedicated inventory management system can help you accurately track your inventory levels.
DEAR Systems offers real-time inventory tracking. The system automatically tells you how many of each item you have in your inventory, and this is updated every time you make a transaction. This way, you know when you are running low on medications and can order more so that customers do not have to go without their medicines and supplements.
Additionally, the software can help you keep track of expiration dates, so you can dispose of any medicine that has gone bad.
2. Accurate forecasting
Understanding your customers and their medical needs is essential in the healthcare industry. One good way to ensure you have enough stock is to use customer purchasing data to make more accurate predictions about demand.
With inventory management software, you can generate sales reports to learn which products are in high demand and how often customers purchase them. With this knowledge, you can more accurately predict future trends and ensure that you stock up appropriately.
3. Automated ordering
Modern inventory management software allows you to automate the purchase reordering process. By setting inventory thresholds to automate reordering, if the inventory falls below a certain level, then a purchase order is automatically generated for your supplier. This way, you don’t ever need to worry about forgetting to place an order, and this automation helps keep stockouts at bay.
Use DEAR POS to streamline your healthcare business
Whether you are a pharmacy or a nutritional supplement store, having a point-of-sale (POS) system can help streamline your operations.
With DEAR’s barcode scanning feature, you can automatically enter product and price details into the system. You can offer multiple modes of payment like cash, card, and even store credit. Using the DEAR POS, you can create loyalty programs to incentivize your customers for their repeat purchases. DEAR POS can even support your online endeavors, for it comes with order management capabilities that let you manage orders from multiple channels.
Book a free consultation call to learn how DEAR Systems can help you with all your healthcare inventory management needs today.