Some of the most common questions we hear are “How does your inventory management system work?” and “How will your system work in MY pharmacy?”In this post, we present some answers to those questions and more.
The logical starting point is our website. You can get a brief overview by clicking here.
Let’s take a deeper dive into the process for more clarity.
It is very easy to convert your liquid capital into inventory. A number of wholesalers and drug companies are eager to sell products to you. That’s never been the issue for pharmacy owners and managers. The difficulty is to find the most efficient method to convert your inventory back into cash. The Datarithm System helps you meet that challenge.
In brief, Datarithm has created a cloud-based inventory control system that is designed specifically for efficient pharmacy inventory management. Our system uses transactional history forecasting, inventory location balancing, and cycle counting inventory auditing along with customizable option settings. This allows us to produce a robust inventory control solution for your pharmacy.
In action, the system utilizes a bi-directional interface with your pharmacy management system (PMS) to give you the most flexible control over your inventory. This interface automatically receives your data files daily. The information transmitted is then analyzed using specific algorithms. The analysis can adjust key inventory data points that are based on your specific customized settings. Your PMS is then updated to reflect the analysis. Our system is built to interface with all major community pharmacy management systems.
The system generates two types of workflows to assist you with decision making. The first is a series of daily reports and the second is a series of monthly reports. Both the monthly and daily reports are tied to our three system pillars of forecasting, balancing, and cycle counting. These tools can help you more closely manage your inventory and ordering process to increase the profitability of your location(s).
The daily tools are based primarily on cycle counting. The reports begin by identifying any surplus inventory. With any surplus, product return and product expiration dates will help create a list of items that either should be returned to wholesalers or transferred between locations (if applicable). These actions can reduce your inventory costs and/or place the inventory in the most appropriate sales environment. Additionally, a cycle count recommendation list is produced. This allows you to ensure that any inventory you think is on hand is actually on the shelves either in your store or your backstock location. You know what you have on hand and can manage over- or short-stock situations.
Monthly tools rely on both forecasting and balancing to achieve your objectives. Each drug you carry is subjected to a 24-month dispensing analysis. This allows the system (and you) to identify dispensing patterns so that you can more firmly control stock levels and ordering practices. Drug sales forecasting helps create new order point suggestions based on the usage forecasts and your customized settings. This also allows you to balance your stock among multiple pharmacies via inter-store transfers. You then have the appropriate inventory on hand in the location where it is most likely to sell, rather than products that need to be returned or expire before it can be sold.
A prescription drug inventory is a pharmacy’s most valuable asset. Without it you can’t operate, it’s that simple! Inaccurate information is almost as bad as having no inventory. At Datarithm, we can help provide you with cloud-based inventory management information at any time of day and any day of the week. You gain insights into your inventory trends and product availability as well as cost and return information, which allows you to provide the best possible customer service.
Ultimately the Datarithm System has the benefit of increasing your stock turns, improving patient care (and customer satisfaction) and boosting your profits. By getting a firm grip on your inventory and inventory procedures you are in a better position to provide better service to your community. The system is easy to use and flexible in use. All the better to improve your bottom line!
You can also get a more personalized look at our system by scheduling a free, no-obligation demonstration. Just click on the Free Demo link here!
That takes you to a simple form to complete where you can arrange for a personalized tour of the Datarithm System. One of our team members will contact you to arrange the best time to present the demonstration. At the appointed time we will walk you through the program to show you how the system can help you increase your profitability, control your stock, and lower your inventory costs. Helping you manage your pharmacy inventory is our number one goal. Contact us today to have your questions answered or to schedule a free demonstration.