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 Process
Besides 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.
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