Being an owner of a pharmacy store, you must be worried about tracking your inventory as there might be a lot of medicines that are expiring or getting out of stock that you need to refill immediately. In such a scenario, you need proper software for inventory control in Pharmacy to rescue from any type of adverse situation. Such advanced software provides you the entire details about your inventory in advance so that you can manage everything upfront.
For this, MargBooks Pharmacy Software is the best one to get for your pharmacy store to manage the entire inventory. Keep on reading to know the details about the top strategies, benefits, and the best software for managing your entire inventory.
Top strategies for inventory control in pharmacy
Effective inventory control in your pharmacy business helps ensure the availability of vital medicines while minimizing waste, reducing costs, and preventing stock shortages. Here are some of the best strategies for managing the pharmacy inventory competently:
1. Implement the FIFO & FEFO Methods
These are the methods that are often used in the pharmacy industry to keep track of the inventory. Here FIFO means First-In-First-Out, which implies that you must dispense the older stock first to prevent all the medicines from expiring. FEFO means First-Expiry-First-Out, which implies using medicines with the earliest expiry date to minimize wastage.
2. Make use of Automated Inventory Management System
You can buy professional pharmacy billing and inventory software for tracking the entire stock in real-time. It automates the reordering system to prevent stockouts and overstocking situations.
3. Conduct regular stock audits
It performs monthly or quarterly stock audits for checking expired, damaged, or missing medicines. It helps in comparing the physical stock with system records for accuracy.
4. Monitor demand trends and seasonal variations
Analyze the sales data to predict future demands. Keep a stock of essential medicines during seasonal outbreaks like flu season.
Benefits for inventory control in Pharmacy using MargBooks Pharmacy Software
Pharmacy software for handling all your inventory and stock management is essential for maintaining your routine tasks efficiently. Some of the benefits of MargBooks pharmacy software are:
1. Expiry Management: You can easily track expired medicines and batch numbers with the help of this software. With the use of barcode or RFID systems, you can monitor the expiry dates of the medicines in advance. This will help you in making an informed decision before the expiry of the medicines.
2. Re-order management: If some high-demand medicines are getting out of stock, then this software will remind you to re-order them on time so that they will never go out of stock. This will help you in re-stocking the medicines on time.
3. Set minimum & maximum stock levels: You can easily define your minimum stock levels to trigger the automatic reordering process for the medicines. It also helps in avoiding over-purchasing by setting a maximum stock limit based on demand. This prevents stock shortages and overstocking.
4. Stock & rack management: For managing all the medicines, this software helps provide an easy way of keeping track of the rack with a rack management feature. This enhances efficiency and profitability.
5. Access it anywhere: As this software is cloud-based, you can track your entire inventory and stock details online on any device, anytime, anywhere.
Conclusion
Inventory control in Pharmacy becomes extremely convenient only with the assistance of software and the best one for keeping track of your inventory in the pharma business is undoubtedly MargBooks Pharmacy Software. It helps in managing the stocks, minimizing wastage, and preventing conditions like overstocking, and stockouts. Try it once to find out.
