3 Reasons It’s So Important to Have Accurate Pharmacy Product Inventory

No matter what industry you’re in, accurate product inventory is an important part of success. If you can’t keep track of what you have and what you’ve sold, there’s no way to track progress, see when you’re having better months than others, and generally be in-tune with the every day goings on of your company.

Accurate product inventory is especially important when it comes to pharmacy sale solutions and retail pharmacy software because of how expensive, potentially dangerous, and illegal the product that you’re dealing with is. U.S. pharmacy and drug store sales totaled approximately $231.46 billion in 2011.

Here are three reasons to invest in the best pharmacy point of sale systems in order to run an efficient, safe, and profitable business.

1. Tracking Theft: Keeping track of product inventory is most commonly associated with theft and product losses. If you don’t know how much of something you have on hand there’s no way to know when you’ve been robbed of something. This can help in both external criminal activity (a thief breaking in at night and stealing stuff) as well as internally (employees taking products home with them).
   
   Point of sale systems will help you keep track of any abnormalities in product inventory and alert you to possible situations as soon as they occur.
2. Potentially Harmful Substances: Perhaps the most important reason for investing in this sort of technology in the pharmaceutical field is because the substances you’re dealing with can be very dangerous. Depending on the drugs that are stolen/lost there could be serious side effects and results. This goes hand-in-hand with theft, but the possibility of personal abuse, or turning around and selling on the black market is very high with pills these days.
3. Anticipate Future Sales: Finally, a more practical reason to worry about product inventory on a profit level is so that you can ensure you always have the proper drugs on hand for future sales. Modern POS systems will help you automatically manage, track, and analyze sales so that you will always have enough in stock and won’t have to turn people with important prescriptions away.

If you run a pharmacy accurate product inventory should be at the top of your list of concerns and a great POS system is the best way to accomplish that.