#managing inventory using iphone

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Managing medical store using inventory management software

Do you own a medical store and worried about losing customers? Do you find it tough to manage your inventory manually? Have you frequently faced ‘outages’ in your store? If these problems are making you lose your business, then it’s high time to install an inventory management system. Inventory remains an important asset for every business irrespective of whether it is a medical store or an e-commerce. For a medical store, inventory if properly managed can help your business become efficient and if overlooked, can make you face failures.

Managing a medical store efficiently

In order to manage a medical store, business owner has to ensure that there is a consistent flow of products between stores and consumer without any wastage, loss of quality and theft. Hence, the primary aim of any medical store is to receive, hold and dispatch stocks. On the other hand, the primary aim of every store owner is to sell the products as soon as possible and don’t keep it on shelves for long duration. With time, stocks usually lose their value and store owners have to bear big losses by getting poor profit margins from suppliers in return.

This management of stocks and right timing is implemented using a modern inventory management system. Inventory control system ensures that there is smooth flow of products by determining what to order; when to order and how much to order and easy management of stocks. Besides this, inventory control software implements the billing, re-ordering, maintaining a customer’s database, etc. The system can help you set a minimum level of stocks so that it can alert you when stocks have to be re-ordered.

Features of inventory management software

Features of inventory management software used in medical stores are:

Controlling user access to inventory

Easy tracking of products through barcodes

Customizing inventory as per the needs of the store owner

Transactions done in real time

Management of inventory while on the go

Storing products at multiple locations

Management of inventories in case of multiple locations

Here are some of the functions of inventory control system in a medical store:

Inventory control software helps to maintain a smooth flow of goods between the store and consumers.

Inventory management system implements accounting, billing, ordering, storing, generating reports and even re-ordering.

The inventory management system ensures to set a threshold level and alerts the owner when stocks are about to finish.

Inventory management software makes sure to remain updating customer about his dispatch do that he doesn’t feel neglected.

With inventory control management, workers can easily track the products and tag every product with a unique code.

Maximum return on investment

Using inventory control software to manage your medical store, you can make your business become efficient and profitable in less time. Offering you real time reporting of every unit, inventory control software offers maximum return on investment and can help you get the competitive edge than your rivalries. Once inventory is managed and efficient, it can help you scale your business coping with customers' needs effectively.

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Effective Inventory Management Techniques For Small Businesses

Inventory management is amongst the most important processes involved in any product based business. So regardless of whether you are selling a product or temporarily renting it, you need an effective and robust inventory management system to streamline your business and maximize your profits. However, many small and start-up companies cannot afford such expensive systems; here are few economical inventory management techniques for such companies:

Just-in-Time or JIT management technique: This is one of the most commonly used inventory management techniques used by small retailers. Here, the retailer does not buy the product from the vendor until and unless he has a customer. When the customer approaches the vendor and submits a sales order, the retailer purchases the product from the wholesale vendor or the manufacturer and supplies it to the customer.

Minimal stock level: This warehouse management system involves keeping only a minimum amount of products in the stock, and replenishing it only when the products in the inventory fall below a particular level. If the minimum stock level is set too high, many products might remain unsold; on the contrary, if the level is set too low the cost of shipping fresh products for replenishment might increase substantially. Thus, it is important to maintain an optimum minimum level of stock in the inventory. This is the reason minimum stock level is never static; the seller keeps adjusting it according to the market environment. This technique is most effective for companies that make seasonal sales or deal in perishable goods. 

ABC analysis technique: It is an inventory categorization method in which the products are categorized according to their price, i.e. A is the most valued product and C is the least valued product. The company pays special focus on A-category items; they are kept at higher security than other low valued product and the seller tries to push customers to drive more sales from this category. Conversely, C receives the least attention and is less aggressively promoted by the marketers. B-category products sit in the middle, between the high-valued and low-valued products and are pursued by the marketers in the same fashion, more aggressively than the C-category products, but less aggressively than the A-category products.

First In First Out Technique: Also known by its acronym FIFO, this technique is used by retailers around the globe for perishable goods like pharmaceutical drugs and food items. In this method, the seller tries to sell off the old products first, so that the older stock does not expire sitting in the stock. This is similar to a queue where the new products are added behind the older ones, which form the front of the queue and are sold off first.

Last In, First Out technique: As its name suggests, the LIFO warehouse management system is the opposite of the FIFO (First in First out) technique where the goods that enter the inventory the last are sold of the earliest. Such materials do not have any shelf life and are stored in piles, so new stock is piled over the older ones. Hence, whenever a sale is made, newer stock from the top of the piles is sold off first.