Simple Hacks to Improve Your Stocktaking Process

Regular manual inventory counts require dedicated staff to physically count and record each item in stock, which can be time-consuming and labour-intensive.

These inefficient process can be burdensome for neighborhood pharmacies and Patent and Proprietary Medicine Vendors (PPMVs).

As a result, there’s a growing need for cost-effective alternatives that can automate stocktaking processes and reduce errors.

In our previous stocktaking article, we established the fact that the stocktaking process can be faster, ensuring smooth operations and improved customer experience.

This article highlights simple hacks you can incorporate in your stocktaking process but before we do that let’s look at common challenges in stocktaking.

Common Challenges in Stocktaking

• Inaccurate record-keeping: This can be caused by human error or outdated inventory management systems. When records are inaccurate, it can be difficult to determine what items are in stock and what items need to be ordered.
• Difficulty in Tracking Expiration Dates: Managing expiration dates and ensuring proper stock rotation is crucial in pharmacies to prevent the dispensing of expired medications, but it can be challenging to track and manage properly.
• Seasonal Fluctuations: Stock levels may vary seasonally, making it difficult to forecast demand and adjust inventory levels.
• Staff training and accountability: This is another stocktaking challenge, employees need to be properly trained. This includes following proper procedures, accurately recording inventory levels, and reporting any discrepancies that they discover.

Simple Hacks to Improve Pharmacy Stocktaking Process

Keeping track of inventory is an essential aspect of running a pharmacy or patent medicine store. However, it can be a daunting task that requires a lot of effort. Fortunately, there are simple hacks that you can implement to improve the stocktaking process of your premises.

Adopt Technology

One of the most effective ways to streamline your stocktaking process is by using technology.

1. Barcoding and scanning systems: These help to reduce errors and increase accuracy. With this system, each product is assigned a unique barcode that can be easily scanned, thus speeding up the stocktaking process. The updated Remedial Health app has a built-in barcode scanning feature that adds products to your inventory or complete sales directly within the app using your device’s camera to scan barcodes.
2. Inventory management: Another technology hack is inventory management software. This software helps to automate your stocktaking process and provides real-time updates on stock levels. This way, you can easily identify products that are running low and reorder them in time. For an effective inventory management software, download the Remedial Health app.
3. Mobile Applications: Mobile inventory management mobile apps provide flexibility, assisting you and your pharmacy staff in conducting inventory tracking, stock replenishment via smartphones or tablets. The Remedial Health app is a mobile app that can be downloaded via Google play or App store and affords you multi-store access if you own more than one pharmacy or patent medicine store.

Regular Stock Audits

Regular stock audits contribute to maintaining the integrity and effectiveness of your inventory management processes.

1. Establish a schedule for stock audit: This involves planning specific times to thoroughly examine your inventory. By doing so, you can stay on top of any changes or discrepancies in stock levels, ensuring accuracy in your records.
2. Conducting spot checks: This supplements these scheduled audits by providing opportunities to detect irregularities or errors in real-time, enabling prompt correction and preventing potential issues from escalating.

Customer Feedback Integration:

Incorporate customer feedback into your stocktaking process to identify popular products and adjust inventory levels accordingly. Customer preferences and buying patterns can provide valuable insights for optimizing stock levels and product assortment.

On the Remedial Health app, the Visual data analytics feature can help you identify these patterns so you can adjust your product offerings.

Proper Stocktaking Procedure for your Pharmacy

by Kolade Adebiyi, Supply Chain analyst, Remedial Health

Stocktaking can be accurate, efficient and effective by following the points listed below.

1. Train your staff: Your staff should be adequately trained on how to count inventory accurately and how to use technology to streamline the process.
2. Divide your team: To ensure a successful stock taking exercise, divide your team into different categories. Assign specific roles such as counting, recounting, and reconciling discrepancies.
3. Develop a Standard Operating Procedure (SOP) to guide the stock take exercise: The SOP should capture the responsibilities of each staff and the steps to follow, including how to handle expired, short-dated, and damaged products.
4. Optimize Storage Layout: Organize your pharmacy shelves and storage areas logically to facilitate easier stocktaking. Group similar items together, label shelves clearly, and ensure easy access to frequently stocked products to minimize time spent searching during stock checks.

Final Thoughts

Implementing these simple hacks will enhance the efficiency and accuracy of your pharmacy stocktaking process. Remember, a well-managed stocktaking process not only improves internal operations but also enhances customer satisfaction, ultimately contributing to the success of your pharmacy or patent medicine business.

The Remedial Health app is a sure way to tick all the boxes of the simple hacks listed above. All you need to do is download on Google play or App store.

Asides these features, you can browse and purchase a wide range affordable medicines from vetted manufacturers remotely, with nationwide delivery guaranteed within 3 days.

The Remedial Health app is cost effective, so whether it’s optimizing inventory management, barcoding systems or expanding customer reach, it offers practical solutions to help your business thrive. For more information, kindly visit www.remedial.health