Inventory management is crucial for many companies, including pharmaceutical firms today. This approach is especially important if you are looking to turn your small business successfully into a large corporation that can generate millions annually in revenue. One aspect of inventory management that you shouldn’t joke with is full pharmaceutical inventory counting services.
- What exactly is full inventory counting for pharmaceutical companies, including their pros & cons?
- Are there effective tips for carrying out a physical on-site inventory counting service in your pharmacy?
You’ll discover everything worth knowing about these questions as you continue reading this blog.
All you should know about full pharmaceutical inventory counting
For your pharmacy to successfully expand and generate more annual revenues, it certainly needs to maintain a thorough understanding of its current inventory. Here’s where the need to perform regular inventory or asset counts comes into play. Taking this move won’t only address issues, such as shortages and inventory discrepancies. In addition, it also ensures you provide your customers with exactly what they want, at the right time.
While there are different approaches for carrying out physical on-site inventory counting services in a pharmacy, experts at OFS Inventory often advise going for full inventory counting.
In case you don’t know, a full pharmaceutical inventory counting service is a manual process in which all medications, including pharmaceutical products, available in a facility are counted physically and reconciled with the digital counts. This counting approach allows you to understand the level of stocks available in the pharmacy and their locations.
Inventory counting helps to detect discrepancies in any facility. It also ensures that your pharmacy adheres to various regulatory requirements put in place in the industry.
Pros and cons of full inventory counting
As effective as full inventory counting is, you need to understand that it also has its drawbacks. Let’s quickly understand the pros and cons of going for full pharmaceutical inventory counting services today:
Pros
Below are some benefits associated with doing full inventory counting in your pharmacy today:
- This counting approach can always help you to establish a baseline that’ll help you plan for future sales. This baseline is also crucial to track your current sales progress. Establishing a baseline through inventory counting also allows your pharmacy to effectively manage stock turnover.
- It’s normal and very easy to experience stock misplacement in a pharmaceutical facility. Besides, items can easily go missing or wrongfully recorded for digital records. With a full pharmaceutical inventory counting service, which OFS Inventory can help you with, these aforementioned issues can easily be addressed and future occurrences can be prevented. That said, a full inventory counting service is crucial to identify all stocks available in your facility. Through reconciliation, inventory discrepancies can easily be addressed.
Cons
As earlier mentioned, full inventory counting also has its drawbacks. One of them is that it’s very time-consuming. Depending on the size of your business, this service could last for days or weeks. If you have tight operational schedules, it’s usually advisable to try this solution towards the end of the year, perhaps during the holiday season. Hiring a reliable inventory counting services provider, such as OFS Inventory , could make the process much faster and more effective.
You can visit the official website today to better understand exactly how OFS Inventory pharmaceutical inventory counting services work.
