Marketing and PR used to be elusive components of business that were hard to quantify. But with more and more aspects of business being adequately digitized, business owners are quickly gaining access to hands on data. This data can both inform their marketing and PR efforts and convert the results into tangible, usable data that is invaluable in shaping future campaigns. As we wrote back in 2013, the rise of social media and cell phone use has actually been a big plus for small business owners. But one of the smaller components we mentioned in that article is the benefits of the POS (point of sale) system. This modern day cash register most readily eliminates the pad and paper method, which immediately speeds up the flow of business. But the most valuable advantage of a pharmacy POS system is actually the data analysis it can provide to your customers.
Having a sophisticated POS system is invaluable to any business. But when it comes to SMBs, particularly local ones, they are perhaps most vital. All small businesses are constantly under attack by larger corporations. But in few other industries is the competition as tough as it is with pharmaceuticals. Being such a heavily regulated area, it gets harder every single year for small businesses to compete. POS systems, while once seen as a luxury, are now vital for any small business to keep up. As Allbusiness reports, the two key advantages provided by sophisticated POS systems are accuracy and analysis.
Use Case: Pharmacy POS Systems Improve Accuracy and Patient Care
While having a pharmacy POS system will not eliminate human error, it significantly decreases it. If you have ever worked behind a cash register that was entirely manual, you know what a miracle it is when it has the correct amount of money at the end of the day. With electronic POS systems, this kind of discrepancy is the exception, not the rule. From a strictly financial standpoint, saving every cent is vital to the survival of any small business. But when it comes to pharmaceutical accuracy in reporting, the value of accuracy is even higher. On top of managing the financial accounting of your business, pharmacy POS systems can also manage your inventory, and even help report substance abuse. Ensuring that you know exactly where your business stands on all fronts.
Having a fully integrated system can save significant time for any business owner. If you have a standalone business or pharmacy, POS systems are a necessity. But if you have a chain or multiple locations, the need increases exponentially. Having real-time data coordinated between different places removes not just the headache of accurate financial and inventory reporting for one location, but consolidates all the information you need in one, convenient location.
Pharmacy POS Systems are a Game Changer for Data Analysis
Where marketing used to be a rough estimation of customer behavior based on limited data, now we can accurately observe buying patterns and direct future campaigns accordingly. While it may have always been easy to measure which items are your best sellers. Now you can see what combinations of purchases customers tend to make, giving you valuable insight as to what arrangements, combinations, and sales might be most useful. While this may sound small or insignificant, it is the complete opposite. Since big business will always have certain advantages, to remain competitive, small businesses such as pharmacies will have to maximize and optimize sales, which requires an in-depth understanding of buyer behavior. Pharmacy POS systems may not provide local alternatives to everything they need to keep up with their corporate competitors, but companies like Retail Management Solutions are making it a little easier to keep up in at least one area of business.