Inventory Maintenance

Already on a perpetual inventory system?

Perfect, now let’s prevent any of this inventory from becoming dreadfully expired. There are many ways to do this by using Inventory I.Q.’s smart reorder algorithm, package size analysis, scheduling purchase methods, and by selling non-returnable overstock in our network.

Reorder Point (ROP)

is the level of inventory which triggers an action to replenish that particular inventory stock. It is a minimum amount of an item which a pharmacy holds in stock, such that, when stock falls to this amount, the item must be reordered. Inventory I.Q. has a smart reorder algorithm that measures the amount of stock your pharmacy needs to meet your customer demand without holding overstock. With this smart algorithm Inventory I.Q. customers can turn their inventory much faster than a normal pharmacy. Some pharmacies experience over 15 turns per year.

Scheduling Purchases

is a great way to prevent waste instead of tying up enormous amounts of cash flow by stocking products you only use once a month or ever 90 days. Remember that $1,000 drug Mrs. Johnson forgot to come pick up or her doctor changed the milligrams on? 6 months later you see the drug back on the shelf and you’re wondering “why is this still here?”. We’ll identify these potential hazards so you can schedule these drugs and not be consumed by this inconvenience.

Package Size Analysis

is the analytical work completed by our implementation team. Is your pharmacy ordering the correct package sizes? Ordering a 1000 count bottle vs ordering a 100 count bottle isn’t always the cheapest or effective way to tie up cash flow. The package size analysis quantifies this decision and shows you the potential gains and losses of saying yes or no.

Selling Non-Returnable Overstock

by using our network of pharmacies to identify potential buyers. There are many reasons a wholesaler will not accept a product back you have purchased. Let’s recapture this wasted capital and find you someone will put the product to good use.