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Tag: Finance
The reorder level in your pharmacy determines when to order from suppliers, not the quantity. Calculating it prevents under/overstocking. The formula is Reorder Level = (Lead Time x Average Daily Consumption) + Safety Stock. Accurate levels boost cash flow, manage demand variability, and enhance customer loyalty. Consider challenges such as demand variables and economies of…
The XYZ analysis refines the ABC framework by considering product demand variations at your pharmacy. It helps reduce the risk of overstocking, improve forecasting accuracy, and lower inventory costs. Category X products have low demand variability (<10%), category Y has moderate variability (10-30%), and category Z has the highest variability. Combining XYZ with ABC gives…
Pharmacies can suffer financially from expired products, leading to lost sales and negative brand associations. Additionally, managing expiries is important for environmental sustainability and can enhance a pharmacy’s reputation. Monitoring expiries, managing slow-moving products, and considering partnerships for redistribution is crucial. Visit https://renewrx.africa/shop/ to make a difference.