Use your data
November 11, 2013
Pharmacy, like most good retail
businesses, has an abundance of
data. But the real issue is how to
use this data effectively.
The majority of pharmacies
have a POS system and therefore
have access to up-to-date data.
Yet the reality is many stores
don’t use the data effectively to
make business decisions.
According to management
and consulting firm McKinsey &
Co there are three rules to the
effective use of data:
1) The requirement to be able
to correctly choose the data and
data sources to use;
2) The ability of the manager
of the data to create models that
turn that data into meaningful
insights; and, most importantly
3) The drive and ability to take
those insights and turn them into
valuable actions.
Getting a view on whether you
have purchased stock effectively,
the best companion products,
information about customers’
buying patterns and other trends
can help you to get a better
return on your time and capital.
However, understanding these
insights is one thing – knowing
the actions required and how to
implement them are another.
On many occasions your retail
support program can help guide
you in the right direction, but only
you can make the appropriate
changes in-store to provide the
right outcomes.
So, make sure you can access
the relevant data; understand the
action points that come from the
insights and, importantly, how to
implement them.
This week’s
contributor is
Richard Manthey,
National Manager
of Pharmacy
Choice.
The above article was sent to subscribers in Pharmacy Daily's issue from 11 Nov 13To see the full newsletter, see the embedded issue below or CLICK HERE to download Pharmacy Daily from 11 Nov 13
