Inventory Management Project Essays

Inventory Management Project Essays Inventory Management Project Essay Inventory Management Project Essay computer). The precision of a perpetual system can generate a report at any moment to reveal precisely the amount and quantity of inventory that should be on hand for any product in the system.Inventory shrinkage: This is a common problem in drugs inventory. In Servaid pharmacy lost, theft, wear and tear of inventory is charged to the employee’s salary. But in Fazal Din and Guardian pharmacy lose in invetory is beared by the company. Shortage of medicine: When a pharmacitical company do not produce a specific medicine like â€Å"Panadol Tablet† due to any reason then supply will be short in the market . The branch managers of these pharmacies told to research group it is very difficult to control this situtation because the pharmacitical companies do not inform us before shortage.In such situtation we offer subtitute with same formula otherwise we lose our customer and it decreases our goodwill. Use of software: All these pharmacies use computer software for inventory management these are very benefical and time consuming exercise. This softwear directly connected with the head office server. One person can check all stock of inventory within 20 to 30 minutes in front of computer. The software also creates automatic printed sales bills on the sale of drugs and also creat automatic invoice to ordering stock. Treatment of expiry:When the specific batch of drugs is reaching near expiry the software alerted and branch manager inform to their head office. In such case the pharmaciticals company sent a person who collects the medicine on the behalf of the company. If the employees of the pharmacy are unable to provide expiry drugs on time then the lose of expiry drugs is beared by the pharmacy. Temperature sensitive inventory: Drugs are kept in light temperature or moisture-free storage conditions. All drugs should be stored according to conditions described on the label. When specified on the l abel, controls for humidity, light, etc. hould be in place. Temperatures should be controlled and monitored using calibrated monitoring devices and records of temperature and alarms, were applicable, should be maintained.Monitoring is conducted at points representing the extremes of the temperature range based on temperature mapping. These pharmacies used refrigerator to store Temperature sensitive drugs. Floor temperature: 59-86 F and refigeration: 40-42 Change of weather: Changes in weather are also effect on inventory. These pharmaceutical outlets change their order according to the requirement. Like he sale of brufen syrup and zyrtec tablets is increase in winter season that’s why pharmacy technician store more quantity of these medicines other then routine in winter season. Human error: When researcher visit these pharmacies they found that some time pharmacy technician make mistake for recording inventory of any medicine like actual inventory is 101 pieces and pharmacy technician record 110 pieces of inventory in computer software. There is always possibility of human error so there is need of verification of each unit with order invoice Inventory Types:These Pharmacies provide different kinds of medicines to it’s customers like injections, tablets, syrup, capsule, syringe and drips etc†¦ When the research group visits Servaid and Fazal Din Pharmacy they found that these pharmacies also provide other retail products like cosmetics and some other general store products.References: Fazal Din Pharmacy, Guardian Pharmacy, Servaid Pharmacy, Pharmacy Managenet By: Shane P. Desselle and David P. Zgarrick Financial Management for Pharmacists By: Andrew L. Wilson The Pharmacy Informatics Primer By: Doina Dumitru referenceforbusiness. com/management/Int-Loc/Inventory-Management. html