Why You Should Hire a Pharmaceutical Physical Inventory Counting Service

In-house physical inventory counting can be very challenging for most pharmaceutical companies, especially during peak season. You have to satisfy the patient by making the drugs readily available and also need to count inventory to ensure compliance and prevent stockout, and discrepancies. In-house pharmaceutical physical inventory counting can be time-consuming and may require temporary closing down of the pharmacy for the time being. Why this should not be so, a better alternative is hiring a physical inventory service.

Benefits of hiring a physical inventory service Over in-house counting

Physical inventory services is a company that counts inventory, organise inventory, labeling, asset counting, and 3PL warehousing service. 

Here are the benefits of hiring a physical inventory service over in-house counting.

Expertise in regulatory compliance

Another benefit of hiring a physical inventory service provider is that they are industry-compliant with guidelines. Top physical inventory services have a thorough knowledge of pharmaceutical regulations and inventory guidelines such as FDA guidelines. By hiring them, you can rest assured that your inventory practice meets the necessary and required standards and guidelines. This can help you avoid fines as a result of non-compliance.

Increased productivity 

Another benefit of physical inventory service providers is that they can help you improve your productivity. A pharmaceutical company must always make drugs readily available for patients. So, instead of handling inventory counting, you should rather focus on dispensing drugs to patients. Hence, by hiring a third-party company for inventory, you will have more time to be productive, especially during busy seasons. And this will free up your time to focus on building your firm and guaranteeing its long-term success.

Better financial control

By doing proper physical inventory counting, you can have more control over your finances. Proper physical inventory service can give you insightful data into your finances. For instance, inventory counts can provide data needed for accurate financial reporting such as cost of products sold and tax calculations.

Experience and Expertise 

physical inventory service providers have the experience and expertise in counting inventory. Additionally, they are also experienced in finding lost inventory, inventory organization and labeling, asset counting, and many other services. physical inventory service can help you implement the latest technology like RFID inventory which automates the collection and documentation of data to enable inventory counts in real-time.

Cost Saving

One of the benefits of hiring a physical inventory service over in-house inventory counting is that it can help you save money in the long run. These services can help you save money by reducing the time and money required to hire and train new staff to manage your inventory. So, instead of trying to manage your inventory, it may be wise to just hire a physical inventory service and get the job done in the very shortest time possible with greater accuracy. Moreover, this can reduce the distraction of normal activities and help your workers focus more on dispensing drugs to the patients.

Accuracy and reliability of data

Another benefit of the physical inventory service is that it can give you reliable and accurate data about the quantity and kind of medicines and medical supplies available in your inventory. With this information, you will be able to make informed decisions about effective ordering, stocking, and restocking procedures by evaluating inventory data and recognizing trends. Also, it can result in better overall warehouse efficiency, lower carrying costs, and higher inventory turnover rates.

Better Customer Service

By working with a reputable physical inventory service provider, you can focus on delivering better customer service for patients all year round. Since you don’t need to focus so much on the tedious physical inventory counting.

Are you looking for a reputable physical inventory service? OFS Inventory makes inventory offers the best pharmaceutical inventory counting.

OFS Inventory is a third-party firm that can assist your pharmaceutical company with inventory counts. With many years of experience in inventory counts, OFS Inventory also offers inventory organization and labeling, asset counting, RFID inventory, and 3PL warehousing services