Using the RWA Pharmacy solution, dead stock is identified in seconds and options are given to where it could still be used. This is actioned twice a year and the cost of dead stock has been reduced by 55% putting money back into the bottom line.
Now for the detail...
Weldricks could see they were losing substantial money on out-of-date stock but were struggling to get control of it without automation of their data.
It was evident that not all out of date stock was being written off through correct branch procedures, making it difficult to quantify the loss. They were doing manual stock takes once a year which meant their data wasn’t always easily accessible.
We loaded their stock information, along with their dispensing data which enables them to produce a list of stock which hadn’t moved in the past 3 months. With the next click, Weldricks could see which other branches were still using this stock and take action where appropriate.
Where ethically correct to do so, stock was transferred free of charge using their tracked internal transfer system to a branch that could use it. Weldricks have also used RWA’s dead stock prediction model to do the same job four and eight months later. Now, unused stock is resolved 3 times a year in a systematic way.
"Weldricks management team are excited about the RWA data available to us in our daily decision making and while nobody can predict the future, companies that use analytics to guide decision making minimise their chances of wasting their time, using up scarce resources and falling behind better-informed competitors.”
"There is a module available which identifies stock unlikely to be dispensed before its expiry date that can potentially save £3,000 to £5,000 extra profit per pharmacy."
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