Hurting or Helping the Business? As technology continues to advance, drugstores try to learn to adopt and adjust. Over 10 years ago, drugstores used cash registers and “paltas” for inventory counts. By this time, drugstores like many retailers are already using Point-of-Sale systems for official receipts and cashiering. Some POS even use front-of-store sales order terminals and with back-of-store integrated inventory functionalities.
Currently, drugstores are beginning to evaluate or are already using accounting and financial systems for their back-office operations.
Technology adoption in businesses will certainly continue to help attain better outcomes — whether it is enhanced customer experience, higher cost and profit efficiency, or better governance and compliance.
Drugstores must never sit back and keep doing what works with current practices. They must keep an eye for technology opportunities and keep up with the changes.
Unveiling What’s Next. Some of the new tools coming out focus specifically on updating core systems and existing capabilities. Other “exponential” tools are designed to deliver new and different capabilities.
Certain new technologies relevant to existing systems that will unlock the business value of information are:
- CLOUD uses scalable, elastic technology to deliver services over the internet. Cloud solutions avoid large investments and limit cost on a per use only.
- ANALYTICS offers new techniques to confront crispy questions with insightful answers. Macro to micro views show high level information with capability to drill-down to granular details.
- VISUALIZATION refers dashboard graphics, images or rich formats thus enhancing meaningful patterns that suggest future opportunities or risks.
Analytics are now for everyone. Size doesn’t matter anymore.
Why Is Analytics Important to Business? Today and tomorrow, running a business without analytics is like flying an airplane without any of the gauges working. Absent or lacking information renders a decision-making process highly dependent on instincts and intuitions. With analytics, decisions will be vastly aided by and armed with business information and insights.
Certainly, early adopters of core systems (e.g., POS) will reap greater benefits of analytics technologies.
Cloud analytics can be securely accessed anytime and anywhere, with any device, but not by anyone.
Make analytics technology work for you and your business.
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