What do you think of when you hear the phrase, “business intelligence?”
Do you imagine a high-tech computer system analyzing endless data? Business intelligence tools might seem too high-tech for your independent community pharmacy, but you’re probably already using tools with business intelligence capabilities.
If you don’t know what your business intelligence tools are and how to use the information they can provide, then you’re missing out on an opportunity to grow your business.
Here are five common questions and answers about business intelligence, and ways to use this information to grow your pharmacy business.
1. What is business intelligence?
Business intelligence is a broad term for the process of gathering and analyzing data, usually gathered by technology, and assembling that data into meaningful insights about a business.
Those insights can help the business adjust to grow and better meet its challenges. Business intelligence relies on a variety of internal and external tools, applications and methods for gathering, recording and analyzing data.
2. Do I have business intelligence tools in my pharmacy?
Yes, you probably do. Your workflow system and point-of-sale system are business intelligence tools because they track the number of prescriptions you fill, your total sales, and other data about your pharmacy.
If your loyalty rewards program includes the ability to track purchases or other data about your loyalty rewards members, then it’s a business intelligence tool, too. Any tool, application or system that can collect or analyze data about your pharmacy business is considered business intelligence.
3. What kind of insights can my business intelligence tools provide?
These tools can provide you with valuable insights into business and sales trends about your pharmacy. For example, if you have a system or tool that compiles the data from your flu season, you can figure out what percentage of flu shots are from each different payer group. There are also tools out there to help you determine the number of prescriptions you’re filling per day, how many new patients you have each week, and your monthly sales figures or profit margins.
Business intelligence tools collect and analyze data to help you understand business trends. These insights can help you discover where you business is currently, so you can make goals for the future.
4. How can I use the intelligence my business intelligence tools gather?
You can use the data that business intelligence tools provide to compile reports and create an analysis that can reveal important business trends. For example, you can use your flu shot numbers to track your most popular weeks for flu shots. You can also figure out what time of the day your pharmacy is the busiest, and when seasonal products, like sunscreen, reach the sales peak. Understanding these business trends provides a foundation for planning for the future.
5. How can I leverage business intelligence to improve my pharmacy business?
You can use your new understanding of your business’s trends to boost sales and make your pharmacy more efficient.
For example, when you know how many flu shots you administer, you can buy smarter. You’ll know how many flu shots to order—and when—so you’ll be stocked for your busiest weeks of the year, while also minimizing leftover flu shots that will go to waste.
Business intelligence tools can also help you track your sales numbers to determine your busiest times of day, so you can plan your staffing schedules accordingly. They can even help save you money when you purchase. By tracking your buying history and alerting you when there is a price spike, business intelligence tools can help you save money.
Finding companies that offer business intelligence tools specifically for an independent pharmacy business is the tricky part. If you’re interested in learning more about the business intelligence tools and services PBA Health has to offer, visit pbahealth.com or call 816-245-5700.
