Does your community pharmacy have that competitive edge?

How is technology helping community pharmacies stay competitive?

Many pharmacists looking to compete with larger competitors are turning to creative solutions to give their business an edge.

This can come in simple forms like offering flu shots, something 93 per cent of Australians are in favour of, according to the Pharmacy Guild of Australia, or more complex ones – like implementing new technology.

There is much potential in diversifying and embracing new opportunities, around two million Australians are expected to get a flu shot at a pharmacy this year, and such strategies can be easily implemented if your business is financially prepared. New technology offers similar opportunity, helping businesses achieve greater security, efficiency and productivity, which we'll be looking at in this article.

In order to gain better resilience, many small businesses are turning to cloud computing for risk management.

Adopting technology to gain resilience

Protecting data and IT is a core component of any business. Small businesses are particularly vulnerable to data security threats Because much of the day-to-day operations rely on the use of computers or the internet, a loss of either can ground business to a halt, damaging both finances and reputation. 

In order to gain better resilience, many small businesses are turning to cloud computing for risk management. Conducting operations such as bookkeeping or payroll via the cloud helps give small businesses owners greater peace of mind by encrypting data and storing it securely off-site. Automatic backups also mean businesses can easily restore information should something go wrong.

The right technology can help your pharmacy grow.
The right technology can help your pharmacy grow.

Improving agility to tackle growth opportunities

Cloud technologies also gives businesses agility and ability to capitalise on opportunity. Cloud computing means users can access information remotely and aren't tied to a physical location to access data, respond to email or reach out to customers.

For example cloud-based accounting and bookkeeping software, services can be accessed wherever and whenever. Now, pharmacists have the freedom to dedicate more time and energy on other areas of their business, such as transforming their pharmacy into a flu vaccination hub.

Before your business is ready to take advantage of the benefits new technology provides, make the most of the processes you have in place today. Getting expert advice from trusted professionals can help you identify areas for improvement in your current business, so that you have a solid foundation for your next venture wherever it may be.

To find out more, get in touch with the team at DBS Accounts today.