Datarithm is a cloud-based inventory management and forecasting tool designed exclusively for pharmacies, including independent, multi-store, regional chains, hospital outpatient, and long-term care providers. The software analyzes historical dispensing data using proprietary algorithms to predict 30-day forward demand, which is then used to establish optimized reorder points for every item and generic group in a pharmacy’s formulary. This automated process is designed to take the guesswork out of inventory control.
The system is built on four key pillars: Forecasting, Balancing, Cycle Counting, and Analytics.
Key Features and Capabilities:
- Automated Demand Forecasting & Reorder Point Optimization: Calculates optimal order points monthly based on dispensing patterns and management preferences, automatically uploading them to the Pharmacy Management System (PMS).
- Inventory Balancing: Deploys functionalities to attack surplus inventory (overstock & dead stock) through automatic daily wholesaler return recommendations and store-to-store transfers for multi-location pharmacies.
- Intelligent Cycle Counting: Uses a dual-ranking approach to maintain on-hand precision throughout the year, reducing stock-outs and overstock situations.
- Analytics & Reporting: Provides intuitive, comprehensive analytics (enterprise and store level) and pre-built insightful reports, including revamped dashboards and Key Performance Indicators (KPIs) in Version 3.0.
- Daily Action Plan: Generates actionable information for staff to execute tasks like returns and transfers.
Benefits:
Datarithm clients typically see a 20-30% reduction in inventory investment, a 4-plus point improvement in inventory turns, and a payback time of less than 3 months. The software aims to free up pharmacy staff to focus on patient care by automating routine inventory tasks and improving overall cash flow and liquidity.