Advice You - Business

Maybe you've heard some retailers say that at one time--way back when--they used a pencil and paper as a method of tracking inventory? Times have changed, yes, but just how far have retailers gone to make the ad

According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product

vancements they need to keep up?

Systems administrator Ken Sweeney has been around retail for over ten years and witnessed the antiquated methods of tracking inventory. He is responsible for the technology of o

; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.

Examples of combination products may in

e of the leading sports and entertainment presenters in the world, AEG Merchandising. Before the installation of a modern day retail point of sale system in 1997, the only methods for tracking inventory and keep

lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.

ng income and products organized were kept with pencil and paper.

It took considerable research to find a technology solution suitable for the needs of AEG. After using retail service provider One Step Data, Sw

here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe

eney was able to make the right choice for his company.

But do retailers really know what they need without help of a service provider?

Today's retail point-of-sale technology needs to have certain key feature

d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.

Combination pro

that allow flexibility, as well as total functionality for the retailer.

* A system that is scalable. It needs to scale smoothly from a single store to a chain of stores. It needs to be deploy

ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc

d with a stable and scalable database.

* A system that is easy to learn. It needs to have an architecture that is familiar to employees and easy to use.

* A system that is integrates w

easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi

th other applications. It needs to operate on a platform that allows users to move easily from one application to another, and ties information together without manually re-entering it.

* A sys

nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically

em with dynamic inventory control. It needs to have superior inventory data structures that preserve inventory history.

* A system that provides easy analysis and reporting. It needs t

and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ

provide unlimited custom reporting capability and allow users to get the reports they want, how they want it.

* A system that is easy to customize. It needs to support unique retail methods, a

ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi

aptable to fit changing needs.

The future of retail technology needs to exist in today's technology. There have been many advancements however many software solutions require constant upgrades to stay current w

ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.

Following aspects would a

ith changing needs.

The most cutting-edge retail technology breakthrough is the recently released Retail Teamwork™. It's the first all-in-one retail solution built on the Microsoft Dynamics platform and deliver

dd to the challenges in developing combination products:

Which markets to tap where the combination products can do fairly well?
Which combination prod

real-time reporting.

According to a news article in Women s Wear Daily, The real-time sales reporting capability of Retail Teamwork brought one sports store in Mesa, Arizona a 25 percent increase in sales over

cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin

the holiday season. The new integrated retail system boosted sales at this $14 million company. "It gave us an edge we were never able to have," said Just Sports owner Kevin Palmer.

Another software solution On

tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen

Ste Data offers is Retail Pro®. This software has long established itself as the standard in store management software for retailers and has been the leading inventory control /POS system for small to medium si

t?

As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel

ed retailers.

Kenco Retail Shops (DBA Famous Brands) had switched from using a cash register to the modern day point of sale system Retail Pro when owner Ken Sanchez could no keep up with managing inventory. Ke

ping new procedures for reviewing their safety, efficacy and quality.

Professional from academic institutions, pharmaceutical industries, health care indust

co opened its first store in 1992 is now a 12 store women's, men's and children's apparel chain located in the New York metropolitan area.

In the beginning, owner Sanchez managed his stores the "old way" by usi

y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products

g cash registers and eye-balling the inventory. Our business had grown to a level where we could no longer keep up. We needed a system that would give us the ability to quickly and accurately replenish our inven

.

As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de

ory," explained Sanchez.

When you think of a retail management system, think "total control." That means you need a system that puts you in control of your inventory and prices, helps you manage trends, and pro

elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.

Companies that provide selfless information through particip

ides you with tools to build customer loyalty.

It's the only way to stay ahead of the game.

For more information, visit www.onestepdata.com.

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

If you are planning to exhibit in the next few years, be sure to familiarize yourself with the basics of trade shows. Getting good information can be invaluable in the months prior to your trade show to ensure that you are adequately prepared.

CPR is defined as an emergency procedure that is performed when breathing or heartbeat has stopped. When problems occur in the functions that are the lifeblood of their organizations, emergency procedures have to be performed. Cash generation, Productivity and Retention™ are as vital to the health of organizations as breathing and heartbeat is to the human body. Maximizing the function of each of these components will result in robust organizational health.

Every consultant has had the feeling: the conviction that your own private service practice is your true calling. Your passion quest. Yet, the mundane details of actually running a business make even the most inspired business person ask whether the choice was the right one.

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Advice You - Selecting The Right Retail Software Solution That Does Everything You Need

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