Point of Sale Business Proposal

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Table of Contents.

 Introduction (describes the business and its objectives) ………………………2

Statement of Problem or /Business Opportunity…………………………………3

Specific Problems Facing Our System……………………………………………3-5

The Goals of the New System……………………………………………………. .5-8  

Alternatives Considered and Solution Selected ………………………………..8-9

Details Concerning the Solution – Technology & and People……………….9

Implementation…………………………………………………………….………9-11

 Cost-Benefits………………………………………………………………………12

Conclusion…………………………………………………………………...…….12

Introduction

Name of Company: Bright Horizons.

Mission: We truly believe in the ability of everyone to live a healthy and fulfilling life through encouragement.

Our pharmacy Bright Horizons has been delivering promises for over 25 years.  We have remained a locally owned pharmaceutical company that people can trust due to our personal caring service and knowledge of the industry, despite our small town roots.  We achieve this goal by encouraging people to live healthy lives and foster relationships within the community.  This is why our company has prospered the last 25 years because we truly believe in the ability of everyone to live a fulfilling and healthy life.  The objectives of Bright Horizons is simple, we want people to live fulfilling healthy lives.  In order to achieve this, Bright Horizons must maintain our competitive advantage and customer service so customers continue to associate our brand above the competition.

 As a privately owned pharmacy our first objective is to provide knowledgeable and friendly employees which increases customer’s loyalty as well as customer retention.  Not only do we want to have highly trained staff we also would like to organize our inventory as efficiently as possible; delivering products quickly ensures we continue to have satisfied customers.  Living a healthy lifestyle is important and we want to be a resource the community looks for when trying to live a healthier and better life.  Our last objective is our most important, to foster long-term relationships with customers; helping them live a healthy and fulfilled life.  If we follow these objectives, Bright Horizons will continue to make a meaningful impact on the community, breaking away from traditional pharmaceutical practices and change people’s lives for the better.

Statement of Problem or /Business Opportunity

Due to our exponential growth over the last few years our store inventory has become disorganized.  This has increased costs and reduced our efficiency in delivering pharmaceutical products.  Currently, our company’s inventory system tracks dollar amounts; this was a valid method when our inventory was smaller.  Our expansion into other markets such as durable medical equipment and a gift shop has increased our inventory.  Bright Horizon’s current system only tracks dollar amounts and does not provide the information needed to serve our customer base.  This creates a lack of business intelligence and we do not know what items are being bought and sold.

Specific Problem Facing our Inventory System

In order for our business to remain competitive in the pharmaceutical industry we will need to invest in an efficient inventory system that tracks items and their respective categories. This will help us to determine the flow of products in and out of our stores.  This in turn will allow us to gain business intelligence enabling us to serve our customers more efficiently.  The recent advancements in management information systems would allow us to easily track our inventory allowing us to pave the way for additional business intelligence.  This will result in a targeted marketing program for products, increased inventory efficiency, and displaying items in the store that produce profitability allowing us to understand our customers buying habits.  Additionally, the inventory system would create a more efficient pricing structure; products that were overstocked could have their price reduced while products in demand could have their price increased.  A new inventory system would add value to the customer and help Bright Horizons track our overall inventory improving the turnover rate.  

The lack of a quality inventory system is hindering our ability to serve our market.  The market is becoming more competitive and pharmaceutical companies are developing advanced systems that present a major threat and if we fail to update the inventory system we currently utilize our competition will gain a competitive advantage.  Companies such as Walmart, Walgreens, and CVS are all currently implementing such systems that provide efficiency over our company (Team).  Therefore, competition increases our need to develop such a system to remain competitive and be the first choice for our market.  This also results in more personable service because Bright Horizons will be able to better understand a customer’s wants and needs.

Furthermore, the system will simplify the ordering process for customer’s (Pruitt).  The tracking of inventory will allow us to stock essential items more readily; we are unable to do that now because our current inventory system does not track the min/max of a product.  Setting a min/max of our products allows the system to create a purchase order, when the product reaches a minimum amount, bringing the inventory back up to maximum.  The business intelligence gained from the inventory system upgrade will allow us to stock items based upon demand and supply.  This surpasses the current system of tracking inventory based upon dollar amounts of inventory sold.

The current inventory system fails to capture specific customer purchases well.  A system that tracks the purchase of customers will allow us to target market customers.  This may include marketing complimentary items that will increase sales to customers or running promotions for products that are not hot sellers.  An inventory system that tracks individual purchases will allow us to see past purchases, allowing us to recommend products to the customer that they are currently using or will need in the future.  This will result in an increased customer relationship management because of the understanding of our customers.  This will also allow us to expand our inventory beyond prescriptions to focus on our market niche of delivering health products beyond pharmaceutical products.