For many people, Microsoft Excel is a package that is synonymous with accountants. After all, they are the ones who deal with numbers and would need such help. Yet, the reality is that this nifty tool is finding use in so many departments and industries. People use spreadsheets for easy management of data.
Microsoft Excel is also finding use in the healthcare sector. Such industries generate, collect, and analyze tons of data. They must find a way to manage the information to benefit the patients and business. Improper management of critical data can have serious consequences.
Yet, despite all the benefits, many professionals still struggle with how to use Excel. Research shows that 12% of spreadsheets contain mistakes. This could be due to a lack of proper training on how to use the program. Only 48% of Excel users have received any formal training. That means over 50% attribute their skills to self-training. The impact of errors in the spreadsheet can be quite significant. 1% have seen their employers lose over £1 million due to an Excel mistake. Our article explains why Microsoft Excel is so crucial in pharmacy.
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The pharmacy industry deals with a lot of inventory. It is important to find a way to track stock levels and sales. The same applies to checking on patients, doctors and much more. Due to this, there is a lot of data the team collects.
Microsoft Excel allows for the quick creation of spreadsheets. This is important for managing inventory information. Regular updating will ensure correct information at all times. The insights from the data analysis give a lot of information to help in improving the services.
As we said, many mistakes can come up with the manual manipulation of data. There may be inaccuracies, contradictory inputs or even irrelevant ones. Some of the mistakes are understandable due to the repetitive nature of data entry. Boredom and human inattention are some of the leading causes of the mistakes.
The teams must ensure they take utmost care when feeding in data.The role of a pharmacist is very delicate. A wrong calculation can have profound impacts. Imagine a situation where the pharmacist does not know how to use the different formulas. He could end up dispensing the wrong dosage to a patient. It could result in the worsening of the illness or even fatality
Microsoft Excel has data cleanup capabilities that pharmacists can use. You can:-
Other features like Excel macros can take care of repetitive, manual tasks. All the teams need to do is determine the specific set of actions. The next step is to record and save them. You can then run the tasks as often as you wish. Excel macros are a fantastic tool for data manipulation and reporting. This is because they are tasks that happen regularly.
Read Also: Why Do the Effects of Drugs Vary Between Different People?
Like any other business, pharmacies need to undertake regular business analysis. This requires the use of data to generate relevant insights. The insights then become the basis for any decision-making around the business.
The data sources are many, including sales, expenditure and much more. A weekly profitability analysis, for example, shows whether the business is making money. Further, it can let the pharmacist know the best times to open. Let’s say the analysis shows that weekend mornings are slow times. The best decision would then be to open in the afternoon hours and close late.
Remember, accounting is not a core role of a pharmacist. Yet, they need to record, interpret and track financial data. Basic Excel training can give them the necessary knowledge to handle such tasks. Calculating expenses, income and profit will no longer be a nightmare.
The abundance of formulas within helps with data analysis. Visual representation and reporting are easy with charts and graphs. That could explain why the global usage rate of Excel stands at over 750 million people. Indeed, it is one of the most popular packages in the Microsoft Office offering.
Like in the case of inventory tracking, Excel is critical for patient monitoring. The pharmacist collects and stores the relevant information on the patients. He can keep track of the medication, health information and prescriptions.
Looking up client information is as easy as bringing up the necessary spreadsheet. The pharmacist can also print out necessary reports when necessary.
As we stated, pharmacists collect a lot of data. The information comes from different sources, including suppliers, doctors and patients. The same applies to the different departments that comprise the pharmacy. Such include HR, finance, as well as sales and marketing. You can imagine how many spreadsheets will come in.
Yet, proper analysis of data is critical for the generation of insights. Microsoft Excel provides a fantastic tool for the consolidation of such data. The teams can merge all the disparate worksheets into a single one. They can then create customized Excel dashboards or reports.
Data visualization features allow for quick assimilation and understanding of the necessary insights. Management can make smarter decisions around the business. There will also be a marked improvement in the quality control processes.
Microsoft Excel is a fantastic tool for pharmacists. Data is a big part of the business. Yet, it can be a challenge to manage such information. So many sources of data can make it hard to organize the information. An inability to do so well impacts the effectiveness of any analysis the teams’ conduct.
Microsoft Excel has so many features that can be a lifesaver. Data consolidation, data cleanup, and business analysis are some of them.
Do take advantage of available training opportunities to increase your skill level in Excel. 12% of spreadsheets containing errors is a very high number for such a critical industry. You can avoid or at least reduce such by understanding how best to use the tool.
Depending on self-learning will also not allow you to explore the full benefits of Excel. Consider it an investment in the business to sign up for the necessary courses.
