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Data is King: [PART 1] How to Make More Profit

Pharmacy Owners must leverage their data more aggressively to impact their bottom line and stay in business. This is a […]

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February 12, 2018 Community Pharmacy, Technology

Pharmacy Owners must leverage their data more aggressively to impact their bottom line and stay in business. This is a three-part discussion on the importance of pharmacy business data in business today. “Big Data” is the trend but what does it really mean and how can pharmacy businesses gain a competitive advantage with data?

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According to two studies done by Nucleus Research, analytics have impressive ROI and the trend is becoming more impressive. In 2011, the research showed that for every dollar invested in analytics, the businesses averaged a ROI of $10.66. In 2014, the research showed an average increase in ROI of $13.01. That is greater than 1,000% returns, and for independent pharmacists this will change the game.

We talk with Todd Stice and Trenton Jenks co-founders of RxMatrix, part one of a three part series about understanding, learning, and leveraging pharmacy business data to become more profitable in today’s competitive environments.

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Intro-excerpt from YouTube: The Importance of Data in Business

Link https://youtu.be/uw4P5wx1Bq0

Music: Spybreak by Propellerheads 1998