Continuous investment in the improvement of additional services
Given that PHOENIX Farmacija’s work strategy is based on the continuous improvement of services for business partners, in the context of additional services, the PHOENIX BI service dates from 2019, when the service saw the light of day.
Business Intelligence business model
The idea of the Business Intelligence business model is to maximize the use of data generated from the daily operations of a pharmacy (data on procurement, inventory and sales) in order to obtain valuable information on which the business, operational and strategic decisions of users of this information will be based.
As users of BI services, we can ask ourselves:
- what is the trend of our business results?
- what is our position in the market compared to the competition?
- if our business results are good, can we do even better?
- if we are having any problems, what are the patterns and how can we eliminate them?
- if we don’t understand something, how can we explain it?
So, the idea of the BI concept is based on the use of available data from pharmacies that are analysed, and the results of the analysis are then presented in a simple and understandable way in the form of business reports that answer the above, and a number of other questions, using a reporting tool available via any device (computer, laptop or mobile phone).
Users of the PHOENIX BI service are:
1) pharmacies included in the PHOENIX BI program (approximately 350 of them)
2) partners from the pharmaceutical industry.
Pharmacies use BI reports for the purpose of monitoring their business by reviewing procurement, sales and inventory, which enables them to analyse their own business results while comparing the data with the rest of the market. To put it simply, the pharmacy gets an additional dimension and context for its previous business analytics, because the information it receives from the PHOENIX BI report also provides information on whether other pharmacies in the area generated better or worse results.
On the other hand, partners from the pharmaceutical industry have the option of viewing data for the entire market – data from their own portfolio and the competition.
The value of the data lies in the fact that the database represents approximately 34% of the market by the market value of pharmacies that are included in the PHOENIX BI program, has excellent geographic dispersion of pharmacies and representation in all counties, and the possibility of viewing data on a daily basis.
Considering that the market in which we operate is very turbulent and subject to rapid changes in market demands and trends, the strategy of the continuous improvement of our PHOENIX BI business concept adapts to such a market environment.