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Traversing Distinct Challenges in Hong Kong’s Pharmaceutical Realm
Hong Kong’s pharmaceutical sector is on a voyage through a series of distinctive challenges that set it far apart from the remaining industries. For example, one of the biggest challenges is the mountain of regulatory requirements which demand rigorous compliance thereby becoming a considerable burden for the pharmaceutical firms. This highly detailed regulatory structure not only requires a significant allocation of resources but also delays the execution of new drugs, thereby, creating a bottleneck. To complicate the matter further, the pharmaceutical sector mainly rests on research and development, which is a branch that needs continuous funding and innovation. These characteristics are, however, not very visible in the case of most other industries. This industry is also wound-up in supply chain entanglements stressing the long production cycle and temperature-sensitive logistics, which are not seen in other industrial segments.
Curiously, transformation, such as fast digital transition and cyber security vulnerability that are analogous to other unions, confront firms in Hong Kong as well. In the pursuit of digital integration, the firms have to wrestle with the herculean task of making sure that their private data are not disclosed, which has been a point of concern not only in but also outside the pharmaceutical sphere. The dynamic economic situation also puts pressure all over the sectors, including pharmaceuticals, thus, firms are compelled to bring about adaptive strategic change in order to be viable.
A POS System as a Tool to Support the Industrial Sector
The implementation of a point-of-sell (POS) system is, then, a strategic tool that can help to overcome, to a large extent, the industry-specific and shared challenges. POS systems provide the pharmaceutical retail industry with a single interface for the integration of multiple functions with other practices. Because of their real-time capabilities, they can be the firms to simplify processes from inventory management to sales, and the result is that they will be more efficient.
Installation of a POS system will in turn eliminate much of the problems related to compliance. Integrating and managing data in real-time helps pharmaceutical retailers to track and hold accountable the parties which are involved in compliance with the severe rules and with the least number of manual entries. One more good thing is not only the regular updates, and the addition of analytical insights off the POS system which ease the decision on the right amount of money to invest in R&D but the elimination of resources wastage as well.
Clearly, cyber security is the elephant in the room not just for the pharmaceutical industry but even for the rest of the sectors as well. Many POS systems, like Multiable’s aiM18, are equipped with advanced encryption and security features to protect data, thus, reducing the risks of losing information via digital means.
Recommendations for Operating a Succeeding POS System
The successful establishment of a POS system in the pharmaceutical trade, however, should be prioritized under a few very crucial guidelines. To start with, it is crucial to choose a system that can join hands with other enterprise software like ERP and financial software that have already been working in the system. It is just as important as this is to ensure the chosen system is capable of scalability so that one can make changes as the firm matures.
Moreover, further training and support should not be neglected; a full-training plan is key to realizing the potential of the new technology. Involving the stakeholders from the beginning will not only ensure the process goes smoothly but will also help in creating an accepting environment thus the POS will be received and welcomed by each department.
Multiable’s aiM18 POS: Fulfilling Pharmaceutical Needs
Multiable’s aiM18 POS system is a top-notch choice that comes with interesting features tailored to the pharmaceutical industry in Hong Kong:
- Chain Store Management: It simplifies overseeing multiple sites that need improved operational efficiency.
- Encrypted Membership Database: This ensures data protection and adheres to the privacy regulations.
- Real-time Integration: This means product databases will be linked directly with eCommerce, ERP, and POS thus providing a seamless updating process and traceability.
- Automatic Logistic Service Provider (LSP) Selection by AI: It optimizes the routing of the supply chain and reduces delay.
- Promotion Management: This is the feature that customizes marketing to specific customer segments thus enhancing R&D alignment.
Real-time Connectivity: aiM18’s E-commerce Solutions
Multiable’s aiM18 POS system is not only a great tool in the pharmaceutical field but it is also a powerful force in the e-commerce space. Expanding their market reach is now a walk in the park for pharmaceutical firms thanks to the engaging real-time integration with online platforms such as Shopify, Amazon, and eBay, amid others. Additionally, the support for multiple payments through WeChat Pay, Alipay, FPS, and Octopus among others helps the pharmaceutical and retail sectors to have a wider customer base with better payment flexibility.
What is Multiable POS ?
Multiable POS is a cloud-native POS targeting retail groups with sizable chain stores in Singapore, Malaysia, Hong Kong and China. With over 6,000 customers in the region, Multiable POS gains positive feedbacks from public companies and multinationals across different sectiros, from cosmetics, furniture, fashion, healthcare, pharmaceutics, sportswear and toys etc. The renowned no-code approach saves customer a big sum of customization costs and countless hours of implementation man-days.
What is LAIDFU (Let AI Do for You)?
LAIDFU is an AI tool for enterprise to build their own AI agents to perform various business AI tasks.
Proprietary EKP (Enterprise Knowledge Partitioning) technology eases CEO’s concern about trade secret leakage which often occurs in most AI agents / chatbots in the market.
EKP removes the hurdle of business AI adoption by most companies in using sensitive corporate data.
Powered by no-code approach, deployment of LAIDFU incurs far less developers (and development costs) in comparison with other AI tools.
LAIDFU empowers business, with or without an ERP system in place.
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