Highlights of the Case Study:
|Client||Our client, a leading US healthcare partner, was struggling with rising cost pressure due to inventory runouts and supply chain data silos.|
|Business Challenge||This client suffered severe supply chain disruptions, interrupted by shortages of vital medical equipment and supplies.|
|Impact||Quantzig’s optimized demand forecasting technique helped our client analyze multiple datasets to c and thus optimize its supply chain.|
Game-Changing Solutions for Healthcare Industry
Customer centric healthcare has come a long way in the recent times. Overseeing traditional pharmaceutical supply chains is a complex process as a lack of visibility into the supply network often hinders decision-making. This makes cost optimization, product launches, and inventory management unfeasible for pharmaceutical and life sciences companies that are increasingly facing supply pressure from rising logistics costs and shrinking profit margins. More importantly, the traditional supply chain fails to recognize the significance of customers, placing them at the receiving end of the process. However, modern-day supply chain analytics addresses these challenges and keeps customers at the top of the board room agenda. Such solutions aim to improve and strengthen the supply chain by providing real-time data to all stakeholders.
Quantzig’s supply chain and big data analytics can help hospitals and other healthcare providers streamline, automate, and optimize supply chains. Our supply chain analytics solutions enable pharma companies to lower the logistic costs, representing a sizeable and rising portion of health system expenditures.
Customer Centric Healthcare Challenges
A leading US healthcare partner struggled with rising cost pressure due to inventory runouts and supply chain data silos. The client’s business was being negatively impacted due to its reliance on the traditional healthcare supply chain. The traditional supply chain has become ineffective due to the involvement of several inconvenient processes that result in operational inefficiencies.
Our client was struggling with severe supply chain disruptions, resulting in shortages of vital medical equipment and supplies. Our client was struggling with the following supply chain challenges:
- High Inventory holding costs
- Stock outs
- Lack of structured data
- Logistics inefficiency
The client, thus, reached out to Quantzig to develop a data-driven solution to eliminate inefficiencies, improve customer satisfaction, pre-empt bottlenecks, and drive innovation and growth.
Customer Centric Healthcare Solutions
Quantzig provided the client with a data-driven analytical framework that kept the customers at the forefront at every stage of the supply chain. Our focus was on inventory optimization, predictive analysis, and warehouse optimization using artificial intelligence to analyze massive data volumes.
At the supply stage, predictive analytics helped our healthcare partner assess customer health history to ensure the availability of medical supplies. Quantzig’s AI-driven solutions provided more precise supply forecasts by integrating several analytical techniques and defining new algorithms over time. This allowed the client to reduce stock-outs and minimize damaged and expired inventory.
As we identified discrepancies in the distribution process, our solutions offered multiple distribution channels to overcome this challenge, including same-day pickup, in-store delivery, and overnight delivery.
Impact Analysis of Quantzig’s Customer Centric Healthcare Solutions
Our AI system leveraged customer insights that helped our client run successful clinical trials, drug analysis, product launches, and inventory management. Our solution was much more effective and convenient than traditional solutions used to analyze product demand. Quantzig’s optimized demand forecasting techniques helped the client analyze multiple datasets to implement real-time visibility. Our solutions enabled the client to unlock the following benefits.
- Increased profit margin by approximately 10% as supply expenses decreased by 17.7%.
- Our customer analytics framework helped improve the success rate of clinical trials by 10%.
Quantzig’s experts used advanced modeling techniques to create a realistic model of the supply chain network, taking into consideration all aspects. Quantzig’s supply chain optimization solutions are designed to cater to the needs of its customers in keeping with the demands of the healthcare industry. These data-driven insights would help to streamline the supply chain leading to higher profit margins and consistent growth for the client in an otherwise very volatile industry.
Broad Perspective on the role of SCM Solutions in Healthcare Industry:
Pharmaceutical companies are increasingly embracing customer-centric supply chain management technology to keep the customer at the center of the healthcare ecosystem. Medical device manufacturers, healthcare providers, pharmaceutical companies, and other organizations work collaboratively to achieve coordinated, customer-centric results. Healthcare supply chains are projected to grow rapidly by delivering sophisticated and customer-centric treatment regimes. Additionally, healthcare organizations experience increasing pressure to invest in digital technologies and digital transformation efforts due to the upheaval caused by the pandemic.
- Optimized operations
- Improved cashflow
- Better inventory management
- Improved supply chain management
- Increased customer satisfaction due to timely delivery of products
- Higher margins