Background
Being one of the top 10 pharma chains in the US, they thought they had a good understanding of demand forecasting and how to navigate the supply chain. But they soon discovered that their supply chain was not strong enough to take on the pandemic. They needed a solution that could help them forecast demand accurately to optimize their pricing and inventory.
Industry: Pharmacy
Hypersonix Products: ProfitGPT, Pricing AI, Inventory AI, Competitor AI
Goals: Needed a better system for understanding supply chain issues and forecasting demand.
Weakening supply chains and the need for real-time data
The onset of COVID forced a lot of pharmaceutical chains to scale up their supply chain almost overnight, creating challenges with managing demand and having the right stock on hand to meet the needs of their customers. With the volatility of the market, in-house data analysis was not enough. Decision-makers needed real-time insights to be able to make rapid decisions.
Given the nimble nature of the pharma supply chain, it was evident that they needed a solution that could use real-time data to manage it, forecast accurately, and provide actionable insights to rebalance inventory across all their locations. As overall demand spiked, manufacturing facility shutdowns caused supplies to shrink. The industry’s standard practice of stockpiles saved the day, but they needed to be sent to the right places at the right times, which required real-time data on where supplies were and what locations needed inventory.
Actionable Insights to the Rescue
The company deployed Hypersonix to get a real-time view of available inventory, anticipated in-production supply, and inventory that needed to be sold sufficiently ahead of its expiry dates. The data was ingested, and the machine learning and generative AI algorithms analyzed historical, market/economic, consumer, competitor, and epidemiological data to provide accurate insights that the company could use to make decisions. It helped them manage demand effectively while protecting their bottom line. Most importantly, the insights provided helped the company ensure that inventory got to where it needed to be and that their customers got the products they needed when they needed them.
Real-time answers, rapid decisioning
After deploying the Hypersonix ProfitGPT platform, decision velocity within the company improved by 10x, with every technical and non-technical decision-maker having access to a single source of truth equipped with real-time data. There was a dramatic reduction in overstocks and out-of-stocks, and the impact was evident within the first two weeks of deployment. They saw a 22% reduction in overstocks and a 35% increase in new customers, leading to overall sales doubling.