Weakening supply chain
The onset of COVID forced a lot of pharmaceutical chains to scale up their supply chain almost overnight – this pharmaceutical company was no different. Being one of the top 10 pharma chains in the US, they soon discovered that their supply chain was not strong enough to take on the pandemic – and needed a solution that could help them forecast demand and optimize distribution. With the volatility of the market, in-house data analysis was not enough. Decision-makers needed real-time insights at all times to be able to take rapid decisions.
The need for real-time
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 intelligent recommendations to rebalance inventory and cater to all locations. While COVID threw healthcare systems on crisis mode with chaos on diagnostic results doctors across did not want to take any chances on deferred medications that spurted the demand for a variety of OTC and Prescription medications. As overall demand spiked, manufacturing facility shut-downs cause supplies to shrink. The industries standard practice of stockpiles saved the day, but they needed to be reached at the right places at the right times. Doing it right will mean capitalizing on the business opportunity.
Intelligence to the rescue
The company deployed Hypersonix that leveraged its AI / ML capabilities to get a synaptic view of available inventory, anticipated in-production supply and inventory that needed to be sold sufficiently ahead of its expiry dates. Hypersonix’s systems used historical, market/economic, consumer, competitor, and epidemiological data to provide accurate insights and recommendations that the company deployed to ensure it managed demand effectively whilst protecting the bottom line, and most importantly ensuring that it could serve the world in its most dire of times.
Real-time answers, rapid decisioning
With Hypersonix’s deployment, 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. This also led to a 35% increase in new customers.