The Top 4 Benefits of Data Analytics for IVD and Medical Devices

Data Analytics Can Add Powerful Insights and Value to IVD and Medical Devices Supply Chain Management.

Using data analysis tools has the potential to give supply chain leaders insights into how to automate their processes and reduce their costs by almost 18 percent. This is now more crucial than ever with hospitals, clinics and businesses alike spending nearly one-third of their overall operating expenses on healthcare supply chain management.

 

The Benefits of Data Analytics

Real time data analytics along with related cloud technologies and services will have the greatest impact on the future of the supply chain as it can impact a range of functions to be more efficient and cost-effective:

 

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Benefit 1: Streamlining day-to-day Operations

Data Analytics software helps to streamline day-to-day operations activity. It is an invaluable tool for inventory management, helping companies to identify which and how much stock to order at what time. In addition, some can also track inventory from procurement to sale of goods to returns.

 

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Benefit 2: Improving Field Inventory Visibility

A sophisticated data analytics platform can connect all points of the value chain through API technology to provide real-time information throughout the supply chain. This helps companies to better meet customer demands, improve patient safety, meet regulatory compliance standards, and accurately monitor temperature and expiration dates. This results in a much better outcome for suppliers, providers, and the end consumer. On field sales personnel and product managers alike find this feature a major benefit as they can view which kits are due to expire and notify their customers.

No more waiting on reports, consolidating excel sheets and reduced admin activity.

 

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Benefit 3: Meeting Customs and Regulatory Standards

Some software allows you to receive real-time insight into the status of products shipped. Such as, be alerted if products are held up in customs and the reasons why.

Did you know? To help reduce the number of products being held in customs, we use paperless trade which allows you to electronically transmit customs documents, eliminating the need to print and physically attach them to your shipments. It makes both cross-border and national business transactions more convenient and transparent while ensuring regulatory compliance and speed of returns thus maintaining the integrity of the sample.

Benefit 4: Managing Product Recalls

It is important to have an effective traceability system to track and trace any or all information about your product and associated materials throughout its life cycle by using a system of recorded identifications at each touch point of the supply chain. Without a robust traceability system, market recall could be more difficult, more extensive and more time consuming than otherwise necessary.

 

Drive Supply Chain Improvements

Use Data Analytics to drive supply chain improvements

Our data analytics dashboard acts as a control tower providing you with key insights into the inner workings of your fulfillment and distribution network.  Scroll through our sample dashboards to learn more.