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Competition gets fierce, new technologies arrive, rules change – and all these complex factors keep the supply chain moving in new ways.
The life sciences sector – encompassing pharmaceutical giants, medical technology innovators, and healthcare equipment manufacturers – offers a compelling illustration of this dynamic. The COVID-19 pandemic thrust their supply chains into overdrive, demanding an unprecedented surge in production and a lightning-fast acceleration of delivery.
But now that the initial panic is over, these life sciences companies face a new kind of challenge. They need to be smart and quick on their feet to make sure they have the right amount of supplies exactly when they’re needed. And they have to do all of this while making sure everything runs perfectly smoothly across their whole operation – from the very beginning to the very end.
On top of that, many of these companies are struggling to see what’s actually happening in their supply chains right now.
Oh, and let’s not forget that everything is getting more expensive – inflation and rising costs are adding even more pressure.
The good news is that life sciences companies can tackle these growing challenges with the tools and know-how available today. Here at Wishtree Technologies, we get how complicated all of this is, and we can help you make a real change.
Our customized digital solutions, often using the latest Artificial Intelligence (AI), are designed to give you a real edge over the competition. This means more money coming in, better profits, and happier customers.
3 Key Areas for Life Sciences Supply Chain Optimization
Drawing upon the insights gained from our collaborations with leading organizations in the life sciences sector, Wishtree Technologies highlights three pivotal digital capabilities that can deliver rapid and significant impact on your supply chain digital transformation.
1. Smart and Joined-Up Planning with AI
Life sciences companies have really seen how crucial it is to be quick on their feet and bounce back when things go wrong with their supply chains. But at the same time, they still need to hit ambitious targets, stand out from the competition, and follow strict global rules. So, how do they juggle all these seemingly different priorities and make them work together? A strategic entry point lies in the implementation of dynamic, AI-powered integrated demand and supply planning.
While traditional, manual planning processes can take weeks to react to unforeseen events both upstream and downstream, today’s “always-on” digital decision engines offer a paradigm shift.
The supply chain, in essence, develops an autonomous “muscle memory” through sophisticated machine learning (ML) algorithms.
Advanced, AI-driven optimization engines work tirelessly to balance demand and supply by holistically optimizing the end-to-end supply chain – encompassing materials, capacity, labor, inventory, and production schedules. Simultaneously, intelligent digital forecasting engines ingest and analyze vast quantities of real-time demand-driving variables across all SKUs and markets.
2. End-to-End Real-Time Visibility and Traceability
Whether navigating geographically dispersed operations or strategically implementing nearshoring/onshoring initiatives to bolster supply chain resilience, the complexities inherent in global inventory management for life sciences manufacturers are persistent.
Wishtree Technologies offers cutting-edge intelligent control tower capabilities that provide the perfect solution. Regardless of the intricate paths products take to reach the market, our AI-enabled control towers deliver near real-time monitoring and status updates, robust track-and-trace functionalities, a clear and auditable chain of custody, and automated workflows specifically designed to meet stringent compliance requirements.
Relying on manual methods and human analysis is simply insufficient to effectively manage the intricate activities associated with regulatory compliance, stringent quality control, product expiry and waste management, and serialization requirements.
3. Making it All Work Together Smoothly for Top-Notch Efficiency
Going digital isn’t just about planning and seeing what’s happening; it’s also about making all the moving parts work together perfectly – from the warehouse to getting products where they need to go, to finally fulfilling orders. AI and ML are the brains behind the operation. They power smart transportation systems (TMS), warehouse systems (WMS), and order management tools to take in and analyze tons of real-time information. This lets them make the best decisions on their own and put those decisions into action without a hitch.
The real magic happens when all these important systems are connected digitally, sharing information on one platform. This gives everyone a clear view of what’s going on in real-time and helps them work together much better.
No matter what the challenge – keeping things at the right temperature, managing products with short expiration dates, or dealing with unexpected shipping delays – Wishtree Technologies’ platform helps all these logistics solutions work together smoothly.
Our clients have seen big improvements in how efficiently they operate, with much better transportation service and significant savings on their overall shipping costs. Plus, our WMS solutions have helped them move more products while also cutting down on the costs of picking, storing, and handling items.
Start Your Digital Journey with Wishtree Today
At Wishtree Technologies, we truly believe that it’s time for life sciences supply chains to stop just responding to problems and instead start actively looking for opportunities. Because technology is advancing so quickly, you now have the power to see disruptions coming, get a complete view of your entire operation, and use AI to turn your supply chain into a major driver of growth.
It’s not only about life sciences companies though! Reach out to Wishtree Technologies today to discover how our customized solutions and in-depth understanding of your industry can help you start a transformative journey and see real results right away.
