Artificial Intelligence is transforming how healthcare is delivered all over the world. AI based technology is used in a variety of analytics processes to empower machines and humans to work more efficiently. Healthcare supply chains are not being left behind.
Through machine learning tools, big data is from various sources in the health sector is collected and analyzed to increase supply chain and operational efficiency. There are various ways Artificial Intelligence is revolutionizing healthcare supply chains.
Enhanced Accuracy in Demand Forecasting
Without machine learning models, healthcare institutions are unable to assess all the factors that affect demand of essential healthcare products. Through AI, it is easier to track factors such as periodic demand surges based on forecasted disease burdens.
Boosts Effective Supplier Relationship Management
Delivery performance, credit scores and other supplier information can easily be analyzed through AI powered analytics solutions. This helps healthcare institutions make better decisions when selecting suppliers for essential healthcare products. Financial institutions can also easily assess whether or not certain suppliers are reliable with credit.
Improved Order Management Capability
Healthcare institutions that leverage AI can easily analyze diverse information on sales and inventory. This provides actionable insights that assist in making the right decisions on the best time to order certain products and prevent overstocking of supplies.
Boosts Productivity and Increases Profits
AI-powered analytics solutions enhance forecast accuracy which leads to consistent supply of essential healthcare products. Automated processes lead to better time management allowing workers to be more productive. According to Accenture, AI has the potential to boost profitability an average of 38% by 2035.
Increased Efficiency in Production Planning
Compared to demand planning, using AI to improve production planning is a more intricate process. It includes information on daily schedules to weekly and monthly production capacity plans. Through machine learning, such large quantities of data can easily be analyzed to showcase real time occurrences in the supply chain.
Pursuing digital transformations in healthcare organizations will not only increase efficiency but improve patient safety. It is for these reasons that xetova focused on developing an AI Driven platform with an effort to build efficiency in healthcare supply chains and achieve Universal Health Coverage.
We are constantly identifying opportunities for AI and machine learning to improve supply chain efficiency in healthcare and other industries. Find out more by visiting xetova or join our Healthcare Supply Chain Initiative to reimagine health security and supply chain resilience.