Alaric faced significant challenges in managing a dynamic and diverse pharmaceutical inventory.

Key issues included:

• Managing a vast range of drug SKUs, particularly very fast-moving drugs, which required constant monitoring and rapid response to avoid stockouts.
• Balancing the inventory of slow-moving drugs, which posed risks of overstocking and expiration.
• Adhering to stringent regulatory standards and compliance requirements in the pharmaceutical industry.

These challenges were compounded by the critical nature of pharmaceuticals, where delays or inaccuracies could have profound implications for patient care and safety.

How INSIA was Implemented

The implementation of INSIA for our client involved a comprehensive integration of data, encompassing pending orders, stock, sales, and inventory, to construct a complete view of the supply chain movements of medicinal drugs.

The primary data source for this undertaking was Sage ERP, to which we established connections via APIs, ensuring seamless data flow and integration.

An important part of this project was developing an automated system to categorize SKUs into four groups: Very Fast Moving, Fast Moving, Slow Moving, and Very Slow Moving. This classification was meticulously done based on the invoiced quantity and the number of orders. Additionally, we undertook the task of valuing SKUs in terms of their importance to the organization. This strategic approach enabled the client to prioritize and manage over50,000 SKUs, focusing on those most critical to their operations.

Another critical element of our solution was the creation of systems to capture and store daily Inventory Snapshot data. This capability allowed for historical analysis of various inventory KPI movements, providing deeper insights into inventory trends and patterns.

Through INSIA, we established crucial KPIs such as Net Stock, Safety Days, Inventory Stock Days, Excess Stock Value, Ideal Stock Value, and Reorder Quantity. These KPIs gave the client a comprehensive understanding of their inventory dynamics, facilitating better inventory management, forecasting, and strategic decision-making. The implementation of INSIA thus streamlined the client's supply chain processes. It equipped them with powerful tools for data-driven decision-making in managing their vast array of medicinal drug SKUs.

1. Accurately predict the fluctuating demand for different drugs, essential in ensuring optimal stock levels.
2. Navigate the complexities of different drug specifications, including varied shelf lives and specific storage requirements.

Integrating INSIA's analytics platform was a game-changer for Alaric's supply chain management. INSIA's capabilities, particularly in high-speed, easy-to-use analytics and guided search, were vital to addressing Alaric's specific challenges:

1. Implementing a system for real-time tracking of very fast-moving drugs, ensuring immediate replenishment and avoiding critical stockouts.
2. Developing strategies for managing slow-moving drugs, including predictive analytics for demand forecasting and inventory optimization.
3. Incorporating a comprehensive database of drug specifications, storage requirements, and expiration dates into the analytics platform.
4. Utilizing INSIA's advanced analytics for accurate demand forecasting facilitates better inventory planning and reduces waste due to expired drugs.
5. Streamlining compliance processes by maintaining up-to-date records and tracking regulatory changes.
6. Customizable dashboards provided immediate access to key metrics, enhancing visibility and control over the supply chain.
7. In-built training and support for Alaric's staff, maximizing the platform's benefits and ensuring efficient use of the analytics tools.

INSIA empowered Alaric to manage its pharmaceutical supply chain more effectively through these initiatives, ensuring efficiency, compliance, and responsiveness.

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The implementation of INSIA transformed Alaric's pharmaceutical supply chain management. This led to a 50% improvement in the efficiency of managing fast-moving drugs, significantly reducing stockouts and ensuring uninterrupted supply to hospitals. The predictive analytics feature enabled accurate demand forecasting for fast and slow-moving drugs, optimizing inventory levels and minimizing waste. This advancement boosted Alaric's operational effectiveness and reinforced its commitment to delivering critical healthcare supplies timely and accurately, thus playing a vital role in patient care and safety.