Industry Challenge/ Challenges
Long lead periods and slow-moving products might result in a lack of visibility that prevents some products from meeting “on-the-table” demands. This might cause delays in fulfillment or necessitate acquiring extra safety stock to avoid shortages. In a highly regulated field like healthcare, the more transparency a company can achieve while reducing expenses associated with erroneous inventory counts, the better.
For more than a decade (2007–2017), an enormous amount of data was stored in an unstructured format. The data was stored in spreadsheets and had accumulated over time, but it had never been used to derive business insights.
A secure solution with multi-level access to leverage available spend levers like rate, specification, demand, compliance, etc. was called for to save costs.
There was data that was unstructured and unorganized. The same data with several names resulted in a deviation from the intended visualization.
- The legacy ERP system created bottlenecks in business decision-making due to the lack of any visibility on spending and insights to standardize products or suppliers. The client was looking for a real-time system that can generate business intelligence from data that is dispersed throughout the organization while also standardizing the process through data and process centralization.
- To solve product and attribute standardization, a central data warehouse was created.
- Algoscale developed a multi-module integrated platform. One of those modules, the Spend Analytics dashboard, assisted the customer in gaining visibility into their expenditure and managing it appropriately to reduce costs.
- Our module enabled AI-based best product selection for given healthcare procedures, RFP & Contract management utilities, and Easy integration for new users on the platform.
- OCR open source
- Python & Data Science Libraries
- Microservices Architecture
- SaaS Model
- AWS Cloud
- Our solution built an intelligent vendor-neutral SaaS platform that provided cost savings for hospitals and new revenues for suppliers.
- The solution provided real-time insights to the hospitals and the supply chains in terms of Price impacts, Revenue Consolidation, Supplier-wise spending analytics, Product-wise price trends, and Category-wise spending distribution.
- The supplier collaboration for hospitals improved and the application helped suppliers to have end-to-end visibility of the sales process.
- The out-of-the-box spend analytics solution also provided up to a 50% reduction in time-to-market.