Enhancing Healthcare Supply Chain with Data & AI:
A Case Study
PROBLEM STATEMENT
Manage the overwhelming volume of data from diverse sources for effective cost control and decision-making in healthcare supply chain operations
SOLUTION
Implementation of an analytical engine for centralized data warehousing and a cloud-based dashboard with actionable insights to empower cost savings
IMPACT
- Improved visibility into the supply chain
- Identified $4.5M worth of cost-saving opportunities
- 10x-12x Return on Investment
- 50% faster access to insights
The Story
Healthcare supply chains are complex, balancing demand variability and cost concerns.
This complexity makes managing inventory a critical yet tricky task. Overstocking ties up valuable resources and space, while understocking can jeopardize patient care.
Our client, a global leader in healthcare supply chain automation, partnered with us to develop a game-changing solution. Together, we created a SaaS platform that streamlined healthcare cost management, benefiting facilities worldwide. Operating in over 35 countries, it’s now a vital tool for 350+ acute and 1,600+ non-acute facilities, ensuring cost efficiency and quality care.
The Impact?
Greater Visibility into Supply Chain Operations
$
0
M
Worth of Cost-Saving Opportunities
10X-
10
X
Return on Investment
%
Faster Access to Insights
Ready to optimize your healthcare supply chain?
Breaking down the building process-
The Challenge
In complex healthcare supply chains, a lack of visibility and the absence of standardized product identifiers present major challenges, hampering cost-saving opportunities. With each supplier using unique identifiers, comparing millions of diverse products becomes an arduous task, leading to inventory inaccuracies and financial strain for healthcare institutions.
Addressing these challenges involves implementing a robust data warehousing system. This system not only centralizes various data sources but also standardizes product identifiers, facilitating precise product comparison. This, in turn, streamlines inventory management and provides real-time insights into healthcare spending, ultimately enhancing cost-saving efforts.
Our Path to the Solution
At Algoscale, we adopted a comprehensive approach to enhance supply chain efficiency, streamline operations, and reduce costs. Here’s an overview of our solution:
- Comprehensive integration platform: Our experts developed a multi-module integration platform that integrated data from various sources, including legacy ERP systems. This platform served as the backbone of healthcare supply chain efficiency.
- Identifying & standardizing products: We meticulously identified and standardized unique products from diverse suppliers, ensuring consistency throughout the supply chain.
- Data warehouse creation: Next, we established a robust data warehouse on Amazon Redshift. This centralized hub for healthcare product data streamlined product comparison and enhanced inventory management.
- Spend Analytics dashboard: We created a powerful Spend Analytics dashboard, providing complete expenditure visibility. By consolidating spend data from all vendors, it offered actionable insights for cost-effective decision-making.
Tech Stack
Paving the way to Success
Our solution, an intelligent vendor-neutral SaaS platform has brought significant business impact.
Hospitals enjoy cost savings, while suppliers benefit from new revenue streams. Real-time insights empower both hospitals and supply chains with granular data, optimizing their operations. Supplier collaboration has improved, offering end-to-end visibility, and our solution expedites time-to-market by up to 50%.