Capitalise on constraints - advice from MedTech expert, Tam Nguyen
As a leading industry expert and advisor, Tam shares his advice on how pharma companies can capitalise on previous supply chain constraints and use data to inform digitalisation strategies for the future, helping navigate the challenges facing the industry today. We discuss the importance of collaboration and communication, why you must focus on continuous improvement measures and how to turn disruption into opportunity as well as:
- Why you must analyse historical data to inform your digitalisation strategy
- How by diversifying your supply base, geography and location you can reduce the exposure to risk
- Why digital tools can help pharmaceutical companies ensure that the products are safe for customer use
- How to use digital tools to optimise and streamline supply chain processes, decrease lead time and increase efficiency
Full transcribe below
Q: How can pharma companies leverage data from previous supply chain constraints to inform their digitalisation strategies moving forward?
Well, they're going to leverage data from the previous supply chain constrains to inform that digitalization strategy by penalizing historical data, implementing some of the digital solution by enhancing collaboration and communication. They're reaching data analytics and focusing on continuous improvement.
The first step is to analyse historical supply chain data from previously to identify the root cause of the problem and I think that's putting to understanding what went wrong in the past where companies can develop a better understanding of their vulnerabilities and working out which areas need to be addressed. When it comes to implementing digital solution based on those historical data, companies can implement solutions that can help improve their supply change operation using artificial intelligence and machine learning algorithm to optimize inventory management, identify potential supply chain disruption and forecast demand accurately.
Through the step of enhancing collaboration and communication, digital solutions can help through that process with various stakeholders in the supply chain including manufacturer, supply and district distributors and retailers. That real time visibility, and transparency across supply chain means the company can identify potential issue before it escalating to major problems. When it comes to data analytics it can help the pharmaceutical companies to look at insights into their supply chain performance and through that identify areas that need improvement.
The final step is in terms of focusing on continuous improvement. Digitalisation strategy should focus on continuous improvement yet with regular monitoring and evaluation of the performance, companies can identify what you need for improvement and then make changes that can help them stay ahead of the competition.
Q2: What lessons can be learned from previous supply chain disruptions, and how can this information be used to create a more resilient supply chain in the future?
Russia provides valuable lessons for company looking to create a more resilient supply change in the future through diversifying supplies. So, if you're already over relying on a single supply or single geographic location, it can make you vulnerable to disruption and by diversifying your supply base, geography and location it can reduce the exposure to risk.
Secondly, is increasing transparency and visibility. A digital solution in real time monitoring means the company can prove that transparency, allowing them to identify and address the issues before it escalates. Building that flexibility to supply chain means that they can quickly adapt to changes in demand and disruption.
Thirdly, is developing contingency plans. This is important because contingency plans can help companies respond quickly to supply chain disruptions and it’s the plan B that you need to have of various scenarios where companies can ensure that they are prepared for any situation.
Collaboration with partners is critical across supply chain as it can help companies mitigate risk and build resilience. The focus on the continuous improvement means that they identify opportunities for improvement and implement changes that can help to stay ahead of any potential risks or mitigate risks.
Q3: How can the implementation of digital tools that improve product traceability and supply chain transparency help pharmaceutical companies meet the evolving needs of customers?
As customers expect high quality products from pharmaceutical companies, digital tools can help to ensure products meet their expectations. Tracking products through supply chain can help identify potential quality issues and take corrective action before the product reaches the customer.
The next point is focusing on safety. Digital tools can help pharmaceutical companies ensure that the products are safe for customer use. By tracking through that real-time visibility, it allows companies to address any issues if it arises.
Next is faster delivery as customers expects timely delivery of their products, where digital tools help ensure that companies can meet the customer’s expectation. That real time inventory level and delivery status helps companies in their supply chain optimization.
Customers also expect transparency regarding their product, ingredients, sourcing and product processes. Digital tools can improve that level of transparency that allows customers to make more informed purchasing decisions.
And lastly, compliance and regulations which is critical for pharmaceutical companies where digital tools can ensure that they meet all the requirement of taking the products through the supply chain where they can comply with the regulation governing the product, safety, quality and labelling.
Q4: In your opinion, how can digitalising the supply chain improve the speed and accuracy of data analysis and improve decision-making?
Real time data allow at the inventory levels or a status of delivery times and other critical metrics means that it can analyse in real time, identify trends, patterns that can mitigate risk and inform decision making. The other aspect is that through data automation, data collection and analysis reduce the time and effort requited for manual data entry and analysis. These processes improves reliability of data which helps with the improvement and speed of the decision-making process.
Following from data automation, there's an element of predictive analytics that helps to forecast demands, identify potential supply chain disruption and optimize inventory management. Through digital tools that can optimise and streamline supply chain processes, it decreases the lead time and increases efficiency. This without a doubt, can improve the speed and accuracy of the data analysis and decision-making process.
Q5:What do you expect to get out of Logipharma Asia? And can you give us a sneak peek on what you will be sharing with the audience when you moderate the panel?
It's a really great opportunity to share knowledge and insights with a stellar line up of speakers and panellists. There's an excellent networking opportunity. The interactive agenda is unique with industry specific panel sessions and case-studies.
Download the agenda to see the extensive and exciting things that Logipharma has. Judging by the content, speakers and list of senior leaders this is an event not to be missed. So, see you in Singapore on the 20th and 21st of June.