How a Data-Driven Pharma Supply Chain Delivers More Business Value
Pharmaceutical supply chains are increasingly powered by data, which provides an invaluable source of information to supply chain leaders. However, not every pharma manufacturer is using its supply chain data to its fullest extent.
According to a report by PwC, "The pharmaceutical industry can learn a lot from leading tech companies in areas like developing digital products, personalizing customer engagement, harnessing new types of data, deploying intelligent automation, and working in a more agile fashion."
To gain a competitive edge and set their enterprises apart, pharma manufacturers must take advantage of the revolutionary shift towards data-driven supply chain practices. In this post, we will explore how leveraging data can help maximize opportunities in the supply chain while delivering more value to the business.
What Does a Data-Driven Supply Chain Look Like in the Pharma Industry?
A data-driven supply chain is one in which pharma leaders use insights derived from analyzed data to help make decisions. Data can provide valuable information about the performance of various elements of the supply chain, such as inventory levels, customer demand, the quality of products and raw resources, temperature and atmospheric conditions during shipment (cold chain), and more.
By leveraging this data, companies can make informed decisions that improve efficiency, reduce waste, and reduce risk. For example, with the right data in hand, pharma companies can more accurately forecast customer demand and ensure they have the suppliers in place to support it.
Types of Data to Leverage in the Supply Chain
When it comes to data-driven supply chains, pharma companies must make sure they have the right types of data on hand. This includes both external and internal data.
External data includes market information, consumer demographics, pricing trends, economic indicators, and competitor activity. Internal data may include customer usage patterns, inventory levels, supplier performance, and supply chain costs.
By combining these different types of data, pharma manufacturers can gain a more comprehensive understanding of the marketplace, identify areas for improvement, and develop targeted initiatives to maximize performance in their supply chains.
How To Leverage Supply Chain Data for Value
Supply chain data can be a source of value to the organization in multiple ways. For example, companies can identify patterns in data from different suppliers, such as pricing data and efficiency data, then use these analyses to identify opportunities for cost savings.
Supply chain data also plays an essential role in creating supply chain resiliency and adaptability. By monitoring real-time supply chain conditions, pharma companies can quickly identify and address any disruptions to operations.
Finally, data-driven supply chain practices can help companies improve collaboration with their suppliers. By leveraging supplier performance data, pharma manufacturers can identify areas for improvement and develop strategies to maintain mutually beneficial relationships with their partners.
Over the long term, companies can even identify recurring trends and inefficiencies among suppliers, then make targeted improvements.
How to Build a More Data-Driven Supply Chain
To create a more data-driven supply chain, pharma companies must do the following:
- Establish a comprehensive data strategy that includes both internal and external data sources.
- Capture the right types of data from suppliers, customers, and other stakeholders to gain deeper insights into supply chain performance.
- Implement advanced analytics tools to uncover hidden patterns and trends in the data that can be used to inform decisions.
- Develop targeted initiatives to address areas of inefficiency and ensure that the supply chain is running as efficiently as possible.
By taking these steps, pharma companies can create a more data-driven supply chain that is better able to anticipate customer demand, optimize operations, and build more resilient networks.
Learn More at LogiPharma 2023
There is an abundance of data in the pharmaceutical supply chain. Identifying it, analyzing it, and using it to deliver value can be a considerable challenge, even with the right technologies in place.
To learn more about how you can turn supply chain data into real value, don’t miss the next LogiPharma event. It’s happening from October 4th to October 6th at Westin Copley Place in Boston, Massachusetts.
Download the agenda and register for the event today.