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Demand planning for inventory management optimization
Although no business likes carrying safety stock, experiencing a stockout simply isn’t worth the risk to customer satisfaction. Take an industry-informed look at how to achieve demand planning ‘greatness’ when it comes to optimizing your inventory levels and still meeting customer requirements.

 

“No one ever achieved greatness by playing it safe.”

 

This quote is attributed to Harry J. Gray, an iconic business manager and philanthropist who, through acquisition, assembled one of America’s largest manufacturing corporations. During his career, he received numerous recognitions and honors and was inducted into the Junior Achievement National Business Hall of Fame. My guess is that Mr. Gray was an expert at risk assessment and containment.

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Female healthcare professional posing for picture in clinicTransformation is a disruptive undertaking, but the risks and opportunities within the IDN Supply Chain warrant a closer look into a health system’s nextgen supply chain readiness.

 

Over the past few decades, a perfect storm has been brewing in healthcare. As M&A activity continues, consolidated healthcare systems are serving larger communities, managing bigger spends, and coordinating more complex business operations. It’s more essential than ever to render efficient health services while maintaining—or improving—patient outcomes.

 

One part of this ongoing complexity is exponential growth in the number of SKUs hospitals must manage. In fact, the number of individual supply items has mushroomed from a few thousand to upwards of 60,000—and that number grows every day.

 

The problem is that physical hospital space was never set up to handle this volume of product. In addition, clinicians do not typically receive training or education in supply chain best practice, and the negative ramifications on clinician efficiency, patient care, and cost control are becoming increasingly evident.


Determine your organizations’ readiness for supply chain transformation with the IDN Supply Chain Readiness tool.


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Hand stacking wooden blocks labeled with Clinical Supply Chain related images

It’s an interesting time in the healthcare industry, and for the supply chain specifically. Each of the following market factors is thrusting the supply chain to center stage and calling on all of us to up our game in the face of more complex operations. These factors include:

 

  • The advancement of new technology, from drones and robots to artificial intelligence and distributed ledgers
  • Increasing margin pressure
  • New and changing traceability regulations
  • Numerous mergers and acquisitions


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warehouse inventory managementWhen supply chain professionals plan for future demand, their thoughts gravitate to meeting customer service levels while minimizing the amount of capital tied up in inventory.  Demand planning and warehouse inventory management is about having the right product in the right place at the right time … right? Four occurrences of the same word would cause my old English teacher to shudder at this excessive use of a word in a single sentence. However, let us return to the important business of meeting consumer demand without incurring the cost of excess inventory.


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