Pharmaceutical companies are rethinking the design and management of supply chains and supplier networks. Increasingly, the focus for pharma companies is on how to use digital technologies—like digital supply networks and multienterprise work management solutions—to improve the flexibility and responsiveness of supply chains.
With increased access to a slate of new digital technologies that can be used to transform supply chains, the goal of building truly patient-centric and demand-driven agile supply chains is finally within reach. These tools and technologies will enable pharma companies and their suppliers to shift away from the traditional linear supply chain model, which is insufficient for meeting the needs of the modern enterprise.
A growing number of pharma companies are investing in the digital transformation of supply chains. Companies can boost the performance of supply chains by combining digital supply networks with tools and technologies like IoT sensors, AI, and advanced analytics applications. These types of supply chain management systems help organizations increase supply chain visibility, agility, and resiliency in the face of disruptions.
Through supply chain digital transformation, organizations can not only boost efficiency and improve supply chain visibility, but also better manage risk, foster mutually beneficial relationships, and respond faster and more effectively to changing market conditions.
The digital transformation of supply chains increases agility and drives innovation
Supply chain digital transformation refers to the growing trend toward using digital technologies—like digital supply networks and multienterprise work management software—to increase visibility and agility and become more resilient in the face of global disruptions and economic pressures.
Forward-thinking firms are accelerating the digital transformation of their supply chains. They are moving away from a reliance on disjointed systems like phone calls and spreadsheets and replacing time-consuming manual processes with smart, efficient solutions that accelerate decision making and offer increased flexibility.
Firms that are well prepared for the future are leveraging product serialization data, multienterprise work management applications, and cloud-based digital supply chain networks to drive efficiency, optimize supply chain planning, and achieve the sort of sustained collaboration that increases supply chain resiliency. They are leveraging the capabilities of the cloud, real-time connectivity, and a continuous flow of information from people and machines to strengthen their supply chains and drive innovation.
Learn more about building a more agile, resilient supply chain. Download the eBook: What You Must Know to Survive a Supply Chain Crisis: 5 Priorities from 4 Industry Experts.
Digital supply networks are powering the digital transformation of the supply chain
A core technology that supports supply chain digital transformation is the digital supply network—a scalable, cloud-based networking platform that connects supply chain partners so they can exchange data and drive efficiencies without integration headaches. It provides stakeholders with a single, virtual location for accessing real-time data from various sources. It also enables network partners to detect and react more quickly to emerging trends and unexpected events—no matter where they happen in the supply chain. Digital supply networks increase supply chain visibility, support seamless communication and collaboration, and help ensure the success of supply chain optimization projects.
A digital supply network consolidates supply and demand data in a cloud-based platform to simplify planning and provides members with the accurate, granular views they need to proactively manage supply chain performance. It connects people and processes across the value chain and contributes to improved service levels by promoting and supporting consistent supplier collaboration. It provides support for track and trace compliance and helps ensure that supply chain partners have access to the same set of facts and can work together effectively to deliver better products faster.
The benefits of supply chain digital transformation
No longer dependent on disconnected systems and data silos, firms that successfully make the shift to highly scalable, digitally connected supply chain networks and multienterprise work management applications get access to a shared framework that they can use to improve operational processes inside and outside of the organization. Access to real-time data from across the supply network improves the quality and speed of decision making and allows for ad hoc and real-time supply chain planning. Access to more and better data combined with advanced analytics applications leads to more precise forecasting of demand as well as reductions in delivery time. Synchronized and collaborative workflows contribute to reduced administration costs while accelerating time to market and improving organizational agility. Through the digital transformation of supply chains, firms can turn their supply chain into a competitive differentiator, leveraging real-time intelligence and enhanced collaboration to gain an edge on the competition.
Digital transformation of the supply chain in the pharmaceutical industry
By leveraging TraceLink's digital supply network as the foundation of your supply chain digital transformation, you'll be better positioned to respond quickly to sudden changes in supply and demand.
Through digital supply networks, organizations can get the real-time shared data they need to accurately forecast demand for medications, adjust inventories as needed to prevent drug shortages, drive efficiencies in logistics and compliance, and create a truly patient-centric supply chain. Companies can ensure the integrity and safety of medicines while improving supply chain resilience in the face of disruptions.
Learn how that pharma industry is building resilience to supply chain disruptions. Download the IDC Whitepaper: Solving the Pharma Supply Chain Struggle.
Supply Chain Digital Transformation FAQs
What is digital transformation in the supply chain?
Digital transformation in the supply chain refers to a trend in supply chain management in which organizations are using digital technologies to create a "connected supply chain," networking people and processes across the supply chain and integrating data across organizations, systems, and locations. Cloud-based digital supply chain networks, multienterprise work management applications, and advanced track and trace solutions are just some of the many technologies being used to digitize supply chains.
What is the goal of digital transformation in supply chains?
The goal is to create a more efficient, transparent, and agile supply chain. Companies can achieve this by creating a tightly integrated network of supply chain partners that are constantly sharing data and insights and working together on cloud-based digital network platforms to optimize supply chain planning and management.
What is a digital supply chain network?
A digital supply chain network is a dynamic and integrated network of supply chain partners connected by cloud-based digital technology. Digital supply networks leverage real-time connectivity to provide superior visibility into supply chain processes, enable seamless communication and collaboration across supply chain partners, and support intelligent supply chain optimization.
What are the advantages of digital supply networks?
Digital supply networks enable organizations to consolidate and synchronize data from multiple sources and locations, thereby providing organizations with holistic, granular, and real-time visibility into the end-to-end supply chain. Digital supply networks give stakeholders access to the information and insights they need to optimize supply chain planning and performance management. Digital supply networks help improve operational efficiency as well as the quality and speed of decision making while fostering collaboration and boosting supply chain agility.