Supply chain leaders have created stronger systems and frameworks to manage any disruptions. However, to improve their operations and mitigate any risks, they should use data, analytics, and technology. Investing in digital technologies like dark factories or blockchain can help in managing any disruptions and health crises by providing an effective digital health solution. Furthermore, digital investments can optimize costs and help adapt to the new paradigms of personalized medicine. There are simple steps pharma companies can take to digitally transform their supply chains, which can increase end-to-end visibility, improve tracking, and enhance overall efficiency.
Invest in Core Capabilities
As pharmaceutical companies strive to improve end-to-end visibility and identify potential risks and disruptions, it will be critical to invest in core technologies and analytical capabilities. These will provide a foundation for advanced technology and analytics. Technology like enterprise resources planning (ERP) software has a multifaceted role in the pharmaceutical industry, where it centralizes data from different departments of pharma companies, increasing visibility and integrating information from every department. Using manufacturing execution systems (MES), pharma companies can improve their manufacturing processes and reduce risks, time, and costs. Its real-time data collection and monitoring feature provides valuable information for any required changes.
Prioritize Digital Talent
To ensure a successful digital transformation, it is important to have a workforce that is agile in adapting to modern technologies. There needs to be a robust change management process that makes employees capable of supporting both small and large-scale changes. A communication and training program should be part of the process to adequately prepare employees for the digital transition and encourage their full participation in the digital transformation process. Once digital technologies are integrated, it is important to provide ongoing support to make sure their effective use. So, companies need to provide continued training post-implementation to ensure they get the most out of their digital transformation.
Invest in Data Standardization
If the data used is not organized and consistent, even the best technology will fail. Technologies such as the Internet of Things (IoT), blockchain or digital twins rely on accurate and consistent data to function effectively. Hence, investing in data standardization is crucial as it enhances the value of other initiatives, particularly in the realm of digital medicine. Pharmaceutical companies can improve efficiency, regulatory compliance, and transparency in the supply chain by consciously streamlining and unifying data. A standardized data framework enhances the ability to respond to disruptions in the supply chain. If there is a shortage of raw materials or logistical issues, having accurate and accessible data helps with quick assessment and adaptation.
Investing in digital technologies to make the supply chain more digitally resilient can help increase productivity, decrease errors, reduce supply chain expenses, and cut documentation costs. To transform the supply chain digitally, pharmaceutical companies can adopt practices such as investing in core capabilities, data standardization or hiring and training employees on digital technologies.
