Inventory Intelligence and the Supply Chain

Ann Wehrheim
By: Ann Wehrheim
Date: February 26, 2019

The healthcare supply chain is complex and one of the top expenses for healthcare providers. Getting a handle on the supply chain presents a huge opportunity for cutting costs. It can also be a matter of life or death when it comes to patient safety and care.

According to data from HIMSS Analytics (Definitive Healthcare), nearly 200 hospitals are currently contracting, installing, or planning to purchase an ERP solution. Another 46 hospitals expressed a strong interest in investing in an ERP solution in the near future. After spending the last decade on clinical improvements, the spotlight is on improvements on healthcare business management. This is where ERP shines bright. And, why not? Today’s applications are simply irresistible.

Looking at Infor CloudSuite Financials, it delivers a comprehensive suite of solutions that includes analytics, contract management, inventory intelligence and other products. Providers gain access to unparalleled visibility and collaboration capabilities, from planning to execution, connecting the entire supply chain.

Infor Inventory Intelligence for Healthcare is also available in version 10. The solution provides visibility into order and transaction history to actively and intelligently help hospitals maintain the stock in the stockrooms, reduce understocking or overstocking, and inefficient and costly manual processes that take clinical workers away from patient work. Infor Inventory Intelligence delivers better inventory control, streamlining workflow and making recommendations for maintaining optimized stock levels. As a result, clinical workers can spend time on patient care and administrators gain access to information for better long-term planning decisions.

In version 10 Infor Inventory Intelligence is a separate cloud application that interfaces with S3. The first extract of information takes three and a half years of data and then new data is sent approximately every two months, making it easier to predict inventory levels, what will be needed and what is needed on hand. Using the last 52 weeks of data, Infor Inventory Intelligence makes recommendations on inventory and par levels. Users can accept or decline the recommendations on an item level via dashboard control. A few customers are live on the solution, and inventory locations are reporting a 10-15 percent reduction in stock and 20-40 percent reduction in pars.

In CloudSuite Financials, the inventory intelligence application is fully integrated and the frequency of which information into the application is updated is user-controlled. As healthcare organizations seek to address efficiencies and manage operational costs, we expect increased investment in ERP solutions. Regardless of platform, the results are reduced waste, cost savings, and the assurance that physicians and care givers have the right supplies, when and where they need them.

Ann Wehrheim is a CloudSuite SCM Solution Architect at Avaap. She is passionate about Infor software and helping customers leverage technology to improve supply chain processes.

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