Pharmaceutical companies depend on making their supply chains as efficient as possible. There recently has been an emphasis in the industry to utilise much more extensive data to make supplier selections and manage the balance of supply and demand. However, manual processing of this kind of information, as well as the ability to react to any subsequent findings, is a challenging and laborious task. It is made even harder as pharmaceutical companies collaborate with organisations from across the world.
Artificial Intelligence-based tools can help pharmaceutical firms with these challenges. Pharmaceutical executives believe that AI will be the most disruptive technology applied in pharma within the next two years, according to a report by GlobalData.
BlackSwan Technologies’ ELEMENT™, an AI-enabled PaaS/SaaS offering trusted by leading organisations around the world, can help organisations to:
- search for new suppliers that meet cost, data, service and product requirements
- get a better handle over supplier risk management
- aggregate demand data from different sources for a single source of truth
- use AI-based tools to automate demand and supply matching
Below are examples of pharmaceutical business cases, where deploying and tailoring ELEMENT™ provides exceptional value.
Supplier discovery and screening
A global view of your market to identify new supplier opportunities
ELEMENT™ enables companies to use an automated discovery engine to identify potential suppliers that fulfil particular needs. The discovery engine can encompass extensive, predefined criteria and success factors to identify viable companies in a matter of minutes. A company profile can be built based on project, size, sector, required skills, track record, financial performance and more. This can help an organisation to replace drug components with readily available, cheaper, easier-to-process alternatives. The search can be carried out across many regions and languages, using numerous public sources and curated industry databases, without going out to tender.
Continuous supplier risk management
Strengthened verification and constant monitoring of suppliers’ situations reduces risk
ELEMENT™ uses a combination of AI approaches, including machine learning and rules-based engines, to vet suppliers and assess the potential risks of working with them – as well as with the other companies with whom they are associated. The information screen includes quantifiable metrics such as financial health, as well as qualitative considerations such as legal actions against them, or adverse media targeting their reputation. As company profiles are verified and enriched with information as time goes on, the evaluation of suppliers is a continuously-refined process. This means companies can have a better grasp over supplier risks and analyse the market as a whole more effectively.
Intelligent, unified demand/supply matching
A single source of truth to optimize demand/supply alignment
ELEMENT™ can help businesses that do not have a clear picture of their supply and demand data. This may be the case because they have grown through acquisition or as a result of siloed systems at headquarters or abroad.
ELEMENT™ aggregates sales and demand data from different regions, systems and databases to get a common view of the business – or single source of truth – and base all decisions on this high-quality data. ELEMENT™ records the source of every data point and can even assess the likely accuracy of one data source over another.
Once this foundation is in place, the next step is to feed this data into systems that monitor and autonomously adjust production requests to better match supply with demand. ELEMENT™ allows organizations to apply multiple AI techniques to optimization problems, including machine learning/deep learning models that self-determine the weightings of relevant internal and external factors and uncover nuanced situations that could hinder expected delivery. All the data and findings are presented in ELEMENT™ via high-level data visualizations and supported by deep-dive exploratory capabilities.
ELEMENT™ can provide similar benefits to any industry with a strong supply chain reliance. It further can incorporate AI and big data into related value chain activities, such as customer segmentation for product planning and marketing, and market/competitive intelligence monitoring.