The digital transformation of the healthcare industry will have a profound effect when it comes to the supply chain in 2024. Embracing modern technologies like cloud computing, will go on to lead to increased automation as well as efficiency. This will result in enhancements in workforce management as well as a more resilient supply chain, with an emphasis on accuracy as well as waste reduction.
The Cloud Market Survey from GHX in July 2023 says that almost half- 45% of hospitals and health systems have already gone on to transition themselves to cloud technologies for supply chain management, as well as many more will do so in the next 24 months. Taking into account the cloud will go on to help healthcare providers make sure that they broaden their supply chain capabilities in order to support the rising market for non-acute care. It will also help in faster, more efficient, as well as secure information exchange with trading partners, thereby surpassing the lacunas of current systems.
The usage of modern technologies as well as tools also means that all digital transactions will go on to become valuable data points, which will in turn serve as a base for advanced analytics, thereby providing meaningful insights and also facilitating data-driven supply chain decisions.
Following happen to be four areas where the healthcare supply chain sector will be transformed in 2024.
Advanced technologies will go on to make supply chain disruptions more predictable. The adoption when it comes to cloud-based enterprise resource planning- ERP systems has gone on to revolutionize data management, by way of creating a centralized and unified data repository. This has gone on to pave the way for advances in tech such as artificial intelligence and also machine learning. With access to massive data sets, these technologies are now able to power intelligent as well as dynamic inventory management analytics. Supply chain leaders can make use of them so as to anticipate and mitigate disruptions by way of identifying alternatives for backordered products.
AI adoption will go on to continue, thereby driving inefficiencies out of the supply chain. The healthcare sector is being transformed due to technology. With automation of mundane administrative tasks as well as the utilization of AI as well as ML to get access to real-time industry data along with intelligent analytics, healthcare professionals can now go ahead and also prioritize more strategic as well as innovative work like enhancing the patient experience and also improving supply chain resilience.
Process automation will go on to broaden into fresh areas of supply chain operations. As healthcare supply chain leaders look forward to optimizing limited working capital, they are turning to process automation in order to streamline their operations. One area where it is gaining traction happens to be the implantable device supply chain.
A promising trend for 2024 is collaboration when it comes to trading partners so as to extend automation from procurement to invoicing as well as payment. At present, a significant amount of human effort happens to be dedicated to those tasks; however, technology goes on to offer a solution. One can as well see a greater adoption of automated solutions in 2025, especially when it comes to invoice and payment processes for all the areas concerning supply spend.
Human experts will go on to remain critical to decision-making. The popularity when it comes to AI is on the rise in healthcare firms that as well prioritize connectivity and execute data lakes in order to manage clinical, supply chain, as well as cost data. It is important, however, to take into account that AI is not meant to replace clinical or supply chain decision-making, however rather to assist decision-makers so as to identify usage patterns along with potential opportunities.
Take into consideration the analogy of baggage screening technology across airport security. While such tools happen to be designed to alert TSA agents to potential risks as well as threats, the agents are indeed responsible when it comes to interpreting and acting upon the data. They happen to be empowered to make important decisions due to their expertise as well as experience. This same principle goes on to apply to healthcare. By making use of AI, companies can rapidly evaluate large volumes of data, and also discover valuable insights. Sans the input of a human expert, like a clinician or supply chain professional, data gathered by AI would hold very small value. When mixed with human expertise, AI goes on to become a powerful tool that goes ahead and enhances decision-making rather than replacing it.
It is worth noting that the healthcare supply chain has gone through years of digital transformation; however, the road ahead promises rapid waves of change. In 2024, one can anticipate seeing supply chain leaders march towards advanced technologies like AI and ML in order to drive automation into the healthcare supply chain and, at the same time, increase efficiency, decrease costs, and elevate patient care quality.
