By David Butcher, MasterControl
Digital transformation initiatives were already underway among life sciences manufacturers before COVID-19 struck, but the volatility resulting from the global pandemic in 2020 brought to light the importance of digital technologies in the supply chain.
For life sciences organizations, integrating digital technologies in the supply chain has enormous implications. For forward-looking companies that are taking steps toward digital transformation, research is beginning to show a clearer business impact of digital tools in the supply chain. Not only have digitally mature companies outperformed their competition during the global pandemic, but they are expected to continue accelerating ahead of their peers.
The promise of digital transformation in the supply chain is a more complete understanding of every element of the supply chain, helping companies to improve planning, decision-making, and responding to issues. When data is digitized and connected to other data points across the enterprise by the IoT, and analyzed by AI algorithms, the data becomes more visible, usable, and valuable.
Several technologies have emerged to help life sciences companies excel in an increasingly digital economy. Here is what five of these technologies mean for the life sciences supply chain.