Fiscal fluctuations in the Healthcare Industry reflects the changing trends in the healthcare market. As US demographics change with a big influx of seniors as baby boomers age, the demand for hospitals and healthcare providers has been increasing significantly.
With a rising market demand, the healthcare industry is expected to report gains this fiscal year.
The rise of the healthcare industry comes with rigorous demands for effective supply chain management that reliably delivers cost-effective supplies, necessary for day to day operations. These supplies are the backbone of the medical industry, and securing a failsafe and efficient mode of ensuring quality supply solutions is necessary.
With the booming healthcare industry comes an ever-evolving plethora of supply options. This becomes a daunting challenge for healthcare supply chain managers sorting out the best and cost-effective options, without sacrificing effectivity and disrupting operations. Hospitals are at the forefront of using advancements, innovations, and groundbreaking technologies. In an industry such as this, there is extra pressure on the supply chain to procure the best and leading supply options, most of which are detrimental to delicate medical operations.
One way to implement effective supply chain management is through the practice known as Mieruka, otherwise known as Supply Chain Visualization
Supply Chain Visualization in Healthcare
As supply chains are flooded with enormous amount of information mixed with incorrect, outdated, and unnecessary data, supply chain managers make decisions by selecting and analyzing the right information from the flood. Failing to be selective or using outdated information can blow up your supply chain and its extended network. One cannot rely merely on assumptions.
Using supply chain data visualization can help you see every detail of important information you need to fully optimize your supply chains every year to address industry needs based on fiscal year summaries. A good example of effective supply chain visualization use, is the Toyota supply chain management system. Toyota’s use of visualization helps manage the costs and dynamics of global business throughout the supply chain and operation.
With the healthcare industry facing cost and revenue fluctuations every year, price and quality controls when it comes to supplies, must consistently adjust to meet market needs proactively. Success in the healthcare industry depends on timely implementation of advancements and innovations to stay competitive against other healthcare providers and facilities. All these supply chain changes should be in compliance to strict government policies and guidelines. The changes needed can be carefully determined through visualized supply chain figure and data.
Here are a four of the major advantages your business can benefit from through Supply Chain Visualization:
- Improved accuracy and quality of data.
- Strengthened control of the supply chain
- Standardized processes of policy compliance
- Maximized use of Information Technologies and automated systems for minimizing errors
These advantages will redefine and improve the productivity of your entire supply chain. At the same time, it will allow you to identify and promote cost reduction opportunities without any doubts. Visualization of the supply chain in the healthcare industry is necessary when strict compliance and governance are required to manage the quality and data. Visualization adds a value to the supply chain and allows flexibility to address needs based on fiscal changes from year to year.
About Michael Wilson
Michael Wilson is AFFLINK'S Vice President of Marketing and Communications. He has been with the organization since 2005 and provides strategic leadership for the entire supply chain team. In his free time, Michael enjoys working with the Wounded Warrior Project, fishing, and improving his cooking skills.