If you are a data driven business executive you are probably familiar with the practice of continuous improvement; i.e. leveraging data to continuously test initiatives in order to identify the best course of action. How much improvement do you need to run your business more efficiently? What if you could see changes that impact your business weeks or days before you could previously? Data driven decision-making doesn’t have to be limited to digital initiatives; with the right data you can apply this approach to mission business processes as well.
How does a Global Life Sciences Company use data to improve their Supply Chain?
Today’s story involves a global life sciences company selling medications around the world. Scalable success requires managing a complex global supply chain; medications are delivered to hospitals, pharmacies and patients around the world. Outlier helps the company analyze its data to measure and optimize their supply chain performance, which is critical to the company’s success.
Drop in ‘Time to Dispense’ at one network pharmacy reveals potential to optimize supply chain
Outlier identified there was a decrease in time to dispense for a given pharmacy, what stood out was that during the same period the overall time to dispense was trending up across their cumulative pharmacy network. In short, the decrease at this particular pharmacy was a material ‘outlier.’
Leveraging this data, the client was able to replicate the conditions that produced the decrease across similar channels, enabling a data driven supply chain test in which they experienced a further reduction in “time to dispense” for other pharmacies in their supply chain. Without Outlier, this company would have missed this decrease in dispense time and the opportunity to replicate it to other pharmacies.
You can identify meaningful trends in your data with Outlier. Without Outlier, these kinds of insights would require hours, days, weeks or months of analysis. Outlier empowers businesses to take a deeper look at their data and uncover unexpected trends that can lead to revenue increases. Sign up for a custom demo to see how a global life sciences company optimized its supply chain.