The depth, scale and scope of information the pharmaceutical supply chain can collect continues to grow. Considering the recent serialization developments and advances in IoT connectivity, it is likely that the volume of data captured will continue to rise. In a recent survey, 53% of our audience said that data with be vital to the future success of their company.
53% believe that data will be vital to their future success
The potential value of data within logistics and operations is huge. High quality data can improve forecast accuracy, predict demand patterns, improve route optimization and give clearer analysis on returns and recalls.
Perhaps most significantly for those in temperature controlled logistics, quality data can give a real time view of products in transit to limit both the risk of temperature deviations and loss of product.
Too often, the biggest issue in determining the root cause of a deviation and putting together appropriate CAPAs is the lack of actionable information. Without a clear view of the circumstances surrounding the deviation, you cannot address the cause and prevent future issues from occurring. You are also unable to spot trends across product lines and transport lanes opening you up to further product losses.
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When we reviewed how pharma logistics professionals planned the cut costs within their cold chain over the next 12 months, the utilization of data was a key theme.
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41% of respondents planned to use technology powered visibility. 35% planned to invest in smart logistics planning. And 43% wanted to focus on optimized delivery schedules. Clearly, our audience are looking to gain greater insight into the workings of their cold chain to make fact based strategic decisions.
41% plan to use technology powered visibility to create a more cost-effective cold chain
While increased data has the potential to offer end-to-end real-time visibility and oversight into these complex networks, it is only valuable with a clear business case in mind and pre-determined metrics. To be used, the data must be understood by decision-makers. This was an important issue for our audience, with 23% of respondents noting that their organization is failing to use their data correctly.
This may be from a lack of understanding about how the data impacts the cold chain, or from under or over collection of data. However, it may also be from the way that data is displayed to inform decisions. Crucially, when asked to select the key trend to capitalize on in the coming year, our audience choose ‘visualizing data with information dashboard’. With 33% of our audience reiterating that data comprehensive is vital to success, this is clearly an area of coming investment for logistics professionals.