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How to Ensure the Integrity of Life Sciences Supply Chains
According to an SAP survey from 2022, a majority of senior executives at enterprise businesses reported that the unprecedented supply chain disruptions caused in large part by the COVID-19 epidemic are still ongoing and that, consequently, their supply chains need significant improvements. During the last five years, it has become evident that in order to overcome these supply chain challenges, companies must leverage advanced technologies, including the Internet of Things (IoT), artificial intelligence (AI), and machine learning (ML).
The growing acceptance of digitalization and prescriptive analytics demonstrates that business leaders recognize their critical role in optimizing inventory management and ensuring asset safety and quality. In fact, the global market value of IoT in Supply Chain Management (SCM) is predicted to reach $41.8 billion by 2033.
The pressing decision for the C-suite, therefore, is not whether to adopt IoT-enabled tools, but how to find and hire third-party vendors to effectively integrate them with their company’s existing asset and inventory management systems at scale. The ultimate goal of this technological investment is supply chain integrity: the process of ensuring that assets are safe and effective along their journeys from procurement of raw materials to delivery and administration.
Supply chain integrity is particularly important for the life sciences industries. For example, without proper oversight of the chain, an entire clinical trial can be jeopardized, leading to wasted resources and delays in the development of new treatments.
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