How the Pandemic is Fast-Forwarding the Shift Towards Autonomous Business Operations

The COVID-19 pandemic has put businesses the world over on a steep learning curve and perhaps nowhere is this more evident than in the field of pharmaceutical supply chains. The increased demand for crucial lifesaving equipment, vaccines, and drugs, combined with the need to keep workers and other stakeholders safe has created an enigma to challenge even the likes of Alan Turing. However, we are fortunate to be living in an age of unprecedented technological availability, which it’s fair to say has taken a significant amount of the sting out of COVID’s tail.

1. Real-Time Supply Chain Management

One thing the pandemic has taught us is, we need to be better as planning for and counteracting risk in the industry. And, while technology cannot completely eliminate risk from supply chains, it can certainly help to significantly mitigate its effects.

Cognitive automation is creating a world where supply chain data scientists can spot patterns and predict bumps in the road better than ever before. Real-time data analytics are being deployed by supply chain companies to monitor everything from geopolitical and environmental events to temperature excursions, and using the insights gleaned to fine tune their operations.

2. Machine Learning and Artificial Intelligence

Supply and demand lies at the core of the pharmaceutical industry and this has become most evident during the COVID-19 crisis. Global demand for various pharmaceutical products has been shifting and growing on an almost daily basis and there have been numerous reports of shortages around the world.

However, with artificial intelligence and machine learning technology, companies can analyse supply and demand patterns on a much larger scale and in a significantly reduced timeframe compared to human data analysis alone. This is empowering pharma brands to respond with agility to changes and developments in the global market and ensure that the right treatments in the correct quantities get to where they are most needed.

3. Overhauling Legacy Supply Chain Processes for New Vaccines

One of the biggest challenges faced by the pharmaceutical industry is the rollout and distribution of billions of COVID-19 vaccines. However, one thing which is often standing in the way of an effective mass-vaccination program is the abundance of legacy processes and systems which are no longer fit for purpose.

C-Suite buy-in, IT software integration, and the impact of end-to-end supply chain visibility have all be sited as significant challenges faced by brands attempting to overhaul outdated systems, but it’s clear these must be overcome, if the industry is to reach its full potential. As a result, almost half of supply chain brands are not confident in the ability of their legacy systems to cope with the increased demand for vaccine distribution.

Final Thoughts

It’s clear that technology has the power to overcome many of the challenges presented by the COVID-19 crisis. However, pharmaceutical brands must be willing to make the investment – both financial and in terms of time and effort – to overhaul their legacy processes and systems and move forward with purpose to meet these challenges head on.