Inventory management is a systematic approach to sourcing, storing, transporting and selling goods. In practical terms, this means sourcing, storing and delivering the right stock, at the right time and at the right cost. It is a vital part of our business at COREX Logistics. Our expert team is continuously monitoring, evaluating and implementing the latest trends to ensure the best possible solutions for our clients. Here, we have analyzed the latest directions in inventory management to highlight some of the most important trends for 2021.
The need for real-time data
In a previous article, we evaluated the latest trends in the logistics sector and pointed out the importance of the move towards precision medicine. For logistics providers, the growing influence of this approach is one of the reasons why warehouse management needs to also become more precise. The explanation is relatively simple: many of these medications and therapies are temperature-sensitive, and they often have to be delivered to patients within a short period of time to ensure their safety and efficacy.
This creates new demands for warehouses: data that can be tracked in real-time for reliable decision-making. Having all the information up-to-date, logistics providers can work faster and reduce costs.
Fr om IoT to blockchain
Logistic companies implement IoT (Internet of Things) devices to make their supply chains more transparent: for example, sensors for live tracking of vehicles to provide shipping and delivery updates. The technology can also be integrated with business intelligence software to analyze the data gathered by IoT devices in warehouses.
Blockchain which is already established in many industries may prove extremely useful in clinical supplies management. At every moment, anyone involved in this chain can tell wh ere any package is and in what condition. The full history of what happened to the package is available. Because of blockchain technology, it cannot be lost: every movement is recorded. This can help improve efficiency, safety and ensure the integrity of the goods.
Integrating IoT or blockchain into the supply chain means that there is a reduced risk of employee faults and fewer dead times. By adding artificial intelligence to analyze deliveries it will be possible to establish systems with almost no chance for an error.
Implementing flexible approach
The application of artificial intelligence lets the companies adopt elastics logistics — a flexible approach, which allows to easily regulate the supply chain according to current market demands. Elastics logistics have proven useful in the context of the ongoing pandemic as there have been dramatic fluctuations in demand and supply for many goods — it has allowed for rapid adjustments needed in this crisis. It is possible it may prove an invaluable approach to the huge logistics challenge of getting COVID-19 to as many people all over the world as possible.
Stepping towards dark warehouses
Drones and driverless vehicles are gradually becoming a major part of the supply chain especially in the context of the increased demand for contactless delivery. It's just one more step towards the future of inventory management — fully automated dark warehouses.
Green logistics is also a major trend as climate change has become a global challenge includes the use of electric and solar-powered vehicles and eco-friendly warehouses equipped with advanced energy management systems. Many logistic companies are already implementing eco-friendly technologies into their supply chains in a bid to tackle climate change..
These trends are already having a significant impact on the industry and will continue to gain traction not only in 2021 but in the years ahead. The benefits are obvious, so changes in inventory management are just a matter of time.
At COREX Logistics, we always follow the latest trends and implement new practices accordingly. If your pharma or biotech business needs a high-quality clinical logistics provider, we are at your service.
COREX Logistics is a supply and logistics company with headquarters in Ireland, working with pharma and patients to facilitate improved healthcare worldwide.
Our expert international team works across an 80-country network, specialising in the EMEA region, providing the latest in clinical trial logistics technology and systems, cold-chain delivery, temperature-controlled transportation and storage services. From sourcing, procurement and customs clearance, to labelling, returns and destruction, we cover every link in the supply chain. We also run an established Named Patient Programme and provide Patient-Oriented services. With extensive knowledge and on-the-ground insight into our markets, we create innovative solutions with the ultimate goal of improving the lives of patients.