Medikabazaar’s patented AI Algorithm and Machine Learning platform uses historical consumption data to generate actionable projections and reorders the depleting SKUs for optimal stocking
Everyone believes that a hospital’s stock levels should be demand driven. But the pandemic disrupted supply chain functions within the country. Hospitals, diagnostics labs, pharmacies etc., found it extremely difficult to secure, track and predict usage patterns for critical medical supplies and equipment. The unpredictability of consumption is also one of the most persistent problems of the healthcare system. It often results in capital blockage or medical case cancellations, both of which are consequential to hospitals as well as patients.
In view of the same, Medikabazaar has introduced VIZI, a predictive analytics tool that helps medical establishments with intelligent inventory management. It acts as a one-stop solution for data-based and planned medical supply procurement. By deploying VIZI, hospitals or healthcare units can exercise operational efficiency topped with cost optimisation. This holds significance especially at a time when the medical infrastructure is burdened with rising cases of COVID-19 in the country and uncertainty looming around the timely availability of goods and services.
The patented AI Algorithm and Machine Learning platform, VIZI, uses historical consumption data to generate actionable projections and reorders the depleting SKUs for optimal stocking. It also recommends safety stock and raises requests for quotations from the purchase list before placing the order online. Besides, it saves up to 30 per cent of total costs by optimizing working capital by preventing overstocking and expiry of medical products.
The automated system raises an alert to avert the threat of going understock while simultaneously helping minimie returns or product cancellations. It eliminates the need to manually check and count the inventory, thereby saving the time critical to patient care.
Vivek Tiwari, CEO, and Founder, Medikabazaar says, “Due to COVID-19, all sectors around the world, especially healthcare, are grappling with one of the most testing times. With no clarity over the development of an antidote and its mass production, we are sure that the fight is going to be a long one. And, you cannot win a long-term battle until you have a reliable, continual, and new-age armory. Hence, we have decided to bring in the cognitive prowess of the technology to take control of the situations and avert worst-case scenarios of running out of stock during the times of medical emergencies. All of this is done while taking the burden off the healthcare workers and helping establishments maintain a healthy bottom-line with minimum human intervention and maximum patient care.”