Intelligent Management of Supply Chains with AI-backed Analytical Platforms

By CIOReview | Tuesday, August 6, 2019
Chris Gormley, CEO

Chris Gormley, CEO

Efficient and technology-backed management of the supply chain can lead to significant cost savings for enterprises in the healthcare sector.  

FREMONT, CA: Medpricer, the leading technology and cost management solution provider for purchased services in the healthcare industry, announced the upgradation of its mSource® Analytics module. The new version will have improved features as the platform has been re-organized to enable more in-depth insights into various purchased services. By simplifying contract management, the company aims to make supply chains streamlined and better. It is also bound to impact the speed and accuracy of decision making by records transparent and actionable.

The company's mSource® Analytics is the only SaaS platform that has Artificial Intelligence (AI) and, predictive analytics built into it. The platform uses the feature and power of AI to enable users to sort through money spent automatically. It also provides predictive lists of categories which have better opportunities in the market. The AI algorithms associated with the platform equips companies to read deeply into trends and then develop and design any project intelligently.

In a healthcare firm, it becomes essential to keep a check on the supply chain and its costs simultaneously. Previously, there were no dedicated tools for companies to manage the costs of purchased services. However, with Medpricer's solutions, it has become convenient to prevent the exploitation of operating expenses. Talking about the value of AI in their solutions, Chris Gormley, CEO of Medpricer says, "existing supply chain management ERP systems still require users to spend substantial amounts of time performing manual labor to answer high impact questions. We believe that by using AI, we can add a ‘thinking' layer to help answer high impact questions for users without the time and labor commitment."

The updated module now has the features of AI-enabled category-wise reporting that can provide a comprehensive view of suppliers and their categories, making it simpler to manage contracts and ensure compliance. The capability of predictive analytics enhances business preparedness and helps create roadmaps. Every aspect of a project, including its spends, consolidation opportunities, and possible savings are available for comparison and utilization.

Medpricer also made it to the list of 20 Most Promising Supply Chain Solution Providers, CIOReview. "We provide analytics tools, services, and market intelligence that helps healthcare systems exploit an unrealized source of savings in operating costs," says Chris Gormley, CEO. As a leading service provider, the company looks to add value to provider-supplier relationships through innovation-driven tools and help its clients perform their best.