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Nathan Chapman, Vice President & General ManagerTo that end, data can lend a helping hand to pharmacies, enabling them to eliminate guesswork and maintain optimal inventory levels for improved profitability through data-driven decisions. This is what Texas-based Supplylogix sets out to achieve through its Pinpoint suite of inventory management solutions, which leverages data to help pharmacists gain valuable insights and streamline their complete inventory management process. A McKesson Corporation subsidiary, the company’s solutions help pharmacists reduce costs, improve efficiency, and optimize their pharmacy supply chain. “Our solutions help pharmacies unlock valuable insights hidden within their existing data and empower pharmacy leadership to make meaningful supply chain decisions,” states Nathan Chapman, Vice President and General Manager, Supplylogix.
Supplylogix’s ultimate aim is to help pharmacy chains capitalize on their inventory productivity using its highly advanced data-driven SaaS platform. “Our goal is to help take the burden off of pharmacy staff from having to determine the right levels of inventory for each location and allow them to free up time to spend with their patients,” says Chapman.
The company’s cutting-edge Pinpoint suite of solutions encompasses Pinpoint Order®, Pinpoint Transfer®, Pinpoint Audit®, Pinpoint Monitor®, Pinpoint Count®, and Pinpoint Performance®, which provide valuable insights on all aspects of inventory management.
Pinpoint Order helps pharmacists keep track of inventory productivity and calculates reorder points to maintain a standard in-stock volume of inventory. Pinpoint Transfer alerts them when overstocked or unproductive inventory in one pharmacy should be dispersed to a different location. Accurate on hand inventory levels are critical to a pharmacies’ success, which is where Pinpoint Count helps establish a configurable cycle count process.
In addition to their innovative portfolio, Nathan attributes their track record of successfully optimizing their client’s inventory programs to their experienced account managers who understand the clients’ goals and provide recommendations on how the system should be configured to achieve those goals. In fact, amidst the pandemic, when the pharmacies were facing a rapid surge and then a decline in demand, the Supplylogix team stepped in to support their customers with flexible solutions that could be configured according to their changing inventory needs.
Pinpoint Audit allows pharmacists to keep an eye on the risks of potential diversion and theft of controlled substances, and Pinpoint Monitor helps them track unusual and suspicious orders of controlled substances, thereby reducing the risk of a violation against a pharmacy’s license.
Finally, the comprehensive set of pharmacy inventory reports provided by Pinpoint Performance gives pharmacists visibility into their inventory’s key performance indicators to enhance pharmacy operations. “Last year we were able to help our clients save over a hundred million dollars in inventory costs and improve their inventory returns by up to thirty-five percent. They were also able to get reductions of up to twenty-five percent for all unsaleable returns and write offs,” says Chapman.
Our solutions help pharmacies unlock valuable insights hidden within their existing data and empower pharmacy leadership to make meaningful supply chain decisions,” states Nathan Chapman, Vice President and General Manager, Supplylogix
In addition to their innovative portfolio, Nathan attributes their track record of successfully optimizing their client’s inventory programs to their experienced account managers who understand the clients’ goals and provide recommendations on how the system should be configured to achieve those goals. In fact, amidst the pandemic, when the pharmacies were facing a rapid surge and then a decline in demand, the Supplylogix team stepped in to support their customers with flexible solutions that could be configured according to their changing inventory needs.
Supplylogix plans to enhance its suite of products by incorporating its customers’ feedback and suggestions to build more innovative products that drive even greater value. “We plan to integrate our solutions with that of other partner companies in the inventory management space to deliver greater value and efficiencies for our pharmacy clients,” concludes Chapman.
Supplylogix®'s Pinpoint Transfer® | Pharmaceutical Inventory Redistribution Solution
Friday, August 30, 2024
In the ever-evolving landscape of pharmacy operations, innovative technology solutions are crucial for efficient inventory management. This case study examines Supplylogix®'s Pinpoint Transfer®, a state-of-the-art tool designed to modernize pharmaceutical inventory processes. By addressing key challenges such as excess inventory costs and inefficient product movement, Pinpoint Transfer helps pharmacies streamline their operations and enhance overall efficiency. With advanced algorithms and a user-friendly design, this solution has significantly improved profitability for many pharmacies. Explore how Pinpoint Transfer is transforming inventory management and driving the future of pharmacy operations.
Introduction
At Supplylogix, we embrace our role as part of a larger narrative, one where technology meets the human side of pharmacy. Our innovative solutions, like Pinpoint Transfer, exemplify our commitment to advancing pharmacy operations into the future. This case study explores how Pinpoint Transfer, with its blend of cutting-edge technology and human-centric design, is helping to modernize pharmaceutical inventory management.
The challenge
Pharmacies face many challenges in managing inventory efficiently while maintaining optimal patient service levels. Excess inventory costs, inefficient product movement, and suboptimal pharmacy performance are just some of the hurdles they encounter. Traditional inventory management systems often fall short of addressing these complex issues.
Key features and benefits
Pinpoint Transfer offers a range of features and benefits designed to address the specific needs of pharmacies:
1. Identify Logical Product Redistribution Transfers: Our sophisticated algorithm identifies logical product redistribution opportunities across your organization, helping accelerate product utilization while minimizing excess inventory.
2. Accelerate Inventory Movement: Pinpoint Transfer helps facilitate the movement of unproductive inventory, optimize logistics costs, maximize sell-through, and improve overall efficiency.
3. Efficiently Manage Non-Productive Inventory: Pharmacies can easily locate and move non-productive inventory, reducing waste, maximizing product usage, and minimizing returns.
4. Optimize Inventory Management: Pinpoint Performance, our Pinpoint Transfer analytics dashboard, can provide additional actionable insights and data-driven recommendations that help empower pharmacies to optimize inventory processes, reducing costs and increasing profitability.
The solution: Pinpoint Transfer
Supplylogix’s Pinpoint Transfer offers seamless integration into pharmacy management systems and empowers pharmacies to help streamline inventory processes and profitability. This solution embodies our commitment to advancing pharmacy operations through innovative technology and end-to-end solutions.
Results achieved
The impact of Pinpoint Transfer on pharmacy operations include:
• High sell-through rate:
Pharmacies using Pinpoint Transfer have achieved an average sell-through rate of 90% during post-implementation, significantly enhancing profitability.
• Substantial inventory transfers:
The software has facilitated over $167 million annually in inventory transfers, reducing unsalable returns and shrinking inventory by approximately 25% within the first two years.
• Cost savings:
Pharmacies leveraging Pinpoint Transfer have realized substantial cost savings, with an average of $14 million saved on the cost of goods for national retail accounts and $5 million for health systems. These savings are a testament to the efficiency and effectiveness of Pinpoint Transfer in optimizing pharmacy inventory management processes.
Company
Supplylogix
Management
Nathan Chapman, Vice President & General Manager
Description
Supplylogix provides integrated data-driven solutions that empower pharmacies to enhance patient service levels while controlling inventory expense. A McKesson Corporation subsidiary, the company’s solutions help pharmacists reduce costs, improve efficiency, and optimize their pharmacy supply chain. Their goal is to help take the burden off of pharmacy staff from having to determine the right levels of inventory for each location and allow them to free up time to spend with their patients. The company’s cutting-edge Pinpoint suite of solutions help pharmacies unlock valuable insights hidden within their existing data and empower pharmacy leadership to make meaningful supply chain decisions
