AT A GLANCEChallenges of an inventory can be both daunting and persistently confusing for shippers/ suppliers; however, a strategic re-evaluation can do wonders to your inventory management.Accuracy, agility, and quality seem to be the main driving factors in today’s inventory management scenario.Companies need to make the necessary changes to their approach to inventory management strategies today to have a seamless supply chain and, eventually, a satisfied customer base.As technologies and the latest strategic trends bring on a blanket change across various industries and their related subsets of functions, organizations need to adapt to these trends.

Thus, both B2B and B2C markets continually look for ways to efficiently manage their inventories’ challenges.48%of supply chain and transportation executives say they are experiencing the need to reevaluate warehouse locations due to shifting trade patterns resulting from changes in the U.S. economy.Source: A Report by Forbes InsightWhether you are a manufacturer, supplier, or retailer, the road ahead to managing your inventory effectively is full of complexities as well as opportunities.

Let us look at various good inventory management practices that will help you unravel these problems while tapping many efficient inventory management options.01.Be Efficient When You Go OmnichannelThese days, the customers/ consumers are empowered by various online applications, e-stores, and even physical shopping options to complete their order.

An omnichannel store that operates both physically and online needs to purchase data and patterns for predictive analysis to preempt customer demands and stock their inventories accordingly.FIGURE 1:An Omnichannel Retailer’s Inventory02.Create an Efficient Connected EcosystemLong gone are the days when inventories were simply warehouses located close to the supplier base and managed as a separate function.

Companies are setting up distribution centers closer to the customer-base to help streamline order fulfillment.

Also, these distribution centers, when integrated through a common and efficient warehouse management software, can share data and prevent stock-outs.04.Balancing the Influx of InventoryThere has always been discord between stocking up on inventory and the actual space available in shippers/suppliers’ warehouses to store the inventory.

AT A GLANCEGenomics is an intricate facet of biotechnology that requires storing and analyzing humongous amounts of data.

The last decade has seen unprecedented advancements in the way data has been leveraged, stored, analyzed, shared and applied to derive statistics, build forecast models and solve the mysteries of science.

Data science is emerging in biotechnology with the tools and techniques that help scientists systematize their findings and expedite their experiments for better and safer results.

The application of data science is rapidly moving from simply analyzing the existing information to deriving solutions for the future.By 2021, 66% of analytics processes will no longer simply discover what happened and why; they will also prescribe what should be done.– VENTANA RESEARCH ASSERTIONSWith data science becoming an integral part of how businesses operate, biotechnologists and related industries need to understand its emergence and crucial role.

This saves time, effort and money while giving the best results with the combination of botanists, biotechnologists and data scientists.

Many mobile applications are being developed for the farmers to study best practices to grow crops, compare the prices and availability of seeds, fertilizers, and other farming essentials in their locality and get expert advice online.

It is of utmost importance to maintain the highest safety standards during drug manufacturing and managing pharmaceutical products.With Industry 4.0, automation, Big Data, Machine Learning, Artificial Intelligence and systematic operations management, different Enterprise Resource Management (ERP) tools have become integral in the pharmaceutical quality control processes.Advanced technology is undoubtedly becoming the backbone of futuristic quality assurance in the pharma and biotech industry.The pharmaceutical industry stands at a pivotal conjunction point of technology and subject matter expertise.

At pharmaceutical companies, scientists and top executives look at the latest technologies like complete digitization of operations, automation at manufacturing units, and Big Data and Machine Learning to maintain records.The (pharmaceutical) industry increasingly wants more out of their data, and the focus in manufacturing data analysis is about quality, not quantity.– JOE HAUGH IN AN ARTICLE FOR THE EUROPEAN PHARMACEUTICAL REVIEWThe ongoing Covid-19 pandemic and the ensuing search for a vaccine has shown the world that with the help of technology, it is possible to witness a never-seen-before feat of producing a potential vaccine candidate in mere months for a novel virus.

Manufacturing and supply of potential drugs to even the remotest parts of various countries are plausible with robust ERP models and streamlined supply chains.FIGURE: 1Pain Points: Quality Control in the Pharmaceutical IndustryLet us take a deep dive into understanding the different ways technology helps reshape methods of quality control in the pharma sector.01.The Automation Effect: Mitigating Errors, Reducing Process Time and Saving EffortsBusinesses have discussed automation in pharmaceutical manufacturing for a long time, but this technological advancement is a boon in quality control.

Pharmaceutical companies can leverage automation within quality assessment by reducing manual documentation efforts to cut margin errors and automatically carry out a quality check for batches or samples.02.A Robust ERP System: The Way Ahead for Comprehensive Quality Control Process OptimizationQuality control happens at various stages throughout a drug’s lifecycle.

Companies can effectively address the issues with a robust ERP system.

A system that provides a centralized database visible to all stakeholders in real-time helps drive better business decisions.

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AT A GLANCEAs the world braces itself for a potential global recession, decision-makers at significant chemical companies are looking for ways to realign their operational and manufacturing strategies to be able to sustain and grow.Liquidity and capital resources impact the business, causing financial pain areas for the chemical industry.The industry is also facing problems due to disrupted global supply chains, labor shortage, dwindling demands for one industry and growing demands for others, and many more such issues.With the strategic overhaul, reinvention of smart factories, investment in automation, and other robust enterprise software, the chemical industry can turn the tide during this pandemic.Like almost every other industry, the chemical industry encountered unplanned hassles in 2020 due to the Coronavirus global pandemic.

Practically every department in chemical companies has experienced the ripple effects of a market slowdown.

Things are still uncertain in terms of the supply chain’s stability, workforce capacity, changes in global trade regulations, etc.Approximately 41% in the chemical industry are concerned about the effects of Covid-19 on the workforce and reduction on prod.Approximately 23% are looking at disrupted supplies are a red flag.– PER A SURVEY BY PRICEWATERHOUSECOOPERSWhile an imminent global recession and massive disruption in the way businesses operate seem inevitable, the chemical industry can take advantage of certain factors like:Increased demand for raw material required for hygiene products and sanitizers across the globe.The drop in oil prices offering a chance to acquire oil-based raw material at a lower cost.Dependence of many major and minor sectors on the raw material provided by the chemical industry.There are also various strategic and operational changes that the decision-makers at chemical companies will need to help their companies sail through this crisis with minimal damage.

However, before we get into plausible solutions, it is imperative to understand the chemical industry problems.

Let us look at six major challenges that the chemical industry is dealing with due to the coronavirus crisis.1.Liquidity and Investor IssuesDue to governments’ various measures across the globe to contain an outbreak of coronavirus, there was a sudden and steep decline in financial outcome in the first quarter of 2020.

The market slowdown led to investors abandoning, slower credit timescales by banks (leading to delay in funding), lack of sufficient security packages, covenant limits, etc.

AT A GLANCEThe face of the pharmaceutical industry is rapidly changing from R to directly interacting with their customers.With changing demand and expectations, technology will be more important than ever to establishing a fortified system that brings together businesses and their customers.The conventional chain of interaction between the pharmaceutical sector and its customers involving healthcare professionals is set to undergo a change to help the pharmaceutical industry better understand and manage customer expectations.For years the pharmaceutical sector has operated in silos, in terms of understanding and managing their customer base.

While there has been considerable change in the technology used for research and development, when it comes to customer experience and engagement in the pharmaceutical industry, there is still a long way to go.

There is a growing need for the merging of customer management, meeting demands for particular drugs etc.

using complete solutions like Microsoft’s Dynamics 365 line of products.It’s become obvious that technology will play a critical role at the forefront of customer engagement, sales and marketing departments.

The financial impact has caused significant distress for the chemical industry, and top-level executives rethink their finance allocation policies to ride through these distressing times.2.Leverage Technology for Stakeholder ManagementIn a connected world, it is essential for pharmaceutical companies to understand and cater to the needs of different stakeholders in order to ramp up sales and reach their target customers more effectively, including generic drug manufacturers, biotech firms, physicians, chemists and more.

Technology plays a crucial role in this scenario by providing tools like the aforementioned Microsoft Dynamics 365 products that enable sales teams to connect with different stakeholders through a centralized system.FIGURE 1:Customer Engagement in the Pharma Sector Through Technology3.Redefine Customer Engagement Strategy with a Sales-driven ApproachFor years, the pharmaceutical sector has by and large been driven through its approach towards research.