Saving Dollars (And Lives) With the IoT-Powered Supply Chain

When sensitive, high-value medical equipment is damaged or delayed in transit, it’s not just money at stake. The medical device supply chain is more complex than ever before, and it can be tough to ensure on-time, undamaged delivery of these vital shipments.

That’s why many manufacturers are turning to IoT, or the Internet of Things. In this recent op ed with ECN Magazine, we discuss how IoT technologies are making an impact on the medical supply chain to reduce in-transit damages, cut costs, and ultimately, save lives. With new IoT-powered tools, medical device companies are gaining access to real-time location and condition data for their in-transit goods, enabling them to limit damages and delays, increase efficiency, and improve visibility across the supply chain. 

For example, when a container of high-value pharmaceutical products was accidentally set to the wrong temperature, IoT tracking enabled the manufacturer to receive an immediate notification, enabling them to fix the problem right away and save the million-dollar shipment before it left port. This is just one way in which real-time tracking technologies can benefit the medical supply chain. 

Similarly, if a shipment of critical medical supplies is running late (or early) to the hospital or field site, the manufacturer can use real-time geofence alerts to proactively warn the recipient or send a replacement shipment. Armed with immediate insight into the precise location and condition of these vital in-transit goods, it becomes possible to avoid issues and respond proactively when problems do occur.

Furthermore, this access to data makes it possible not just to solve real-time problems, but also to bring a data-driven approach to bear on optimizing the supply chain from end to end. With comprehensive data sets highlighting trends for when and where damages and delays tend to occur on a macro level, manufacturers can identify and eliminate the root causes of these challenges and ultimately, deliver a superior experience to their customers.

To learn more about the impact of IoT on the medical device supply chain, take a look at the full article in ECN Magazine. And if you're interested in bringing a new level of visibility to your supply chain, request a trial with Tive today.