The Friday Report: April 26th, 2019Quick wrap up of a few hot topic newsworthy stories in the supply chain logistics industry
FDA Announces Plans to Pilot New Technologies
In an effort to make the pharmaceutical supply chain fully interoperable, the FDA has revealed plans to use innovative technologies to help in the track and trace of pharmaceutical products. New technologies including blockchain will be tried in pilots to facilitate information sharing between manufacturers, repackagers, wholesale distributors, dispensers and their providers. A critical portion of this effort involves the 2013 Drug Supply Chain Security Act (DSCSA) to help combat the drug counterfeit problem.
Drug returns are a special problem. When drugs are returned, they are often resold instead of being destroyed. As part of the returns process, the pharma products must be verified to ensure that they are not counterfeit.
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Using Predictive Analytics to Improve Supply Chain Efficiency
The emerging technology predictive analytics is being used to determine real-time patterns, track data and anticipate demand in order to streamline operations. Amazon, Whole Foods and Apple are using predictive analytics, using it to improve the efficiency of their respective supply chains.
Predictive analytics is an advanced methodology that utilizes algorithms to predict future outcomes based on historical data. It applies the theory of probability to use past experience to determine what may happen in the future. Some of the supply chain activities that use predictive analytics include planning, inventory management and sales forecasting.
Embedded sensors on vehicles can provide invaluable data to provide real time updates on driver situations and behaviors that signal that a driver is preparing to leave. Supply chain companies are struggling to retain drivers, critical as there is a driver shortage. The data can also be used to eliminate unnecessary expense and reduce errors.
2019 Sees the Introduction of Blockchain Trials for Supply Chain
Walmart announced participation in the Food Trust Consortium beginning in September 2019, Run by IBM, the program will use blockchain technology to implement real time traceability of goods back to the farm. Walmart will expand the mandates to include fresh fruit and vegetable providers within 2020.
The mandate will be incorporate into Walmart supplier agreements. The objective is to expedite response time in foodborne illness product recalls.