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The healthcare sector is undergoing a major transformation, as it faces unprecedented challenges from geopolitical events, climate change, and technological innovations. To survive and thrive in this volatile environment, healthcare companies are increasingly relying on Artificial Intelligence (AI) to enhance their supply chain operations, a new study reveals.
The study, titled Trade in Transition, was commissioned by DP World, a global provider of logistics solutions, and conducted by Economist Impact, a research and analysis unit of The Economist Group. The study surveyed trade experts and senior executives from various regions and sectors, to understand how they are adapting to the changing landscape of global trade.
AI in healthcare supply chains: a source of adaptability and resilience
According to the study, 46% of healthcare companies are using AI to identify and address potential disruptions in their supply chains, demonstrating their commitment to adaptability and resilience. AI enables healthcare companies to improve their visibility, efficiency, and customer experience, as well as to reduce their costs and risks.
The study also found that 39% of healthcare executives are rebuilding their supply chains with a focus on friend-shoring, which means sourcing from countries that share similar political and economic values. This strategy helps healthcare companies to mitigate the uncertainties and complexities of geopolitics while maintaining their quality and standards.
Another 23% of healthcare companies are simplifying their supply chains by working with fewer suppliers, regardless of their location. This approach helps healthcare companies to streamline their processes, increase their agility, and lower their vulnerability to external shocks.
AI in healthcare supply chains: a driver of innovation and growth
The study also revealed that healthcare companies are optimistic about the future of global trade, despite the challenges they face. The main reason for their optimism is the emergence of new technologies that enhance the efficiency and visibility of supply chains, as stated by more than a third of the respondents.
Among the new technologies, AI stands out as a key driver of innovation and growth for healthcare companies. The study showed that 44% of healthcare companies are using AI to optimize their customer experience, while 35% are using AI to forecast their demand. AI also helps healthcare companies to reduce their overall costs of trade operations (34%), improve their resource and supply chain planning, and avoid disruptions (32%).
AI in healthcare supply chains: a necessity in a changing world
The study also highlighted some of the prevalent concerns that healthcare companies have, such as the impact of inflation and economic uncertainty on their input costs (30%), and the effect of government sanctions on their key trade partners (35%). These concerns underscore the need for a comprehensive and adaptive approach to global trade in the healthcare industry.
In a world where unpredictability is the new constant, leveraging advanced technologies like AI is not only a competitive advantage but also a necessity for healthcare companies. As the AI in healthcare sector continues to evolve and innovate, AI can help healthcare companies optimize their supply chain operations at every stage, from production to distribution.
DP World is well aware of the challenges and opportunities that healthcare companies face and is committed to providing them with innovative solutions that align with their evolving needs. DP World’s solutions are designed to ease the difficulties of moving healthcare supplies across the globe and to enable healthcare companies to focus on their core mission of delivering quality healthcare to those in need.
