In a recent interview with Grapevine’s CEO, Luka Yancopoulos, the importance of standardizing data for efficient supply chain management and the role of AI in this process were explored. Yancopoulos shed light on the challenges faced by companies in implementing data and AI solutions for supply chain visibility and how Grapevine addresses these issues.
Standardizing data for supply chain efficiency
Standardizing data is a crucial step in enhancing supply chain efficiency, and Luka Yancopoulos emphasized its significance. He compared the process to assembling a puzzle where the pieces come from different sources and have been mixed up. In the healthcare supply chain, AI is used to build a comprehensive picture, optimize supply options, reduce costs, and predict shortages. However, the data needed for this task often comes from various legacy systems and businesses, making it challenging to integrate and use effectively. Legacy companies, like McKesson, which own this data, do not always make it readily accessible. Therefore, standardizing data is essential to create a coherent and actionable view of the supply chain.
Grapevine’s role in data standardization
Yancopoulos highlighted Grapevine’s role in addressing these challenges. Grapevine collaborates with legacy supply chain players, including McKesson, Medline, and Schein, to consolidate data from disparate sources. The company connects to these antiquated data sharing systems and standardizes the information, enabling it to be processed at scale. By partnering with these legacy businesses, Grapevine aims to bridge the gap between fragmented data sources and provide a unified and standardized view of the supply chain.
Integration and quality data inputs
Discussing how Grapevine ensures quality data inputs, Yancopoulos acknowledged the outdated technology prevalent in the industry. He explained that the foundation of healthcare supply chain integration dates back to the 60s and 90s and has remained largely unchanged. Despite these challenges, Grapevine has integrated these outdated systems with modern AI-powered processing, forecasting, and shopping experiences. The company synchronizes information from various suppliers, creating a single shopping center for users. This approach allows clinicians and shoppers to access all their trusted suppliers effortlessly. Grapevine then compares prices in real-time, ensuring users obtain the best prices without manual effort.
Benefits of Grapevine for customers
Yancopoulos shared the tangible benefits that Grapevine offers to its customers. Medical practices using Grapevine typically save more than 50% on supply costs. These savings are achieved without additional effort, as Grapevine’s platform streamlines supply ordering and cost comparison. Clinicians and shoppers are given back the time they previously spent on tasks like solving backorders and comparing cost-saving opportunities. This newfound efficiency allows healthcare professionals to focus on delivering higher-quality patient care.
Real-time visibility and insights
Real-time visibility and insights enabled by AI are invaluable for supply chain agility and efficiency. Grapevine provides users with a comprehensive view of their supply chain, including supplier performance, logistics delays, and demand signals. The platform highlights savings opportunities and suggests alternative sources for back-ordered items, ensuring a consistent supply of essential medical products. By leveraging AI, Grapevine offers users visibility into delivery timelines and constructs estimated arrival times based on suppliers’ past performance. It also consolidates all backorders from various suppliers into a single window, simplifying the process of addressing delays and finding alternative solutions.
Smooth implementation and change management
Yancopoulos outlined the ease of implementing Grapevine’s platform. Customers can sign up for free on the Grapevine website, link their suppliers, and access their products and prices in a centralized shopping center. The process is streamlined, allowing users to transition effortlessly to the platform. While integrated suppliers can complete data collection and deployment in less than five business days, smaller specialty suppliers may take two to three weeks. Grapevine prioritizes a smooth onboarding process for its customers to ensure a seamless transition.
Data governance, security, and compliance
Security and privacy are paramount when handling supply chain data, given its sensitivity. Yancopoulos emphasized Grapevine’s commitment to data governance, security, and compliance. The company employs strict access controls, implementing role-based access control (RBAC) to restrict data access based on users’ roles and responsibilities. Data is encrypted both in transit and at rest, with proprietary encryption protocols ensuring its protection. Additional security measures, such as firewalls and intrusion detection systems, safeguard against cyber threats. Grapevine continuously monitors its systems for potential security threats and has an incident response plan in place to address new challenges and enhance defense mechanisms.
The future of supply chain visibility
Yancopoulos discussed the future of supply chain visibility leveraging AI and data. He emphasized that innovation should focus on making life easier, better, and more cost-effective for customers. Grapevine’s goal is to create a healthcare industry where supply orders are effortlessly managed, backorders are eliminated through predictive analytics, and costs are reduced significantly. This vision involves seamlessly integrating cutting-edge technologies like IoT, blockchain, predictive analytics, and more. Ultimately, the aim is to provide customers with the highest level of convenience, efficiency, and savings.
Yancopoulos offered advice to supply chain leaders looking to prepare for a future where AI and advanced analytics become ubiquitous. He emphasized the importance of increasing information sharing and adopting new technology to drive the industry forward. By embracing innovation and collaborating with technology providers like Grapevine, supply chain professionals can enhance efficiency and deliver better outcomes for their organizations.
