New Study Shows 46% of Healthcare Companies Utilize AI in Supply Chain Management
A recent study conducted by Economist Impact and supported by DP World has revealed that 46% of companies in the healthcare sector are utilizing Artificial Intelligence (AI) to detect and address potential disruptions in their supply chains. This underscores the industry’s commitment to adaptability and resilience in the face of ongoing challenges.
The study, titled “Trade in Transition,” captures the perspectives of trade experts and senior executives across various regions and sectors. It explores the impact of unprecedented transformation, heightened geopolitical risk, urgent climate change realities, and significant technological advancements on businesses. Despite the complex challenges posed by these factors, the study also identifies opportunities for innovation and efficiency in supply chain management.
One key finding of the study is the healthcare industry’s adoption of strategies like friendshoring to shape trade and supply chain operations in response to geopolitical events. Specifically, 39% of executives in the healthcare sector are actively rebuilding their supply chains with a focus on friendshoring, while 23% are reducing the number of suppliers regardless of location. These approaches demonstrate the industry’s resilience and adaptability in navigating global dynamics.
The study also highlights the role of AI in optimizing customer experience and forecasting demand within the healthcare industry. AI has been instrumental in reducing overall costs of trade operations for 34% of healthcare companies and enabling better resource and supply chain planning, as well as reducing disruptions for another 32%. Additionally, more than a third of companies surveyed expressed optimism about the future of global trade, citing new technologies as a key factor in increasing efficiency and visibility across supply chains.
However, the study also sheds light on prevalent concerns within the healthcare sector. Economic uncertainty and government sanctions are among the top worries for companies, with 30% expressing concerns about increased inflation and economic uncertainty leading to higher input costs, and 35% citing government sanctions on key trade partners as hindering their supply chain strategies. These findings emphasize the need for a comprehensive and adaptive approach to global trade in the healthcare industry.
In response to the findings, Magrietha Mallinson, Global Vertical Lead, Health at DP World, highlighted the importance of leveraging advanced technologies like AI in an era of unpredictability. She emphasized DP World’s commitment to providing innovative solutions that alleviate the challenges faced by businesses in moving healthcare supplies, allowing them to focus on delivering quality healthcare to those in need.
Overall, the study underscores the critical role of AI in shaping the future of supply chain management in the healthcare sector, as companies navigate geopolitical events and embrace innovative solutions to meet the evolving needs of the industry.
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