According to Statista, the medical devices market size in the Asia/Pacific region is estimated to have reached $78B in 2018. TCS and SAP are working to streamline the supply chain of these devices.
Even in this day and age of automation, the logistics and supply chain process of distributing surgical kits to hospitals remain a challenge. Since medical devices are manufactured and delivered across the globe, the turnaround time of delivery and sterility of products while in transit are always at high risk, usually incurring a cost.
Tata Consultancy Services, a global leader in IT services, consulting, technology and digital solutions based in Mumbai, India, has partnered with SAP to launch an Intelligent Field Inventory Management (iFIM) solution, powered by SAP Leonardo. Medical Device manufacturers can now streamline their logistics and supply chain management of surgical kits with iFIM solution that leverages the Internet of Things and blockchain. iFIM solution will utilize IoT in the traceability of inventory and blockchain for greater visibility.
Vikram Karakoti, Head, Life Sciences Business Group, TCS, has emphasized that they have been capitalizing on their deep domain and expertise in digital technologies in their partnerships in the medical devices and life sciences industry. In a Business 4.0 environment, TCS technologies help organizations reimagine key elements of their value chain and launch innovative products that give them competitive differentiation.
“The iFIM Solution leverages SAP’s intelligent enterprise portfolio to utilize IoT and blockchain to help our customers digitally transform their loaner and consignment kit business models and deliver superior outcomes for all stakeholders in their ecosystems”, said Karakoti.
TCS’ Business 4.0 provides an integrated and holistic framework to help customers address issues and focus on growth in an agile manner. The manufacturing industry is now transformed to “Smart Factories” with Industry 4.0, utilizing the Internet of Things, cyber-physical systems, cloud computing, and cognitive computing.
Akhilesh Tiwari, Global Head, Enterprise Application Services, TCS, said:
“TCS’ iFIM solution supports our life sciences customers in accelerating their Business 4.0 digital transformation journeys.”
He added that TCS partnership with SAP would strengthen their brand as a preferred innovation partner building innovative industry-specific solutions leveraging the power of new-age technologies.
From the perspective of SAP, Carol Mackenzie, Global Vice President, Life Science Industries, SAP SE, said:
“We are excited to partner with TCS on this solution for the medical device industry. By leveraging TCS’ industry expertise and commitment to quality delivery and customer focus, we are helping life science businesses make the transformational move to an intelligent enterprise.”
One of TCS’ life science offerings is the Life Sciences Innovation Lab, a part of TCS’ Co-Innovation Network (COIN), which enables their customers to foresee emerging trends, develop proofs of concept and co-innovate on industry-leading solutions.