November 14, 2016
Inventory Data Drives Channel Innovation for Leading Medical Product Manufacturers
ORCHARD PARK, NY — 14 November, 2016 – ValueCentric, a leading provider of data management and analytics solutions to the healthcare industry, has addressed a long existing gap among Medical Products manufacturers in the utilization of accurate and timely distributor inventory data. Responding to a growing trend towards inventory
transparency between Medical Products manufacturers and their trading partners, ValueCentric introduced its data management and analytics platform “ValueTrak” to provide a range of capabilities for manufacturers to access, manage, and gain substantial business benefit from channel inventory data.
In addition to providing a range of solutions to the Medical Products industry, ValueCentric’s customer base includes over 150 industry-leading pharmaceutical manufacturers, for whom inventory transparency has existed for several years. Applying best practices gleaned from their pharma customers, ValueCentric has created an Inventory module for Medical Product manufacturers that delivers extensive capabilities for the management of product stocking information at distributor customer locations.
“Our current medical product customers utilize ValueTrak for sales tracings, GPO admin fee reporting, and rebate validation, among other services. Many of our leading manufacturer customers also use our Inventory module to assess product movement, promotional program effectiveness, and even predict stock-outs or returns risk,” said Danny Adams, Vice President of Business Development for ValueCentric’s Medical Products division. “The data, which can be transmitted by EDI 852 or other electronic formats, comes from distributors alongside existing sales tracings data feeds – some manufacturers might even have access to inventory data already, without a means to analyze it,” said Adams.
The Inventory module provides critical visibility into stocking levels at distributor locations that cannot be achieved using sales tracings data alone. Utilizing distributor inventory data provides manufacturers with insight into on hand inventory at any given time, allowing for a proactive approach to inventory management. ValueCentric’s Inventory module uses this data to provide intelligence about potential stock-out situations and backorders that, if not anticipated, can result in lost revenue and low customer service levels. By identifying instances of excess inventory, manufacturers can forecast returns accruals and even inform distribution stakeholders of potential transfer opportunities to optimize the supply chain and maximize revenue opportunities.
For more information about ValueCentric’s Medical Products Inventory module, visit the product page here, or contact us at *protected email*.
ValueCentric is the leader in channel data management and analytic solutions for the healthcare industry. Its mission is to help customers leverage their channel data to improve business decisions, reduce costs, and increase the speed in which products reach patients in need. Medical Product, pharmaceutical, specialty pharma companies including marquee customers Smith & Nephew and Novo Nordisk trust their platform, ValueTrak. ValueTrak provides sales ops, finance, marketing, and sales teams with a flexible and powerful platform to improve business relationships, manage inventory, and integrate key channel data to make more informed product decisions. ValueCentric continues to be a pioneer in the medical product, pharmaceutical, and specialty pharma industries investing in big data solutions and improving how all parties can use data to optimally manage their product performance in the channel.