Z5 Inventory leverages its logistics capability to move the excess inventory to locations that are likely to use them. To do that, the company uses data analytics to find a suitable location and handles product shipping. “Our optimization process brings huge cost savings to hospitals and healthcare providers,” says Brandon Burris, CTO of the company. Z5 Inventory’s platform helps hospitals streamline the process of taking physical inventories, develop insightful analytics to help them identify savings opportunities, and suggests the best methods for realizing those savings. The company has a specifically designed solution, Z5 Reallocate, which is built on the Z5 inventory platform, which helps reallocate the excess inventory before it expires.
As the platform runs using a modern microservices architecture, it is auto-scalable. When activity surges, the platform scales up its resources to provide its services without affecting users. In addition, Z5 Inventory solves one of the longstanding problems in healthcare inventory management: the disparate nature of catalogs of inventory items. Within the platform, managers can successfully mitigate issues associated with inaccurate inventory data by modifying and reconciling product records. In addition, the platform improves item master data by comparing it against a Z5 Master Catalog, which acts as a single source of information on inventory items supplied by industry manufacturers.
The solution can become a lifesaver at times when the item master misses key information of a particular inventory item. Essentially, with the solution, Z5 Inventory is attempting to improve data quality for the entire U.S. healthcare supply chain.
Our optimization process brings huge cost savings to hospitals and healthcare providers
With its capabilities in data analytics, the Z5 Inventory gives healthcare providers the opportunity to count and value physical inventory. Hospitals can make use of Z5 Count functionality, a mobile application that comes together with the platform to facilitate inventory counting. The solution relegates paper and spreadsheet-based inventory counting to the past and digitalizes the physical inventory valuation process.
Over the past few years, hospital systems across the country have been able to save millions of dollars from being thrown away, thanks to Z5 Inventory’s solutions. One such hospital group, Steward Health Care, which operates over 30 facilities across the country, required a solution to tackle their excess inventory. Using the Z5 Inventory platform, the company pinpointed the exact location of excess inventory and reallocated the same. With the help of scouts who visited the client’s facilities over the course of six months, Z5 Inventory was able to help Steward Health Care move, sell, and donate the unused products valued at over $16 million. The client also donated a portion of their excess inventory, worth $3million, to charity.
“Our platform allows providers to identify the inventory and know how much of what they have in the shelf is actually excess.”
Such success stories are a result of Z5 Inventory’s commitment to their clients and work within the healthcare community. The company has helped several of their clients reallocate unused inventory to realize savings. For the future, to improve its capabilities further and serve the healthcare industry better, Z5 Inventory is augmenting its platform using predictive data analytics, AI, and ML that will drive more savings for its customers. With such initiatives, the company also aims to replace error-prone paper-based processes prevailing in the healthcare industry with digital solutions.