The two waves of Covid-19 that have inflicted India so far have seen us scrambling for resources and medical supplies. Be it smaller medical establishments, or large hospitals, stock-out situations
have plagued the Indian healthcare infrastructure regularly. The adaption of technology and
robust real-time, agile, prediction models for pandemic management are the need of the hour. While experts work on incorporating such models, Medikabazaar’s patented AI/ML based hospital inventory management system can play a definitive role in helping hospitals avoid running out of supplies,
and assist in increasing profitability by saving operating costs. The winner of the BW Disrupt TechTor Award 2020, VIZI has recently received a National Patent. The patent is a testament to Medikabazaar’s success in identifying emerging technology opportunities and its strength in innovative research
and technology to leverage these opportunities to benefit healthcare organisations. In order to exercise
VIZI’s patent in more than 61 countries and market the product to customers across these nations, Medikabazaar has also filed an international patent under the Patent Cooperation Treaty.
What is VIZI?
VIZI is a hospital inventory management system based on Artificial Intelligence and Machine Learning designed to produce accurate stock projections. A standalone product of Medikabazaar, India’s largest online B2B portal for medical supplies, VIZI enables control over medical supplies inventory through
features like actionable purchase lists, recommended safety stock, ability to raise requests for quotations, and buying online. In a nutshell, it tells hospitals what, when and how much medical
supplies to buy, and solves the problems of untimely and manual procurement, stock-outs and excess stock by maintaining optimum inventory levels.
What can VIZI do?
VIZI can perform the following
functions:
• Manage unpredictable consumption patterns to maintain right stock
levels.
• Manage inventory intelligently by procuring on a timely basis.
• Generate alerts on reserve/safety stock to avoid stock-out situations.
• Minimize returns and procedure cancellations.
• Avoid stock excess, shortage and expiry.
What are the benefits of VIZI?
• The power of data science is used to optimise investment in medical supplies inventory and working
capital cost, thereby improving the
bottom line by helping save up to 30% in total cost of medical supplies procurement.
• Medikabazaar ensures availability of medical instruments and avoid surgical cases cancelation, thus
ensuring zero loss of opportunity.
• Artificial intelligence and ML technologies can promise accurate stock quantity projections.
• Assured data security as there is no third party accessibility, as all supplies predicted by VIZI can
be procured from Medikabazaar, without having to place orders with multiple vendors.
• Sufficient vital supplies and no stock-outs leading to timely and effective patient care. Global giants like Toyota have implemented methods like Kaizen, and their lean inventory does wonders
for them. Inventory management is a gap which has the potential, if plugged correctly, to improve both profitability and level of care. The future of healthcare lies in data-driven analysis and decisions
and especially in the unstructured Indian healthcare infrastructure, the most critical problems cannot be solved with conventional, incremental thinking. Path-breaking health-tech solutions are the way forward for the Indian healthcare infrastructure in the face of the new normal