Spotlite360 Technologies Inc (CSE:LITE) (FRA:87A) announced that it has begun to commercialize its enterprise software solution in the healthcare industry to help overcome many common supply chain challenges.
That follows the recent announcement by the logistics technologies developer of a pharmaceutical industry initiative to provide tracking, tracing, and sustainability solutions for stakeholders in the sourcing, production, transportation, and distribution of medications.
READ: Spotlite360 to offer pharma industry tailored supply chain tracing and tracking solutions
“With several operational and compliance nuances that are unique to healthcare supply chains, Spotlite360 has tailored its software solution, which leverages blockchain, Internet-of-Things (IoT) sensors, and machine learning to align with the current and future requirements of healthcare firms across North America. The company has started introducing this solution to prospective accounts in the healthcare industry," Spotlite360 said in a statement.
The company said recent events highlighted several weak points in supply chains, which could stand to be remedied by its technologies. Global shortages in product categories such as personal protective equipment (PPE), concerns surrounding the authenticity of goods, and greater pressure to deliver orders with short lead times have created unfavourable situations for many firms.
A March 2020 bulletin from the FBI noted predatory healthcare supplier practices as an emerging problem, the company said. Because many of these practices sought to exploit “blind spots” in the supply chain, including claiming that a shipment was delayed due to customs difficulties, purchasers had limited recourse in the absence of end-to-end supply chain visibility, it added.
Spotlite360 said its technologies capture real-time and event-driven data through IoT and RFID sensors, which allow for healthcare firms to realize benefits that could include:
- Comprehensive visibility of the supply chain from point of origin to the end-user in a healthcare setting;
- Detection of tampering, theft, loss, and damage to protect the supply chain’s integrity and prevent waste;
- Promote accountability among suppliers, distributors, and logistics partners; and
- Limit providers’ liability by taking a proactive and diligent approach to monitoring all relevant assets in their journey through the supply chain.
“We have identified healthcare as one area in which Spotlite360’s technologies can make a considerable difference at each step in the supply chain,” Spotlite president James Greenwell said. "Healthcare firms are accountable to their patients, employees, regulators, and any dependent partners or suppliers, with increasingly high standards in areas such as visibility and reporting."
“Spotlite360’s ability to consolidate a variety of tracking methods throughout a supply chain while leveraging technologies such as blockchain and machine learning can provide significant value to clients in healthcare, and we look forward to bringing these benefits to the industry as we kick off our commercialization efforts to begin gaining market share in 2021,” he added.
Contact the author at stephen.gunnion@proactiveinvestors.com