Oracle Helps Healthcare Organizations Address Critical Inventory Management Challenges

Rhea-AI Summary

Oracle has unveiled new supply chain capabilities within Oracle Fusion Cloud Applications Suite aimed at optimizing healthcare inventory management. The updates to Oracle Fusion Cloud Inventory Management and Procurement include key features: Inventory Shortages Workbench for identifying and solving stockouts, Mobile Recall Management for quick response to product recalls, RFID for Replenishment to automate stock management, and a partnership with Symmetric Health Solutions to expand medical product catalogs. These enhancements aim to automate manual processes, increase visibility, and improve procurement data quality for better patient care.

Positive

• Introduction of automated inventory management system reducing manual processes
• Integration of RFID technology for real-time stock tracking and automated replenishment
• Partnership with Symmetric Health Solutions expanding product catalog access
• Implementation of mobile recall management system improving response time to safety issues

Negative

• None.

New Oracle Cloud SCM capabilities help healthcare organizations optimize inventory management and deliver better patient experiences

NASHVILLE, Tenn., Oct. 28, 2024 /PRNewswire/ -- Oracle Health Summit -- Oracle is introducing new supply chain capabilities within Oracle Fusion Cloud Applications Suite to help healthcare organizations optimize inventory management and improve patient care. The latest updates to Oracle Fusion Cloud Inventory Management and Oracle Fusion Cloud Procurement will enable organizations to increase productivity, expand insights, and enhance buying decisions by automating inventory management, increasing inventory visibility, and improving procurement data quality.

"Managing healthcare inventory is a key factor in helping to ensure clinicians have the right supplies for each procedure, but a lot of the critical tasks they perform rely on disconnected manual processes, which can lead to delays, shortages, and slower response times," said Chris Leone, executive vice president of applications development, Oracle. "These new supply chain capabilities enable inventory managers, buyers, and contract managers to address these challenges by automating stock replenishment, providing a complete view of inventory, and delivering a more expansive product catalog. This will help healthcare organizations minimize sourcing errors, optimize inventory, reduce critical recall response times, and improve patient care and safety."

The latest healthcare-specific supply chain updates within Oracle Fusion Applications include:

• Inventory Shortages Workbench: Helps organizations quickly identify and solve for inventory shortages or stockouts. Part of Oracle Inventory Management, the workbench provides a single view of inventory and enables customers to easily assess critical item shortages and identify the cause, review options for addressing item shortages, and take action to reduce stockouts.
• Mobile Recall Management: Helps organizations respond quickly, accurately, and comprehensively to product recall notices. Part of Oracle Inventory Management, this new responsive mobile application enables customers to quickly scan items and locations, record recall counts, and take immediate action to quarantine affected items, improve patient safety, and reduce risk.
• RFID for Replenishment: Enables organizations to increase productivity and prevent delays by helping ensure the right amount of stock is in the right location at the right time. Part of Oracle Inventory Management, the new feature leverages technologies from Avery Dennison, Terso Solutions, and Zebra Technologies, to automate inventory management by automatically capturing usage, updating stock balances, tracking location, and triggering restocking of supplies and materials.
• Symmetric Health Solutions Partnership: Helps organizations increase productivity in sourcing and minimize product order errors. Part of Oracle Healthcare Marketplace, a B2C shopping experience within Oracle Procurement, the new expansive third-party medical, surgical, and device product catalog from Symmetric Health Solutions enables customers to discover, source, and price desired items that are not listed within their organization's existing item master, frequently purchased items, or contract portfolio. The fully attributed and enriched data helps reduce manual data maintenance and improve analytics.

Oracle Fusion Cloud Supply Chain & Manufacturing (SCM) helps healthcare organizations seamlessly connect supply chain and clinical processes to quickly respond to changing demand and supply conditions to deliver the best patient care. With new features added every quarter, Oracle Cloud SCM helps customers create a resilient supply network and processes that outpace change.

For additional information on Oracle Cloud SCM applications, visit oracle.com/scm.

Learn more at the Oracle Health Summit in Nashville on Oct. 28-30, 2024. The event brings together global healthcare leaders to discuss how to tackle industrywide challenges and apply new innovations.

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SOURCE Oracle

FAQ

What new features did Oracle (ORCL) announce for healthcare inventory management in October 2024?

Oracle announced four key features: Inventory Shortages Workbench, Mobile Recall Management, RFID for Replenishment, and a partnership with Symmetric Health Solutions for expanded medical product catalogs.

How does Oracle's (ORCL) new RFID for Replenishment feature work in healthcare settings?

The RFID feature automatically captures usage, updates stock balances, tracks location, and triggers restocking of supplies and materials, leveraging technologies from Avery Dennison, Terso Solutions, and Zebra Technologies.

What is the purpose of Oracle's (ORCL) new Inventory Shortages Workbench for healthcare?

The Inventory Shortages Workbench provides a single view of inventory to help organizations quickly identify and solve inventory shortages or stockouts, assess critical item shortages, and take action to reduce stockouts.