The COVID-19 pandemic and the entailing restrictions and regulations created a bottleneck for numerous industries, and on a global scale. The pandemic’s impact was most brutal for the healthcare industry and the associated sectors, healthcare supply chain management being one among them.
It goes without saying that the importance of the role played by healthcare supply chain management companies is tantamount. From hospitals to pharmaceutical companies, assurance of a seamless functioning of these associated industries can only be achieved through efficient supply chain management.
To give you deeper insights into the delivery of said efficiency, we set out on a voyage to seek the 10 Most Promising Healthcare Supply Chain Management Solution Companies.
Featuring on the cover of this edition is BIG Inventory, Inc., a brand that resonates quality and efficiency across the global supply chain management sector.
A Leading Name
With its headquarters in Virginia, US, BIG Inventory has been in business since 1985, starting out servicing national retailers by helping them acclimate from financial accounting to department/class inventories, to internal SKU and eventually to a then little-known standard called UPC.
The inventories included clients you would find in every mall across the US. Eventually, BIG Inventory began helping healthcare facilities and became completely dedicated to working exclusively within the healthcare industry.
Today, with its unique and proprietary software, BIG Inventory has positioned itself as the leader in physical inventories in the hospital/healthcare setting. The estimated market share, based on number of inventories performed at different facilities, is growing at the rate to make BIG Inventory not only the technological and system leader but the market share leader.
Locally, BIG Inventory has consecutively been recognized as Best in Class. Whereas nationally, it has been recognized as a Best Healthcare Solutions company including Healthcare Tech Outlook’s Top 10 Supply Chain Management Service Companies.
Experience and Expertise
“Most of our growth is related to the advantage BIG Inventory’s system brings to the inventory taking solution,” says Chuck Phillips, the CEO.
This advantage includes not only cutting-edge technology like real time QA Monitoring by the company’s Quality Assurance Team, but also the dedication of its career-oriented people. These professionals travel throughout the United States servicing hospitals, FEDs, Pharmacies, SurgiCenters, and other Healthcare facilities.
Talking about his professional journey and the team behind BIG Inventory’s ascending growth and success, Chuck says, “I have been in the Physical Inventory industry since 1973, pushing the capabilities, standards and possibilities for the industry all along the way. With Beth Phillips, our COO, we have developed an extraordinary system which aligns with GAAP standards and still meets the needs and demands of the Supply Chain Management and Analytics Team. Our Team is deep with experience including our Director of IT, Justin Wayne and our Director of Sales, Paul Yanopulos.”
Sharing his opinion about the effects of the pandemic on the healthcare supply chain sector, and the challenges that his company came across, Chuck says, “The pandemic has been an extreme catalyst for change in the supply chain space. Challenges of availability, shipping, and even personnel have amplified shortcomings in fast tracking requisitions and meeting the demands of the Supply Chain end users.”
“Once some availability of supplies opened up, space and product tracking became issues. As demand slowed, distribution and expiration issues came to the forefront. So many ad hoc substitutions by both the buyers and the fulfillment distributors were being made, the facility’s MMIS system couldn’t keep up.”
“This is probably why the demand for our services has greatly increased in the warehouse/storage sector of healthcare,” he adds.
When asked about what advice he’d give to the emerging entrepreneurs in the supply chain space, Chuck said, “My advice would be, find your niche and be the best in that niche. Do not try to be all things to all customers, you will end up being mediocre. This does not mean ignoring technological/industry changes or expanding your niche, it simply means striving to become the standard by which all others are judged.”
BIG Inventory’s growth rate has been double digit for many years and will continue along this path. The company has a strong training program for its new recruits and will throttle its growth so as to maintain its unprecedented quality. “2021 and beyond will continue this crescendo,” Chuck concluded.