Real Time Decision Making
Business managers, in operational situations, get the “missed the bus” feeling when they are unable to perform real time decision making; their calculations can go haywire as the ground shifts underneath them. Well timed moves help them to grab opportunities and get ahead of the competitors. Companies need to also take real time decisions before a problem snowballs into a crisis.
Delays in real time decision making can cause grievous losses to businesses. In the pharmaceutical industry, for example, counterfeiting, medical errors and poor quality of products can undermine confidence in companies and medical groups. The actual manufacturers could be blamed for the harm done by counterfeit or an odd batch of poorly manufactured products causes harm to patients. The healthcare industry is now well equipped with laser vision, RFID and other technologies to eliminate errors in data entry and data gathering technologies which aggregate data so that causes of any damage done can be traced back to specific deliveries and preemptive action is taken.
Edge Dynamics Inc is one of the companies with applications for real time decision making for the pharmaceutical industry. Typically, a complex set of contracts, deals and regulatory policy bind the stakeholders in the supply chain consisting of the manufacturers, wholesalers and retailers. Edge Dynamic has the software which is able to capture transaction order stream data originating from an EDI or other such sources such as a Web-service B2B network. The data is analyzed for discrepancies from forecasted numbers or any deviations from agreements initiated at the outset. As data is received and analyzed, the partners in the supply chain will discover flaws in its design and work towards managing inventories better. They will find better ways to optimize and reevaluate their partners and their logistical planning through real time decision making.