[ Above photo provided by Smith Drug Company ]
Spartanburg-based Smith Drug Company will implement P4 Technologies’ cloud-based forecasting, replenishment and inventory optimization solutions for wholesalers. The new tool will drive down cost, increase customer service levels and enable customers to reduce inventory investment with predictive technology, according to a release. The software platform will go live in 2016.
The P4 solution utilizes scientific forecasting and replenishment algorithms to manage and optimize store, distribution center, pharmacy, and multi-echelon inventories of consumer packaged goods in multiple industries.
“Essentially, this means we can offer the closest thing to Just-In-Time inventories as our industry has ever seen,” stated Brian Purscell, senior VP of pharmacy solutions for Smith Drug Company. “Our customers will be able to get the products they need, as they need them, and the guess work will be taken out of the equation.”