HCLTech’s Smart Consignment Inventory Management Solution wins 2023 IoT Breakthrough Award
HCLTech, a leading global technology company, announced that its Smart Consignment Inventory Management (SCIM) solution has won the 2023 IoT Breakthrough Award in the IoT Health & Wellness Innovation of the Year category.
Developed by HCLTech’s internet of things (IoT) business unit IoT WoRKSTM, SCIM enables hospitals and equipment manufacturers to track and manage medical devices, surgical kits and consumables through a consolidated view of the consignment inventory value chain. This prevents the use of expired medical supplies, enabling manufacturers to avoid adverse effects on patients and to lower the risk of legal action and reputational damage.
“At HCLTech, we are driven by our purpose of supercharging progress for our customers. Winning this award is a matter of pride for us. It is a recognition and validation of our future-focused approach of helping our customers succeed by leveraging our expertise, experience and innovation ecosystem,” said Sukamal Banerjee, Corporate Vice President, ERS and Head, IoT WoRKS™, HCLTech.
HCLTech’s SCIM solution transforms medical supply chain processes by enabling end-to-end visibility from manufacturing facilities to point of care. It adheres to a ‘first expired first out’ (FEFO) methodology to reduce waste, drive efficiency through automation and optimize audit and reconciliation processes through real-time inventory visibility.
“Consignment inventory management is an important supply chain strategy for the healthcare industry as hospitals and medical device manufacturers continuously look for innovative ways to improve patient care and reduce costs. However, both hospitals and medical device manufacturers face challenges in getting authentic, singular and faster visibility to inventory availability and consumption records to optimize their processes,” said James Johnson, Managing Director, IoT Breakthrough. “With real-time insights, SCIM provides seamless visibility of finished goods inventory to the entire stakeholder value chain, thereby improving utilization efficiency and streamlining manufacturing processes. This is a true breakthrough that the healthcare system has long needed.”
Part of the Tech Breakthrough, a leading market intelligence and recognition platform for global technology innovation and leadership, the IoT Breakthrough Awards program is devoted to honoring excellence in IoT technologies, services, companies and products. The seventh annual IoT Breakthrough Awards program recognized innovators, leaders and visionaries that exemplify the best in IoT technology solutions across the globe. An independent panel of experts selected the winning products and companies out of more than 4,000 nominations after evaluating them on exhaustive criteria.
HCLTech – IoT WoRKS, recognized as a global leader in IoT services and consulting by analyst firms, enables organizations to maximize effectiveness and returns on their asset investments with its best-in-class solutions. We help organizations design enterprise IoT strategy, develop and run IoT systems for realizing real business values. To know more about our capabilities and solutions, visit hcltech.com/iot
For further details, please contact:
Meenakshi Benjwal, Americas
Elka Ghudial, EMEA
Devneeta Pahuja, India and APAC