New technology tool will drive down cost, increase customer service levels and enable customers to reduce inventory investment with predictive technology.
Smith Drug Company will implement P4 Technologies’ cloud-based forecasting, replenishment and inventory optimization solutions for wholesalers. The technology will benefit Smith Drug Company by utilizing sophisticated algorithms to determine how much, and what type, of inventory should be maintained so that products are readily available for pharmacies to order and provide to their patients.
“We are proud of our long tradition of excellent customer service – and we know from our customers that we offer the best in our industry – but this new tool raises the bar even higher,” said Jeff Foreman, RPh, president of Smith Drug Company. “Using scientific forecasting and replenishment algorithms, we can ensure that we provide pharmacies with exactly the right product at exactly the time they need it. Our customers can grow their business and, most importantly, take care of their patients in the most efficient and effective manner possible.”
The software platform will go live in 2016. The P4 solution will further strengthen the ability of the procurement group to manage the complexities of generic and branded pharmaceutical purchasing, as well as front end merchandise. “Essentially, this means we can offer the closest thing to Just-In-Time inventories as our industry has ever seen,” stated Brian Purscell, RPh, Senior Vice President, 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.”
“P4 Technologies is extremely pleased to have Smith Drug Company join our network of customers utilizing our item demand forecasting and replenishment software platform” said Ken Palmer, Founder and President of P4 Technologies. “Our goal is to assist Smith Drug Company in continuing to provide their customers with the highest service levels so that their customers can better serve their patients, increase their sales and grow their bottom line” said Palmer.
Smith Drug Company (www.smithdrug.com) is the original division of J M Smith Corporation, and one of America’s premier wholesale drug distributors. Launched in 1944, the division serves pharmacies in 25 states, the District of Columbia and the US Virgin Islands through distribution centers in Spartanburg, SC; Paragould, AR; and Valdosta, GA.
South Carolina’s third-largest privately owned company, the J M Smith Corporation is headquartered in Spartanburg, SC and operates through multiple business units: Smith Drug Company, QS/1, Integral Solutions Group, RxMedic Systems, Inc., and Integra LTC Solutions, LLC.
P4 Technologies (www.p4tech.com) is a Wilmington, NC based SaaS provider specializing in inventory replenishment optimization technologies. The P4 solution is a sophisticated, cloud-based SaaS solution that 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.