Friday, March 31, 2023
ElectrifAi, a leading global provider of machine learning (ML) and artificial intelligence (AI) solutions, has partnered with Vizzia Technologies, a well-known provider of real-time location systems (RTLS) for healthcare organizations. Together, they are introducing ML-powered Inventory Optimization for advanced asset management predictive analytics.
The primary goal of this collaboration is to optimize costs, streamline processes, and enhance patient care in top hospitals by analyzing the utilization levels of critical medical equipment.
A comprehensive pilot project was conducted at a state-of-the-art acute care hospital with 500 beds, renowned as one of California's busiest trauma centers. The pilot yielded significant operational improvements in various inventory key performance indicators (KPIs). These improvements included up to a 52% enhancement in key out-of-stock metrics and a reduction of overstock rates by up to 20%.
Edward Scott, CEO of ElectrifAi, expressed his satisfaction with the partnership, stating, "We are thrilled to collaborate with Vizzia and contribute to their mission of transforming healthcare asset management. Our ML-powered Inventory Optimization solution provides an advanced approach to equipment utilization, enabling hospitals to reduce costs and improve patient care."
The ElectrifAi Inventory Optimization solution utilizes IoT input data, time-series analysis, and category-specific trend analysis to generate accurate predictions of PAR levels. This proactive approach helps prevent issues related to overstocking or understocking.
Andrew Halasz, CEO of Vizzia Technologies, emphasized the positive impact of the collaboration, stating, "Our partnership with ElectrifAi has significantly enhanced our ability to deliver cutting-edge inventory management efficiencies to our clients. We deeply appreciate the AI and ML insights provided by ElectrifAi's team of data scientists for our InVIEW platform."
Together, ElectrifAi and Vizzia Technologies are revolutionizing inventory management in healthcare organizations, paving the way for more efficient and effective asset utilization to benefit both hospitals and patients.
Source: businesswire.com
