Over the past few years, e-commerce has made remarkable progress and is boosting the sales of all industries. Healthcare is one such industry that is highly influenced by the evolution of e-commerce. The statistics taken from Goldman Sachs shows that the healthcare industry is about to spend approximately $32 billion on e-commerce and web services annually. That is five times more than the $6 billion online retailers currently spend annually on all forms of e-commerce and services. E-commerce is transforming everything and in order to match up with the growing, e-commerce industry, sellers of healthcare products require a new ecosystem, which they can rely on. In response to this, MonarchFx, a Tompkins International company, offers a nationwide healthcare ecosystem. It integrates offline, online, logistics & data across a single unified supply chain for sellers of healthcare products and delivers high-tech solutions to the ever-changing healthcare sector.
A Global Specialist Leading End-To-End Supply Chains
Dr. James A. Tompkins, Chairman and CEO of Tompkins International, is an international authority on designing and implementing end-to-end supply chains. As an elite business and supply chain strategy consultant, Tompkins utilizes his unique outlook to prepare firms and executives for the future as well as focuses on aiding companies so that they can achieve profitable growth. Tompkins continues to share his insights on business strategy and has written or contributed to more than 30 books. Tompkins has served as President of the Institute of Industrial Engineers, the Materials Management Society, and the College-Industry Council on Material Handling Education. Due to his contributions and achievements in industrial engineering, Tompkins has received the prestigious Frank and Lillian Gilbreth Industrial Engineering Award from the Institute of Industrial Engineers (IIE).
The healthcare industry is being crippled by increasing regulations, rising costs, supply chain inefficiencies, and product security concerns. The present-day healthcare organizations want a new ecosystem, which can assist them to match up with the current trends and likewise incorporates the changes. Therefore, Tompkins introduced MonarchFx.
Offering Comprehensive Logistics Services to Vendors, Brands and Other Sellers
MonarchFx is an association of the leading logistics service providers, catering to numerous clients from its flexible, scalable, and automated fulfillment centers. The role of these centers is to focus on each supply chain for replenishment, buy online-pickup in store, and direct-to-consumer. Companies utilize MonarchFx’s services because it empowers them by increasing revenue, reducing transportation cost, and minimizing the returns, while delivering an exceptional customer experience. MonarchFx offers a comprehensive unit pricing ecosystem that makes certain that no additional cost is included to the final cost of delivery. It also caters to vendors, brands, and other sellers with multiple fulfillment channels, while providing them with efficiency, speed, and quality.
Resolving Issues Related to Healthcare Supply Chain Management
The traditional health logistics is not efficient enough to handle ever-growing needs of the healthcare industry. Presently, the medical supplies market is growing exponentially, expected to reach $132 billion by 2022, with over 25% of US sales occurring in e-commerce. In addition to this, the shortage of health IT to collect and analyze supply chain data can lead to billions of dollars in wasteful spending. In order to overcome this, MonarchFx with its dynamic services, is helping healthcare organizations by reducing transportations cost, replenishing stores based on the real-time signals, making more space for new products, and delivering products accurately, safely, and efficiently.
Furthermore, with the increasing habit of eating unhealthy foods and beverages, customers are becoming more prone to diseases. Therefore, MonarchFx is bringing new products such as Medical Products, Diagnostics, Nutraceuticals, and Vitamins for its customers. MonarchFx is also assisting businesses and laboratories who offer diagnostic and analytical services for optimizing their supply chain management strategies. More impressively, MonarchFx delivers healthcare products to its customers within just a couple of days.
Tompkins International’s Other Ventures
Tompkins International has established new business units, Tompkins Robotics, NexusFx, and SensorThink, which all support MonarchFx to deliver smart healthcare services.
- Tompkins Robotics: It is a pioneering unit and parcel sortation robotic system which aids in building excellent supply chains, and provides unrivaled flexibility and throughput. Tompkins Robotics facilitates MonarchFx fulfillment centers or back room sortation to sustain each supply chain for store replenishment, buy online – pick up in store and direct-to-consumer.
- NexusFx: NexusFx is a direct-to-consumer enablement partner helping develop and manage go-to market strategy for consumer packaged goods brands, also helping to create a deeper brand experience for all commerce.
- SensorThink: SensorThink is an internet platform and warehouse execution cloud-based software solution that supports the IT necessities of MonarchFx and Tompkins Robotics. It bonds all the elements of production, performance, and execution into a single platform. Through this platform, every piece of information can be gathered, processed and analyzed. In this way, users can see and analyze its operations more efficiently.
MonarchFx’s Principles Guaranteeing Market Success
MonarchFx’s values, mission, and vision are based on three principles that are awareness, credibility, and trust. Using these principles, MonarchFx delivers exclusive services to its clients who are divided into three classes manufacturing medical supplies, diagnostic equipment, and pharma. Regarding the safety of customer’s products, MonarchFx ensures that its customers’ product or brand morality is not compromised during its shipping. While shipping items, MonarchFx upholds the safety, quality, and efficiency of consumer’s products.
MonarchFx’s Present and Future Strategies
MonarchFx continuously hunts for new trends in the healthcare marketplace and implements excellent tactics to deliver solutions that are based on the needs of its customer base. Currently, MonarchFx is working on how to maintain a temperature surrounding its product portfolio. To ensure this, the firm is going to address refrigeration, which is a freight shipping method that requires a temperature-controlled means of transport.