Logistics company Supplylogix has reportedly secured a patent pertaining to inventory management technology, reports in Citizen Tribune said Friday (April 20).
A press release from Supplylogix said the company was awarded the patent by the U.S. Patent and Trademark Office. The patent relates to the underlying technology of the company’s Pinpoint Transfer solution and will be used to develop a solution to enable Supplylogix customers to transfer inventory across locations depending on demand.
The company targets the pharmaceutical industry, and its patent will enable industry players to transfer inventory of medications based on demand, the firm said.
“We are committed to developing innovative, industry-leading technology that delivers practical supply chain intelligence solutions,” the firm’s vice president and general manager Clay Courville said in a statement. “Recognizing our innovative culture, Supplylogix customers should expect even more exciting and new patented functionality in the future as we continue to help pharmacies successfully manage medications.”
In another statement, the firm’s vice president, business development and account management, Jody Harvey, said the patent “serves to protect our innovative technology and validates our ongoing commitment to enhance our products and better serve our customers.
“Reducing returns, transferring medications to other stores, and reducing costs are all vital parts of improving business operations for our customers,” Harvey said.
The pharmaceutical industry is active in the exploration of tech and FinTech to enhance supply chain and other business management processes.
Last year IBM announced the launch of a blockchain-powered supply chain finance solution for the sector, a joint solution with Heija in China. The firms said they plan to expand their solution to include supply chain financing services for companies in other industries, too.
The logistics space, too, is embracing innovative technologies like blockchain. Most recently, Samsung said it is exploring distributed ledger technology to manage its supply chain and cut costs.