Online B2B platform Medikabazaar has launched its Artificial Intelligence (AI) and Machine Learning (ML) based inventory application Vizi.
Vizi will provide accurate stock projections to help hospitals procure the right quantity through an actionable purchase list of products. It will help hospitals avoid situations of both overstocking as well as stocking out, the company said in a statement.
Vivek Tiwari, Founder and CEO, Medikabazaar said, “It is a well-known fact that medical supplies comprise approximately one-third of the expenses in a hospital’s total cost of operations. At Medikabazaar, we realized that hospitals all across the world have been facing major issues either due to unavailability of vital supplies or excess of it which would be rendered useless, once expired.”
Vivek Tiwari, added, “Therefore, after gaining better clarity through extensive research as well as personal interactions with hospitals, we decided to design a solution to fulfill this need. Vizi provides hospitals with an actionable purchase list of products and recommends the safety or reserve of units to avoid unprecedented situations.”
Vivek Tiwari further added, “We believe that Vizi will enable hospitals to plan procurement more effectively, thereby helping them to achieve better operational efficiency in the long run.”
Medikabazaar was launched in 2015. The company tries to bridge the gap between healthcare providers and medical suppliers along with increasing access to quality healthcare products.