ThoughtSpeed™ automates supply chain
Mississauga – based ThoughtSpeed™ eCommerce solves complex supply chain problems through the automation of inefficient processes with integrated online solutions that provide savings while enabling seamless collaboration between customers and suppliers, distribution partners,and logistic providers.
2009 was a breakthrough year in product development and deployment with the successful launch of the Canadian Pharmaceutical Distribution Network’s (CPDN)online ordering portal. TS Link™ is a Web-Based Order Management Solution that tracks product orders at every stage of the fulfillment process. It is being used by pharmacists in more than 1,000 hospitals inCanada.
TS Link™ is currently being evaluated for use by a number of pharmaceutical and medical device suppliers, institutions and organizations in the healthcare industry. This year, ThoughtSpeed is on the verge of expanding its “new” Consignment Management solution into multiple hospitals and health healthcare facilities in the GTA with a projected roll-out to every hospital in the Province by year-end.
“It is currently used in hospitals to efficiently track consignment inventory and reduce costs through error and labour reduction, as well as automatic replenishment and automated cycle and inventory counts,” says CEO Ken Will.
Will has come a long way, since running teenage nightclubs and dances across Southern Ontario at the age of 18. “It’s in my blood. My Dad left a 30-year career to start up his own business.”
Will left school to start up his own contracting business but got caught in the 1971 recession. He spent 17 years as a teacher before “getting the bug” again, this time launching a software development company focused on managing and tracking commercial shipping for large clients. He sold that company for a significant return and used those proceeds to start ThoughtSpeed.
Will says he was in a fortunate position, having seed money for ThoughtSpeed. He says cash flow is a significant challenge for entrepreneurs trying to get product to market. And, he says it’s tough finding investors and even more so in today’s economic climate.
“David Pasieka and Pam Banks at RIC have done an excellent job in helping ThoughtSpeed focus and grow into new markets by coaching us on our business plan and fund raising; providing access to world markets and company research; assisting us with marketing and skills upgrade programs such as Innovator Idol and Media coaching sessions. I can honestly say that without the assistance of David and Pam at RIC, ThoughtSpeed would not have achieved the success we have had to date, nor have a future game plan which will chart our successful path in the future,” says Mike Neary VP.