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Supplier Risk Assessment for a Healthcare Major- Actionable Insights that Plugged Supply Deficiencies

May 4, 2017

Supplier Risk Management is one of the key specialties here at SpendEdge, a robust division that is marked by a sophisticated team of risk management and assessment experts, a streamlined research methodology and collaboration experience with some of the biggest conglomerates on the planet. Hence, it was business as usual when one of the leading manufacturers of medical devices, an MNC with offices in 50+ countries, contracted SpendEdge to perform a supplier risk assessment study, sprinkled with a series of personalized takeaways. Highly targeted insights began trickling in, in just 4 weeks from project commencement.

Inherent Challenges in the Healthcare Industry

 

Immensely lucrative, the many verticals of the cumulative healthcare industry are however plagued by the problems associated with the on-boarding of ill-fitting procurement intelligence services. SpendEdge’s newest patron was also impeded by this detail and sought a comprehensive study that targeted the periodic monitoring of risk associated with a select group of suppliers. The healthcare major wanted to utilize the unearthed insights as a means to plug critical gaps in its supply chain, that would otherwise inadvertently contribute to disruptions and slowdowns.

Traditionally, the prevailing shaky global economy, challenges associated with enhancing their operation in emerging markets and less than perfect procurement strategies, have differently impacted the various players in the healthcare industry. Proven procurement intelligence services, appended with supplier risk management, goes a long way in avoiding these negative developments.

Action Plan- Proven Methodology, Implemented Expertly

 

Under the leadership of an experienced project manager, a resourceful team of risk monitoring and assessment experts, category experts, media monitoring experts, editors, quality analysts, local language experts, and IT and compliance managers were assembled. This supplier risk assessment exercise would employ a blended research methodology wherein both primary and secondary research techniques were deployed. This qualitative and quantitative research methodology yielded a wealth of actionable data that was then analyzed for individual supplier specific insights. All the proverbial stones were turned, including reaching out to industry stakeholders and key members of trade associations. In keeping up with its usual modus operandi, SpendEdge was internally committed to hitting a higher number of milestones than was expected contractually.

Triumphs and Takeaways- Deep Insights into the Client’s Playing Field

 

  1. Baseline information on all critical suppliers was aggregated in a mere four weeks. This in turn offered deep insights on the associative supplier’s performance and risk levels. Regular monitoring of these suppliers ensured that any and all forthcoming risks were immediately identified.
  2. Aforementioned takeaway helped the client build powerful and timely mitigation strategies in line with the specific supplier’s predisposition for risk. This would help avoid any potential disruption in the supply market.
  3. Earmarked regular updates with regards to news, happenings and performance that was specific to an individual supplier. The client was also regularly apprised about the factors impacting the supply market that was operating within the healthcare industry.
  4. The study also provided the client with detailed information pertaining to all their key suppliers, including such details as the parent and subsidiary companies, portfolio of products, key corporate executives and financial announcements.

 

The SpendEdge Advantage- Focused Approach Powered by Proven Domain Expertise

 

At SpendEdge, the executive team has rich experience working on multi-faceted, time bound supplier risk management projects and relies on a dynamic research methodology that sources information from a varied number of data points. Irrespective of the industry vertical, the SpendEdge team will reach the right systems and people in order to compile the final, comprehensive and high impacting report.

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