Over the past few years, individuals have started investing heavily in antibiotic drugs to remain healthy and vibrant. However, the costs associated with these drugs is close to its saturation, and organizations across the globe have started taking robust initiatives to promote healthcare services. Such efforts have affected the antibiotic drugs landscape with numerous competitors offering various variants at lesser prices. Consequently, to identify their current state of spend and gain a stronger foothold, firms operating in the antibiotic drugs space have started adopting spend management studies.
Moreover, the spend management solutions offered by SpendEdge helps players across the antibiotic drugs industry to evaluate and improve their management decisions by devising cost-effective strategies across the supply chain.
The Procurement Pain Point and Insights Offered
A global antibiotic drugs provider was facing predicaments in reducing inventory costs and material spends across the supply chain. As a result, they wanted to integrate all their procurement functions into a single process. Furthermore, they wanted to gain more profound insights into their spend pattern and develop better supplier negotiation strategies to gain an edge over the peer companies operating in the antibiotic drugs space.
To address the client’s specific business issues and requirements, the spend management experts at SpendEdge tailored an all-inclusive two-step research method, which included primary and secondary research coupled with quantitative and qualitative data collection methodologies.
This spend management engagement helped the provider of the antibiotic drugs ensure compliance with procurement policies and contracts across the supply chain and operate in low-cost procure-to-pay processes. Additionally, the client was able to integrate their procurement functions into a single process.
Fundamental questions answered in this spend management study include
This spend management solution helped the provider of the antibiotic drugs reduce maverick spends and improve their spend visibility across the supply chain. Additionally, the client also enhanced policy compliance with their suppliers and reduced the overall supply chain risks.