Strategic Sourcing Analysis Helps a Health Insurance Firm Drive Value Across Their Procurement Processes
Over the past couple of years, the health insurance sector has become extremely fragmented owing to the existence of numerous companies offering a wide array of health insurance schemes at a competitive price. Additionally, the demand for the healthcare insurance is on a constant rise due to the increasing instances of chronic diseases and aging population across the globe. However, making the most out of the opportunities in this market space requires an in-depth understanding of the central forces disrupting the health insurance industry. As a result, leading firms operating in the health insurance space have started leveraging the use of robust strategic sourcing analysis studies. These studies help health insurance industry players to drive value across its sourcing and procurement activities through superior spend visibility, process transformation, and staff training.
With years of experience in offering a range of sourcing solutions, SpendEdge help clients lessen the turnaround time for their sourcing and procurement activities.
The Procurement Pain Point and Insights Offered
A leading health insurance client with business units spread across various office locations was facing predicaments in improving invoice processing and policy compliance. The client was also facing challenges in standardizing and centralizing their sourcing and procurement process. As a result, they wanted to improve their overall efficiency by devising a flexible resource deployment model.
To cater to the health insurance client’s specific business issue and provide actionable insights to drive value across their procurement processes, the strategic sourcing analysis experts at SpendEdge followed a wide-ranging research methodology which included primary and secondary research methodology coupled with qualitative and quantitative data collection procedures. During the course of this strategic sourcing analysis engagement, the health insurance client was able to gain in-depth insights into their procure-to-pay processes and state process maps. Additionally, the client improved invoice processing, policy compliance, and enhanced their supplier interaction.
Fundamental questions answered in this sourcing analysis engagement include
The health insurance client was able to reduce the turnaround for their procurement processes across the supply chain with the help robust, standardized and, centralized sourcing strategies. This helped them drive value across their sourcing and procurement functions. Furthermore, the client gained actionable insights into the supplier negotiation strategies to implement procurement best practices.