The medical device industry is regarded as one of the primary industries in healthcare, driven by innovation and new technologies. Over the last decade, this industry has seen an extraordinary growth in innovative and improved technologies. This has led to the development of state-of-the-art medical devices and has resulted in major advancements in the healthcare industry. However, delivering value in this current dynamic healthcare environment requires an understanding of a broad set of relationships, partnerships, and joint venture initiatives. Consequently, to establish themselves in this market space, many medical device manufacturing firms have started opting for industry best practices studies to gain insights into the global category management structure and a list of talent with varied skill sets.
The Procurement Pain Point and Insights Offered
A leading medical device manufacturing firm wanted to transform its procurement function with the primary goal of becoming a lean, best-in-class, scalable, and efficient procurement organization to lay down a strong foundation for improved efficiency gains and double-digit procurement savings. The client also wanted to identify a list of key competitor companies and their key suppliers. Furthermore, they wanted suggestions on the best-in-class sourcing and procurement strategies.
To address the client specific business challenges, the industry best practices specialists at SpendEdge followed a blended research methodology consisting of primary and secondary research coupled with qualitative and quantitative data collection methodologies. With the help of our industry best practices study, the client could identify the key drivers for this procurement transformation project, including organization design, people, process, optimization, and technology. Additionally, the client was provided with all necessary information to understand the existing position, responsibilities, and essential competencies.
Key questions answered in this competitive pricing study include
The industry best practices study helped the client identify the best practices followed by the competitor’s companies and their suppliers. Additionally, the client could identify the inefficient and unproductive processes across platforms and discard them. Furthermore, SpendEdge’s industry best practices study also helped the client gain insights on the best-in-class metrics and strategies to measure process efficiencies and effectiveness.