The key stakeholders in the healthcare and medical device industry across the globe have started witnessing unprecedented encounters in terms of increasing their market shares and predicting potential growth opportunities. Additionally, the firms operating in the prosthetic device manufacturing segment are facing persistent pressure to offer improved medical support to patients at reduced costs. As a result of these underlying challenges, leading firms operating in the prosthetic device manufacturing space have started leveraging the use of spend analysis solutions. Spend analysis solutions help prosthetic device manufacturing firms to gain improved visibility into their spending patterns across the supply chain and consequently helping them enhance their business decision-making process.
With years of expertise in offering a plethora of solutions, SpendEdge’s spend analysis solution helps firms operating in the prosthetic device manufacturing space to devise an automated sourcing and procurement solution that helps to organize the complete process. Additionally, these solutions help companies gain better visibility into the spending patterns and consumer buying behavior to gain a competitive edge over the peers.
The Procurement Pain Point and Insights Offered
A renowned prosthetic device manufacturing client was facing predicaments in achieving a single platform to integrate their purchasing activities. Additionally, the client was also facing challenges in reducing the procurement lead time and material spends for their sourcing and procurement activities across the supply chain. As a result, they wanted to leverage the use of spend analysis solutions to streamline their overall sourcing and procurement performances by trimming down their inventory costs.
To cater to the specific business requirements of the prosthetic device manufacturing client, the spend analysis professionals at SpendEdge tailored an in-depth research methodology. This comprehensive research methodology included primary and secondary research coupled with qualitative and quantitative data collection procedures.
During the course of this spend analysis engagement the prosthetic device manufacturing client was able to gain better visibility into the procurement data, thereby, enabling them to rectify the significant areas of spend in terms of products, services, suppliers, and commodities. This also helped the client reduce overall costs and strategically enhance supplier relationships.
Fundamental questions answered in this spend analysis study include
The spend analysis engagement helped the prosthetic device manufacturing client achieve a single platform to integrate their purchasing activities across business units and supply chain. Additionally, was offered suggestions to improve their process efficiency and optimize their major areas of spend.