Increased competition in the health care industry has forced many medical equipment companies to adopt new technologies and establish themselves in this market space. This high level of competition between the peer medical equipment companies has resulted in the development of upgraded techniques and innovation in medical equipment.
However, according to the spend analysis professionals at SpendEdge, medical equipment companies are required to showcase a high level of cost-effectiveness for their products due to the implementation of stringent reimbursement policies and regulations across the globe. As a result, many medical equipment companies have started opting for spend analysis solutions to effectively improve process efficiency and create value across the supply chain.
Moreover, the spend analysis studies offered by SpendEdge, help medical equipment companies evaluate and improve their management and identify cost-effective strategies.
The Procurement Pain Point and Insights Offered
Like several other medical equipment companies, the medical device client wanted to gain insights on how to devise a single platform to integrate their purchasing activities. Additionally, they also wanted to streamline their procurement process by cutting down on the excessive inventory costs and material spends. Furthermore, the client also wanted to identify and gain a list of key suppliers in the market space and analyze their patterns of spending.
The spend analysis professionals at SpendEdge carried out a comprehensive research methodology which included an in-depth primary and secondary research coupled with qualitative and quantitative data collection methodologies to cater to the specific category requirements of the client. During the course this study, the medical equipment companies were able to gain insights on the different ways to improve their process efficiency and decrease procurement costs. Additionally, the client was also able to classify their major spend areas by using a standard taxonomic approach. Furthermore, this study also helped them identify and analyze the spending pattern of key suppliers in the market space.
Key questions answered in this spend analysis study include
The spend analysis solution helped the medical equipment company to identify and reduce inefficiencies in its procurement system. This helped the client manage risks, recover overpayments and reduce maverick spends across the supply chain. Additionally, the client was offered recommendations to improve their process efficiency and optimize spend areas.