The Procurement Pain Point
To realize the risks associated with the supply chain, the client – one of the leading medical devices manufacturers with offices and facilities in more than 50 countries across the globe – approached SpendEdge to commission a supplier risk assessment study focused on conducting periodic risk monitoring specific to a select set of suppliers. This supplier risk assessment engagement also helped the client gain regular updates on the performance, news and happenings specific to the key suppliers and also stay informed of the latest developments of the supply market to the healthcare industry.
The primary objective of this engagement was to help the client gain a comprehensive picture of the critical suppliers, which, in turn, helped them in developing a robust supplier strategy. The key was to monitor critical suppliers on an on-going basis and help the category managers foresee any potential risk. Additionally, this supplier risk assessment study also provided detailed information about all the suppliers including details about the parent and subsidiary companies, key executives, product portfolio, and financial announcements.
To meet the specific requirements of the clients in the healthcare sector, SpendEdge’s team of procurement intelligence experts adopted a blended research methodology of qualitative and quantitative research followed by data analysis and supplier specific insights development. Furthermore, to understand the growth of the market over the short- and long-term, our supplier risk assessment experts also reached out to industry stakeholders and members of trade associations.
Procurement Insights Offered and the Outcome
To cater to the specific needs of the client, SpendEdge deployed a dedicated team of risk monitoring and assessment experts who worked directly under a project manager with significant experience in conducting and managing supplier risk assessment assignments. To develop procurement insights specific to the suppliers, our procurement market intelligence team followed a blended research methodology of primary and secondary research techniques and was supported by an experienced team of category experts, media monitoring experts, editors, quality analysts, local language experts, and IT and compliance managers.
In a span of just four weeks, SpendEdge was able to aggregate baseline information on all critical suppliers delivering deep dive insights on the supplier performance and risk levels. We also conducted regular monitoring on these suppliers to monitor their activities and foresee any potential risks associated. Additionally, the supplier risk assessment offered by us also helped the client gain a clear visibility of the risks associated with its critical suppliers, and develop timely mitigation strategies to tackle any potential disruption in the supply market.
Key highlights of our capabilities that helped in delivering a robust solution
This case study on supplier risk assessment offers information on how we helped a global medical devices manufacturer understand the risks associated with the suppliers.
Want to know more?