Today, the surgical instruments space is witnessing the entry of a considerable number of players owing to the ever-changing demand for surgeries. Additionally, the players in the surgical instruments industry are facing relentless pressure to offer better medical assistance to customers at lowered costs. Consequently, to stay on par with the peers in this competitive environment and meet the rising needs of the patients, leading establishments in the surgical instruments industry space have started adopting spend analysis solutions. Spend analysis solutions help clients gain better visibility into their spending patterns across the supply chain and improve their decision-making process.
Moreover, SpendEdge’s spend analysis solutions help players operating in the surgical instruments space to minimize maverick spend and accordingly allocate resources for their procurement processes.
The Procurement Pain Point and Insights Offered
A global surgical instruments client was facing predicaments in evaluating their current spend and identifying the areas of improvement for their current state of spending across the supply chain. The client also wanted to gain an in-depth understanding of their spending patterns and accordingly devise robust spend strategies to decrease maverick spends and improve their sourcing process efficiency.
SpendEdge’s team of spend analysis experts tailored a comprehensive research methodology that included primary and secondary research coupled with qualitative and quantitative data collection procedures to cater to the client’s specific business issue.
With the help of this spend analysis engagement; the surgical instruments client was able to restructure their strategic sourcing plans, decrease maverick spend, and improve cost savings across the supply chain. Furthermore, the client gained actionable insights into the spending trends and buying activities across the supply chain.
Fundamental questions answered in this spend analysis study include
The surgical instruments client was able to regulate the current state of spend across suppliers, commodities, and categories. Additionally, the client gained a better visibility into the categories of major spends, thereby, reducing the maverick spends across the supply chain.