Spend Analysis : Assessing the Current Spend and Improving Supply Chain Efficiency for a Medical Devices Company – SpendEdge

Spend Analysis Solution Transforms Finance Operations and Reduces Operating Costs

About the Client

The client is a leading medical devices company, specializing in the development of medical devices, laboratory instruments, and diagnostic products. The company supplies devices to hospitals, laboratories, and clinics worldwide. The company has ingrained its place as a leader in the medical devices market.

The Business Challenge

The future looks sharp for the medical devices industry. With global economic growth, innovations and an aging population that has a growing need for healthcare, revenue for medical devices is poised for growth. However, in this turbulent environment, companies that can shift their supply chain priorities and better manage spend will be able to deliver significant value. Moreover, the rising need for supply management and strategic cost management have urged players in the medical devices manufacturing space to leverage the use of robust spend analysis solutions. Spend analysis solutions help companies in the medical devices manufacturing space to identify the potential opportunities and deliver actionable insights into the spend data to generate improved ROI. The spend analysis solutions also address concerns about the maverick spends across the supply chain and help achieve superior supplier relationship efficiently.

The client, a renowned medical devices company was facing challenges in reducing the cost across the supply chain and managing their tail spend. While public spending has become endemic, the client realized the need to drive more competitive pricing. Moreover, the client’s objective was to adopt spend analysis strategies to identify and optimize their spend areas. Additionally, the client needed to streamline their supply chain management and subsequently maximize profits by leveraging SpendEdge’s spend analysis solutions.

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SpendEdge’s Inventory Management Helped a Pharmaceutical Supplier Maintain Accurate Inventory Levels and Minimize Cost of Inventory

With the growing concerns pertaining to healthcare treatments, the pharmaceutical suppliers have witnessed a promising growth over the past few years. Moreover, the pharma companies are expected to witness considerable growth, owing to an ageing population, changing lifestyles, and unhealthy eating habits. However, with these rising customer expectations, the commercial environment is getting harsher with customers looking for cost constraints in the pharmaceutical products offered. Moreover, inventory management is becoming a major concern for the companies in the pharmaceutical industry. While the pharma companies can’t risk drug shortages due to lack of inventory visibility, they also never want to incur the costs of overstock that would negatively impact productivity and the patient experience. Thus, to address these challenges and enhance production capabilities, organizations are looking to devise an inventory management solution.

With the help of a reliable inventory management system, organizations can effectively keep track of their stock manually. In addition, the inventory management system helps businesses restock certain items, the amount of purchase, and the prices to pay.

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