EVERSANA INTOUCH’s Post

Effective Procurement Strategies in Healthcare 🏥💼 In healthcare, optimizing procurement processes is vital to ensure timely delivery of high-quality products, minimize costs, and enhance patient care. Here are some key strategies: 1️⃣ Strong Vendor Relationships: Building trust and long-term partnerships with reliable suppliers for better negotiations and consistent quality. 2️⃣ Leverage Technology: Using AI and automation for inventory management and order tracking to reduce human errors and streamline processes. 3️⃣ Focus on Compliance: Ensuring all purchases meet regulatory standards to avoid disruptions and penalties. 4️⃣ Data-Driven Decisions: Analyzing spend data to find cost-saving opportunities and improve purchasing efficiency. 5️⃣ Sustainable Sourcing: Choosing suppliers with eco-friendly practices to align with corporate social responsibility goals. Effective procurement means better care 🌟 #Procurement #Healthcare #SupplyChain #CostEfficiency #Sustainability

The Medical Technology Supply Chain's Future https://lnkd.in/gHjkRGc9 #medical #technology #medicaltechnology #future #supplychainfuture #warehousing #procurement #supplychain #logistics #logisticsmanagement #purchasing #strategicsourcing #supplychainmanagement #iipmr #shipping

Think Employee Supply Chain Management! Think Aastrid Lifesciences Pvt. Ltd.! We at Aastrid believe that, Supply Chain Management (SCM) plays a crucial role in the success and competitiveness of businesses across various industries. It involves the coordination and optimization of all activities related to the sourcing, procurement, production, and distribution of goods and services from suppliers to customers. The importance of supply chain management can be summarized as follows: 1.    Cost Efficiency: Effective supply chain management helps businesses optimize costs by minimizing inventory holding costs, reducing transportation expenses, and streamlining production processes. By enhancing efficiency and reducing waste, SCM contributes to overall cost savings. 2.    Customer Satisfaction: A well-managed supply chain ensures that products are delivered to customers in a timely manner and meet their quality expectations. By improving order fulfilment rates, reducing lead times, and enhancing product availability, SCM enhances customer satisfaction and loyalty. 3.    Competitive Advantage: Companies with robust supply chain management practices can gain a competitive edge in the market. Efficient supply chains enable businesses to respond quickly to changes in customer demand, adapt to market trends, and introduce new products faster than competitors. 4.    Risk Mitigation: Effective supply chain management helps businesses identify and mitigate various risks, including supply disruptions, quality issues, and geopolitical uncertainties. 5.    Innovation and Collaboration: Collaboration with suppliers, partners, and other stakeholders fosters innovation and continuous improvement within the supply chain. 6.    Sustainability: Supply chain management plays a vital role in promoting sustainability and corporate social responsibility. By implementing environmentally friendly practices, reducing carbon emissions, and ensuring ethical sourcing, companies can minimize their environmental footprint and enhance their reputation among environmentally conscious consumers. 7.    Global Reach: In today's interconnected world, supply chains often span across multiple countries and continents. Effective supply chain management enables businesses to navigate complex global networks, comply with international regulations, and leverage opportunities in emerging markets. #aastridlifesciences              #pharmaintermediates        #specialitychemicals #apiintermediates  #researchanddevelopment             #innovation               #CDMO  #CRO #supplychainmanagement

To overcome reducing budgets in pharma, the procurement team can adopt several strategies: 1.Leverage Strategic Sourcing: Action: Identify and engage with high-value suppliers to negotiate better terms and bulk discounts. Impact: Potentially reduce costs by 10-15% through strategic supplier management. 2.Optimize Supplier Base: Action: Consolidate suppliers to fewer, more reliable sources to achieve volume discounts and better pricing. Impact: Cut procurement costs by 5-10% and simplify supply chain management. 3.Implement Cost Reduction Programs: Action: Develop and enforce cost-saving initiatives like value engineering and demand management. Impact: Realize savings of 8-12% by finding cost-effective alternatives and reducing unnecessary expenditures. 4.Adopt Digital Procurement Tools: Action: Utilize e-procurement and spend analytics tools to streamline processes and improve transparency. Impact: Increase procurement efficiency and accuracy, potentially saving up to 20% in administrative costs. 5.Enhance Contract Management: Action: Negotiate long-term contracts with favorable terms and implement regular contract reviews. Impact: Achieve cost savings of 5-10% through improved contract terms and compliance. 5.Focus on Process Improvement: Action: Streamline procurement processes and reduce cycle times through process reengineering. Impact: Reduce procurement cycle time by 15-20%, improving overall efficiency. 6.Collaborate with Internal Stakeholders: Action: Work closely with other departments to align procurement strategies with organizational goals and needs. Impact: Optimize procurement decisions and reduce redundant spending, potentially saving 5-10%. 7.Utilize Data Analytics: Action: Analyze spend data to identify and address areas of inefficiency and high expenditure. Impact: Targeted savings of 10-15% by addressing high-cost areas and improving negotiation strategies. By implementing these strategies, the procurement team can effectively manage and reduce costs even in the face of budget constraints. #budgets#procurement #pharma

#GenAI can have a transformative impact on #procurement, helping companies save 15% on indirect spend over the next three years. BCG’s Dr. Wolfgang Schnellbächer and Dr. Tobias Schmidt have outlined a plan on how to capture these savings and improve #supplier efficiency. 👇 Learn more about BCG's approach to sourcing and procurement: https://lnkd.in/exftR-t

Science Shopping Spree Stumbles: The Biggest Procurement Hurdles Research Gate Lab Purchasing Report 2018 notes lab supply purchases involve 3-4 individuals, with managers and investigators having sway. Procuring consumables, chemicals, and equipment in scientific research is intricate, navigating complex channels. Delays are frustrating; time is critical! Let's explore four common challenges scientists face and solutions. Challenge #1: Balancing Procurement with Research Procuring involves inventory control, tracking orders, negotiation, and contract management, burdening full-time researchers. Outsourcing procurement can ease frustration and accelerate research. Challenge #2: Negotiating Pricing Scientists seek optimal pricing but lack negotiation experience, delaying quotes. Speed often trumps securing the best deal. Challenge #3: Supply Chain Disruptions COVID-19 disrupted global supply chains, causing delays and price hikes. Partnering with risk management specialists mitigates these challenges. Challenge #4: Record-Keeping Maintaining purchase records is essential but time-consuming, especially with increasing transactions. Streamlining this process is vital. Overloading scientists with procurement duties leads to burnout and reduced performance. Outsourcing, effective negotiation, expert partnerships, and streamlined record-keeping can enhance research success. Simplify procurement with ANR!

The procurement strategy process involves a series of steps aimed at effectively acquiring goods, services, or works that an organization needs to achieve its objectives. While specific approaches may vary depending on the organization's size, industry, and requirements. Visit us at supplychainhub.com to supercharge your procurement process today!#Procurement #Efficiency #Savings #EIMSolutions #SCHInfotech #Innovation #SupplierSolution

#GenAI is set to revolutionize #procurement, offering businesses the potential to cut 15% from their indirect expenses within the coming three years. Experts from BCG have devised a strategy for harnessing these savings while boosting #supplier effectiveness. Dive in below! 👇

How can #Procurement in the Life Sciences keep pace with rapid scientific advancements? Embracing agility and #innovation, focusing on goal alignment, and leveraging #technology to deliver value beyond cost savings can empower #Procurement to achieve success in this dynamic landscape. Here's how to achieve it- https://lnkd.in/gWS_BAJZ #Procurement #LifeSciences #DigitalTransformation #Sustainability #WNSProcurement

Every Role Matters: How We All Impact Patient Health In biotechnology and healthcare, every individual plays a crucial part in improving patient outcomes. Whether you’re in research, procurement, clinical care, or administration, your work directly influences the health and well-being of patients. Here’s how: - Researchers: Your innovations pave the way for new treatments and therapies. - Procurement Specialists: By sourcing high-quality materials, you ensure the best care possible. - Clinicians: Your dedication and expertise save lives every day. - Administrators: Your efficiency keeps the system running smoothly, ensuring patients receive timely care. - Business Professionals: Your strategic leadership and expertise allows scientists to make breakthroughs. Your role is vital! Each task, no matter how small, contributes to a larger mission: enhancing patient health and advancing medical science. Even if your role doesn't fit into any of those descriptions above, we live in an interconnected world - you have an impact. Let’s celebrate the incredible work we do and continue to strive for excellence in every role. Share your story—how does your work impact patient health? #HealthcareHeroes #BiotechImpact #PatientCare #EveryRoleCounts #HealthcareExcellence #Procurement #ProcurementSpecialist #STEM