Global economic growth, innovations, and the growing need for healthcare are set to expand the horizons for the medical devices industry. However, companies need to shift their supply chain priorities and better
According to the procurement experts at SpendEdge, “It is crucial for medical devices companies to constantly monitor the suppliers’ actions and category management processes to advance risk management strategies and keep track of annual revenues and credit scores.”
The Business Problem
The client is a well-known medical devices company with total revenue of $20 billion. Despite being a leading manufacturer of medical devices, laboratory instruments, and diagnostic products in the market, the company was facing financial losses due to the hidden costs of medical devices. This compelled the client to leverage SpendEdge’s spend analysis solutions and optimize their spend areas. Moreover, recent regulatory and production-related complexities were forcing the client to control their supply chains and manage their tail spend. They also wanted to identify and automate strategic sourcing and procurement functions to increase their process efficiency.
Evaluating historical purchases and compiling supplier data can help companies identify cost-saving opportunities.
The Solution Offered
To address the needs of the company, spend analysis specialists at
Inaccurate pricing of products often causes huge financial losses for the companies in the medical devices industry.
SpendEdge’s spend analysis solutions helped the client to:
- Reduce prices of high quantity products.
- Obtain real-time insights into the company’s procurement activities and expenditures.
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