SpendEdge, a well-known procurement intelligence solution provider, has announced the completion of their latest inventory management study for a medical equipment manufacturer.
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Inventory management study for a medical equipment manufacturer. (Graphic: Business Wire)
With the introduction of new standards and regulations, reimbursement rules have become more complex for medical equipmentmanufacturers, resulting in an increasingly competitive market scenario. They are facing enhanced cost pressures due to the existing consigned model of medical equipment sales that results in expensive excess inventory. Moreover, the growing expense on medical devices and surgical equipment are considered to be a cost driver for limited budget hospitals due to the high costs associated with their procurement. They have to address challenges related to product quality, regulatory compliance, and data security among several others and find out methods to optimize logistics and increase profits for the medical equipment industry. They also have to streamline their supply chain, gain control of inventory, enhance medical equipment sales, and improve their bottom line to keep pace with the rising market demand.
According to the procurement experts at SpendEdge, “A good inventory management system plays a crucial role in increasing the overall efficiency and productivity and enhancing medical equipment sales for medical devices manufacturers by reducing the liabilities and losses created by overstock."
The Business Problem: The client is a leading global medical equipment manufacturer with an annual turnover of over US $17 billion. Despite having a notable share in the market, the client was finding it difficult to retain their customers due to inventory issues, such as frequent backorders. This forced them to leverage SpendEdge’s inventory management strategy to drive cost and efficiency improvements in their manufacturing supply chain. They wanted to create an efficient inventory control system that tracks the products the company has in stock and also forecasts how long the medical devices supplies will last based on sales activities. They also aimed at increasing their medical equipment sales, reducing raw material expenses, and better manage packaging material inventories in their distribution centers.
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The Solution Offered: The SpendEdge’s team of experts helped the client to analyze the customer behavior and gain insights into the buying patterns, seasonal demand, and location-based factors. This helped them to understand customer requirements and manage inventory better. Moreover, the inventory management solution minimized the cost of inventory and enhanced medical equipment sales by segmenting products based on customers’ demands. Our inventory management solution also resulted in better supply chain efficiency and helped develop a more organized warehouse by improving the accuracy of inventory orders. Also, it reduced liabilities and losses created by overstocks and streamlined operations across the supply chain network.
Inaccurate estimation of supplies can often result in inventory issues and drive customers to other suppliers. Request a free proposal and know how inventory management solutions can address this issue and increase medical equipment sales.
SpendEdge’s inventory management system helped the client to:
SpendEdge’s inventory management system also offered predictive insights on:
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