LONDON–(BUSINESS WIRE)–SpendEdge, a leading provider of procurement market intelligence solutions, has announced the completion of their latest article on the strategic sourcing best practices for healthcare companies.
Although, strategic sourcing has been referred to functions involved in the procurement process by healthcare companies, it is more about improving sourcing options. Companies must devise new healthcare models to improve spend management and service quality. Adopting strategic sourcing best practices can be an effective way to lower costs and optimize sourcing strategies rather than simply analyzing cost-effective suppliers.
At SpendEdge, we understand that strategic sourcing is beyond just investigating, bidding and negotiating with new suppliers. Therefore, we have highlighted strategic sourcing best practices for healthcare companies.
Strategic Sourcing Best Practices for Healthcare Companies
Create a portfolio of strategic alliances
Companies have to consider local or regional regulations while associating with procurement groups. For instance, the EU has certain norms for its members that restrict them to tender contracts below a certain amount. Expanding purchasing and logistics efforts and developing internal capabilities can help companies capture a range of new savings opportunities.
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Identify technology that works for you
Adopting new technologies and processes is vital for healthcare companies to sustain in the new decade. They must scan the horizon for new technology to meet new regulations, enhance the speed of the production process, and obtain end-to-end visibility across all parties in the supply chain. This can improve the sourcing process, reduce inventory costs, and minimize delivery times. To know how established companies are improving their strategic sourcing process, get in touch with our experts now!
Shift contracts under the supply chain function
Procurement teams often fail to communicate contract terms and monitor contract compliance, thereby making it difficult for organizations to realize savings negotiated during the sourcing process. Shifting the responsibility of contract management to supply chain organizations can help healthcare companies to leverage spend in the area of services.
To gain more insights into the strategic sourcing best practices for healthcare companies, read the complete article here!
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