LONDON–(BUSINESS WIRE)–lt;a href=”https://twitter.com/hashtag/Healthcare?src=hash” target=”_blank”gt;#Healthcarelt;/agt;–SpendEdge, a well-known procurement intelligence solution provider, has
announced the completion of their latest inventory
management system for a pharmaceutical supplier.
Factors such as aging population, changing lifestyles, and unhealthy
eating habits are expected to escalate the growth of pharma companies.
companies and pharmaceutical suppliers have to invest in R&D to
gauge the rising market opportunities. They will have to address a
plethora of challenges such as policy reforms in the healthcare industry,
rising customer expectations, and inventory management issues
that can negatively impact productivity and patient experience. Such
factors directly impact pharma companies and pharmaceutical
suppliers and compel them to devise cost-effective new therapies
that are clinically and economic better than their alternatives.
Moreover, they will also have to ensure that their inventory
management system effectively tracks their stocks manually
and determines points and quantities.
According to the procurement experts at SpendEdge, “Pharmaceutical
suppliers and pharma companies need to leverage inventory
management solutions as they are crucial for controlling and
overseeing ordering inventory, storage of inventory, controlling the
amount of products for sale, and providing monetary benefits.”
The Business Problem: The client is
one of the leading pharmaceutical suppliers with offices spread across
the globe. They wanted to keep track of their inventory system and
balance the risks associated with inventory gluts and shortages to
sustain their revenues and high profit margins. This required them to
gain better visibility into their supply chain management system
and manage the right amount of stock level to fulfil customers’ demand.
Moreover, they wanted to leverage inventory management solutions
to reorder their supplies to meet the minimum levels and provide a
measure of control over the inventory management system.
Inefficient inventory management can result in drug shortages due
to lack of inventory visibility and can negatively impact productivity
of pharmaceutical suppliers. To know how you can manage inventory
efficiently and reduce lead times by 50%, Talk
to our experts.
The Solution Offered: The
SpendEdge’s team of experts helped the pharmaceutical suppliers
gain the necessary insights to help them analyze customers’ behavior,
buying patterns, seasonal demand, and location-based factors. The inventory
management system offered provided the pharmaceutical suppliers with
a clear understanding of customers’ requirements to avoid out-of-stock
issues. This helped the company minimize the cost of inventory while
maximizing supply chain efficiency in a timely manner. The inventory
management solutions also aided in product segmentation for the pharmaceutical
suppliers and helped them range their products from high-value,
moderate-value, and low-value. The improvised inventory management
system also enhanced the client’s relationship with their suppliers
and offered them real-time visibility into the inventory in terms of the
orders and vendors.
Are you willing to know how pharma companies are minimizing the
cost of inventory while maximizing supply chain efficiency in a timely
a free proposal today!
SpendEdge’s inventory management system helped
the client to:
Minimize the cost of inventory and maximize the supply chain
- Segment the products based on customer demands.
Having the right amount of inventory is crucial for businesses to
increase inventory turnover? Request
a free demo and see how our inventory management system can
optimize the value of goods by keeping fewer slow-moving products on
hand while increasing your stock levels on profitable goods.
SpendEdge’s inventory management system also
offered predictive insights on:
- Analyzing trends in sales and supply chains.
Gaining real-time visibility into the inventory in terms of the
orders, and vendors.
- Read the complete article to know more: https://www.spendedge.com/casestudy/inventory-management-pharmaceutical-industry
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