Minimizing the Cost of Inventory by Gaining Real-Time Visibility into the Supply Chain with the Help of SpendEdge's Inventory Management System
SpendEdge, a well-known procurement intelligence solution provider, has announced the completion of their latest inventory management system for a pharmaceutical supplier.
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Inventory management system for a pharmaceutical supplier. (Graphic: Business Wire)
Factors such as aging population, changing lifestyles, and unhealthy eating habits are expected to escalate the growth of pharma companies. However, pharma 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 manner? Request a free proposal today!
SpendEdge’s inventory management system helped the client to:
- Minimize the cost of inventory and maximize the supply chain efficiency.
- 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
SpendEdge shares your passion for driving sourcing and procurement excellence. We are the preferred procurement market intelligence partner for 120+ Fortune 500 firms and other leading companies across numerous industries. Our strength lies in delivering robust, real-time procurement market intelligence reports and solutions. To know more, https://www.spendedge.com/request-free-proposal
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