I fixed my sink with a Hammer……. Now I need a new Sink.

Limit the stressful workarounds. Let’s use purpose-built tools.

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KEY TAKEAWAYS

• Real-time data keeps leaders from behind the eight ball. Stay ahead of your supply chains to make informed and proactive decisions.
• Fast quotes stops wasting precious time to make decisions. Ensure procurement teams secure products quickly to avoid disruptions.
• Supplier Diversification limits your vulnerabilities. Reduce risk and prevent supply chain bottlenecks.

 

In today’s complex environment, the effectiveness of supply chain managers hinges on leveraging the right tools, data and people. This is particularly critical during times of disruption and drug shortages, where access to accurate, real-time information can mean the difference between smooth operations or costly delays – innovation or stagnation – leadership or insignificance. Supply chain leaders need actionable insights to make decisions quickly, optimize sourcing, and navigate market complexities. Having the proper tools in place is essential for healthcare organizations to stay resilient and responsive to the challenges of today’s healthcare landscape

Stay Ahead

One of the most powerful tools for optimizing healthcare supply chains is Advanced Market Intelligence. Having access to real-time data allows leaders to see beyond the walls of your facility – stay ahead of supply shortages, demand surges, price fluctuations and vendor performance issues.

By staying informed, buyers are better equipped to react quickly to market changes, helping avoid costly delays. I’ve spoken to VP’s and Buyers who’ve said they wish they’d had this data earlier—getting ahead has saved them countless hours of scrambling when things go wrong.

As McKinsey notes, “Organizations outside the hospital’s walls—such as those that supply medical devices, pharmaceuticals, and services—often have better visibility into a health system’s spending and utilization than the system itself does.” [1]

By leveraging advanced market intelligence, leaders can better manage their supply chains, adapt quickly, and maintain uninterrupted patient care.

Speed makes the Difference

Time is our only currency.

Time is the fire in which we all….  You get it.

Time is always a critical factor, especially our world of healthcare supply chain. One of the most effective ways to streamline procurement is by reducing the time spent chasing quotes and information. Obtaining quotes quickly enables you to focus on more strategic, value-adding tasks instead of spending hours negotiating with multiple vendors.

Oh, and then chasing them for the product after placing an order. As Healthcare Procurement Solutions highlights, “If you get a great price that’s terrific, but if it doesn’t show up, does it really matter?”[2]

This reinforces the importance of not just securing the best price but ensuring timely and reliable product delivery. Let’s be real—speed matters when you have other things to do, but you’re tasked with looking for a hard-to-find drug or supply item. Nobody wants to wait hours for a quote.

Add Protection with Diversified Sourcing

Without question, one of the most effective strategies of strategic purchasing leaders to minimize risk is maintaining a diverse network of trusted suppliers. Transparent supply chains provide full visibility into sourcing and vendor performance, allowing leaders to make better-informed decisions.

A diversified vendor base ensures that procurement teams have multiple sourcing options, which is critical in times of disruption. The risk of relying on a single vendor or supplier network can lead to bottlenecks and vulnerabilities that disrupt the flow of essential products.

There are many AI, technology, and inventory strategies out there, but like most things, simplicity is often the most effective and cost-efficient.

However, not all investments in supply chain resilience deliver equal returns. As Tom Coleman notes, “Resilient supply chains can’t be achieved without robust investments, but not all spending has the same impact. More than half of the interviewees indicated that creating safety stock and maintaining idle production capacity can increase resilience but aren’t always cost-effective solutions. Supply chain investments should address the root cause of concrete issues, rather than perceived concerns with supply chain performance.”[3]

This underscores the importance of having a cohesive, well-managed supplier network that can respond quickly to changes in demand and market conditions.

Conclusion: Tools Are the Backbone of Resilience

Healthcare supply chains are more complex than ever, but with the right tools, data, and strategies in place, as VPs, Buyers and supply chain leaders, you can optimize your supply chain performance and stay resilient in the face of challenges. From real-time market intelligence to faster product quotes and diversified sourcing, these tools ensure that your supply chains remain agile and capable of meeting the demands of patient care. In my experience, tools and data are only half the battle. At the end of the day, it’s the people behind those tools who make the difference. Build a winning team.

What’s Next

In our next newsletter, we’ll focus on how to align technology with clinical teams to ensure smooth, resilient operations, emphasizing the human element in the healthcare supply chain. Stay tuned!

Explore Our Sources

We pride ourselves on bringing you a newsletter filled with relevant, sourced information. Feel free to check out and read more from the articles we’ve sourced.

1. Outside Visibility Matters
Optimizing health system supply chain performance
McKinsey & Company, August 23, 2022

2. The importance of procurement quality
Predictive Procurement: Overcoming Challenges in Health and Pharma
Arkestro,December 13, 2022

3. Not all resilience is cost effective.
Key Determinants For Resilient Health Care Supply Chains
Deloitte,  April 25, 2022