Strategic Sourcing for Medical Device Equipment & Medical Supplies Manufacturers
Source One can help medical device manufacturers reduce spend and increase savings through strategic sourcing. We provide the solutions for medical device & diagnostic organizations to drive innovation.
Medical device manufacturers and medical equipment manufacturers are under increasing competition from new low-cost manufacturers and must find ways to further reduce their costs of goods sold (COGS). Visibility into your organization’s spend and optimization of the supply base is key to navigating and obtaining your spend reduction goals. However, doing so requires additional strain on your already lean procurement and sourcing groups and often requires buy-in from your engineering and marketing departments.
That is where we can help. Source One has been providing strategic sourcing and procurement consulting services to medical device and diagnostics companies since 1992. We act as an extension of our clients’ teams, supplementing their time and expertise with experience, market intelligence, technology, processes, and people.
At Source One, we partner with medical device manufacturers to develop strategies that drive supply chain performance and value in order to ensure a competitive advantage. We help you implement proven end-to-end product lifecycle management (PLM) and total asset management (TAM) techniques. We understand the complexities and unique nature of the medical device industry, and leverage this market intelligence to build long-term strategic relationships.
- We adapt to your company’s culture, and work seamlessly with your stakeholders and key decision makers to analyze and implement purchase price variance (PPV) and Value Analysis/Value Engineering (VA/VE) cost reduction activities.
- We’re adept and experienced in navigating the engineering-led culture of medical device & equipment manufacturers. We can provide sourcing expertise for all levels of manufacturing from sub-assembly, to top-level assembly, to finished product builds.
- Our on-demand resource model is flexible and scalable, allowing us to ramp up or down depending on your needs and trends within the industry.
- We can offer full-scale sourcing services or can enhance segments of the sourcing process, from the data collection and supplier identification process to market assessment and contract negotiations.
Our strategic sourcing services for medical device companies cover direct materials in a variety of commodity groups:
- Direct Materials
- Assessment of Components and Suppliers – Source One will explore potential synergies within the incumbent supplier community to offload or enhance engineering and designing capabilities. We will develop a plan to continuously engage key suppliers to ensure access to new innovation, creating a competitive advantage for our client in the market place.
- Review of Locations and Offshoring/Nearshoring Opportunity – We will evaluate current supply chain and sourcing processes, and document minimum quality standards and capacity specifications that alternative suppliers must comply with. Source One can provide the insight and skills to navigate cultural and technical barriers when evaluating outside countries for resources, if fitting.
- Identification of Opportunities for Consolidation and Alternative Premier Suppliers – Source One will explore opportunities for supplier consolidation within the existing supply base. We will also evaluate other sources of manufacturers who provide cost efficiencies and value adds.
- Needs, Processes & Procedures Assessment – Source One will identify where opportunities exist to improve processes and SOPs by evaluating make versus buy decisions. We will also generate an understanding of current and desired levels of performance and KPIs.
- Commodity Groups
- Computers and Power Supplies
- Accessory Kitting
- Pumps and Assemblies
- Pipes, Valves, and Fittings
Source One is the ideal consultant for medical device companies looking to cut spend and maintain their competitive edge. Our strategic sourcing experts can provide the insight and processes to help companies in the medical device manufacturing industry optimize your supply chain, increase supplier value, and reduce costs.
Contact us today to learn more about how we can help your company.
Direct Materials Strategic Sourcing
We realize the importance of maintaining value while pursuing spend reduction, and evaluating direct materials suppliers on in-depth scales to ensure clients’ needs are met during an engagement.
With experience in sourcing just about every spend category, Source One understands the best approaches to every step of a thorough strategic sourcing process, from identifying suppliers to the RFP process, contracting, and kickoff.
Direct Materials Sourcing
Strategic Sourcing for Manufacturers
Remaining competitive as a manufacturer can involve a variety of strategies such as nearshoring or low cost country manufacturing.
With the current state of socio political unrest in several foreign countries, it requires experience to effectively navigate a global partnership to identify quality direct material suppliers for a reasonable price point. Source One has established and nurtured relationships with reliable low cost suppliers and frequently connects clients with our wide network of resources while guiding the complicated process. Let Source One help you gain a competitive edge through our unique approaches to strategic sourcing.