The client – A renowned medical equipment manufacturer
Area of engagement – Supply chain visibility
Despite the global uncertainties and sluggish economic growth, the demand for medical equipment has witnessed considerable growth – owing to the increase in GDP, government support, and an increase in per capita income. With the rising government effort to increase medical coverage, the companies in the medical equipment industry are focusing on investing in innovations to reduce healthcare spending and improve healthcare efficiency. Although technological innovations are driving the growth of the medical equipment industry, the industry is expected to face certain challenges, which include:
- Ensuring product quality: In the healthcare industry, medical equipment manufacturers should offer top-notch quality products to avoid issues related to product recalls. For a medical equipment manufacturer, product recalls can have a negative impact on the brand reputation and the overall company’s bottom-line performance. So, to counter these challenges, medical equipment manufacturers should ensure product safety and security in their product offerings.
- Cost of product development: As regulations become stringent, the cost of production increases, making it essential for the manufacturers to invest heavily in research and development. Besides technology, medical service providers should evaluate new ways to offer and market their products to improve sales.
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To counter these challenges and improve the efficiency of their supply chain, organizations are utilizing supply chain visibility solutions. In the medical equipment manufacturing space, gaining supply chain visibility can help manufacturers achieve better transparency into the supply chain right from the adherence to regulations to on-time delivery of the products. In addition, improving supply chain visibility also helps medical equipment manufacturers gain accurate and real-time insights into the inventory levels.
The Business Challenge
The client, a renowned medical equipment manufacturer, wanted to reduce their lead times and improve the supply chain efficiency. With the help of our supply chain visibility solution, the medical equipment manufacturer wanted to orchestrate the end-to-end supply chain from suppliers to the customers. The primary objective of the client was to improve the supply-demand balancing to meet the surges in demand efficiently. In addition, the medical equipment manufacturer wanted to streamline their supply chain process and reduce business and supply chain risks.
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The Solution Benefits and the Business Impact
The supply chain visibility solution offered by Quantzig assisted the medical equipment manufacturer to improve lead times and enhance their business performance. The engagement helped the medical equipment manufacturer identify shortages and eradicate problems in the supply chain. The supply chain visibility solution also offered granular insights into the medical equipment manufacturing space in terms of the true cost of products. Additionally, the medical equipment manufacturer was able to effectively respond to production bottlenecks while improving agility in the supply chain operations.
Supply Chain Visibility Solution Predictive Insights
Quantzig’s engagement helped the medical equipment manufacturer acquire real-time and precise information regarding the stocks, orders, and deliveries. The medical equipment manufacturer was able to reduce lead times and improve their competitiveness in the market. The engagement also offered more consistency in identifying SKUs, measuring units, and enforcing timelines. The medical equipment manufacturer was able to handle the materials, inventory, and transportation better.