The client: Medical devices manufacturer
Area of engagement: Demand and supply planning
In the current healthcare environment, delivering value to the patients becomes a major concern for the organizations. The medical devices industry is shifting from an input-based approach to a value-based approach to improve the health outcomes and meet the growing demand for promising healthcare solutions. Despite the political uncertainties, companies in the medical devices industry are restructuring their health policies and initiatives to create a better value proposition by offering innovative products and solutions. The growth of the medical devices industry can be attributed to factors such as the aging population, the proliferation of chronic diseases, and increasing emphasis on care and treatment.
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Although the relative entry of global players is promoting the growth of the medical devices space, additional factors that are promising the growth of the industry over the years include:
- Ensuring product quality: Since the medical devices space is witnessing relentless competition, leading manufacturers must offer top-notch quality devices to avoid product recalls. For a medical device manufacturer, a product recall can negatively impact the brand’s reputation and the company’s overall ROI. It becomes essential for organizations to ensure safety, security, and reliability to retain their position in the marketplace.
- Localization of medical devices: In the emerging economies, local medical devices manufacturers are more successful as compared to their international counterparts. So, leading organizations should indulge in effective market research to identify the potential gaps to meet the business requirements of the local populace.
To overcome the burgeoning cost of product development and efficiently bridge the demand-supply gap, prominent organizations are leveraging demand and supply planning solutions. Demand and supply planning helps businesses forecast the demand and accordingly align their inventory levels to enhance profitability.
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The Business Challenge
The client, a renowned medical devices manufacturer, wanted to understand the historical sales data and determine the best possible ways to fulfill the requirements of the target audience. The medical devices manufacturer wanted to balance the supply and demand to improve their finance and service objectives. With the help of Quantzig’s demand and supply planning solution, the client wanted to adapt to the increasing demand volatility and address issues pertaining to operational inefficiencies and missed opportunities.
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The Solution Benefit and the Business Impact
The demand and supply planning solution offered by Quantzig helped the medical devices manufacturer to re-align their supply chain and fulfill the demand of the end-user segments. The analysts also sought ways for the client to predict future demand patterns and respond more nimbly to the changing customer needs. The demand and supply planning solution also assisted the medical devices client to develop higher values for both companies and customers.
The Demand and Supply Planning Solution Predictive Insights
The demand and supply planning solution offered by Quantzig helped the medical devices manufacturer efficiently sense and respond to the current market demand. The medical devices manufacturer was also able to serve each customer better and improve customer relationships. The client was also able to adopt technological solutions to improve their operational efficiency.