The current healthcare industry is witnessing the shift to a more value-based approach to eradicate life-threatening diseases and improve the quality of healthcare services being offered. Also with the rising political uncertainties and sluggish economic outlook, businesses in the medical devices space are becoming concerned about promising better healthcare services to meet the unique market requirements. In the medical devices space, companies are focusing on reducing healthcare expenditure and dealing with the increasing market competition to create the value proposition for the customers. Furthermore, to improve healthcare outcomes, businesses are facing the need for supply and demand forecasting as a part of their business strategy. In this competitive healthcare landscape, supply and demand forecasting helps companies determine the future needs of the customers and refine their existing business models through innovations.
To predict the rising demand and maintain adequate inventory levels, leading firms in the medical devices sector are approaching renowned solution providers like Quantzig. Quantzig’s supply and demand forecasting solution is fine-tuned to keep companies updated on the healthcare requirements and control supply chain costs. Moreover, the solution assists leading medical manufacturing clients to measure the supply chain performance in an end-to-end manner.
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The Business Challenge
A leading medical devices manufacturer with a considerable number of manufacturing units spread across the APAC wanted to reduce the need for on-hand inventory and effectively aggregate patient data to predict demand for the devices. The client wanted to tap information about refining the existing management process and redefine the technologies in the medical devices space. Moreover, the client wanted to leverage supply and demand forecasting to gain adequate insights into the supply chain efficiency to further improve patient safety. The primary concern of the client was to offer a more favorable clinical outcome to the customers while keeping an account of the ROI.
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Benefits of Supply and Demand Forecasting
With the help of Quantzig, the client was able to effectively manage the supply chain activity; right from the manufacturing stage to the delivery of the finished products. Moreover, with the relentless growth in the demand for healthcare products, the engagement helped the client improve their inventory management levels and forecast the need for products at an early stage. The engagement further assisted the client in tracking diagnoses, medical events, and patient satisfaction levels and the product preferences.
Additional Benefits Offered by Quantzig Include:
- Accurately forecasted the demand for medical devices among the hospital segments
- Gained better insights into the supply chain management and inventory levels
- Combined purchased orders, standardized products, and improved contract compliance