A Successful Medical Device Strategic Sourcing Conference

This Monday and Tuesday, Source One served as key presenters and participants in Q1 Production’s Medical Device Strategic Sourcing Conference. The first-ever of its kind, the conference was a huge success – providing a forum for industry leaders and experts to collaborate and share best practices in the strategic implementation of cost modeling, supplier transparency, and regulatory compliance.

Serving as the Chairperson for Day One, Source One’s Vice President of Professional Services, Joe Payne, provided opening remarks and introduced each of the day’s discussion topics. Of particular note was the first topic: “Defining the Strategic Side of Sourcing: What Does it Really Mean?” – a core function and area of passion for the Source One team.

Also on Day One, Joe Payne served as the discussion moderator while industry expert panelists reviewed the value of supplier relationship management (SRM), another critical focus area for Source One. Supplier Relationship Management (SRM) programs have recently presented overwhelming evidence that firms who invest in these outlets achieve a significant ROI. In fact, companies considered to be leaders in SRM best practices see an average of 20x return on investment versus those who overlook the importance of this strategy.  Adopting the best SRM practices possible for your organization can yield a significant return. As medical device organizations establish partnerships with device component vendors, building relationships is key in addressing quality, cost, and risk concerns. This discussion was effective in providing ideas to help firms achieve maximum value from their existing supplier relationships that benefit core business activity.

On Day Two, Source One’s Vice President of Operations, William Dorn, facilitated conversation surrounding internal metrics to deliver optimal strategic sourcing performance in the medical device space. This is an area in all industries that has been gaining a ton of focus. Source One’s Vice President of Professional Services, Joe Payne, participated in this panel as well among two respected industry colleagues. The discussion revealed that although supplier pricing and external metrics are certainly a determinant of strategic sourcing success, there are a multitude of internal metrics that can be shaped to deliver optimal performance in the medical device space.

Throughout the conference, Dorn manned Source One’s exhibition booth as attendees stopped by to share their best practices and learn more about the benefits of hiring a procurement services provider (PSP). Dorn noted, “This was a fantastic opportunity to collaborate with respected industry leaders in this rapidly expanding market. Everyone benefited from a greater understanding of the various levels of sophistication in procurement operations – from the relatively small and simple to the very large and complex.  There is no one-size-fits-all solution; every organization must partner with suppliers and service providers who meet their particular needs and help them achieve sustainable growth – especially in this life-saving industry.”

If you are interested in discussing any of these topics with Source One to improve your medical device sourcing process, look no further. If you’d like to get in contact with our team, please reach out to myself, Heather Grossmuller, at hgrossmuller@sourceoneinc.com and we’d be happy to schedule a meeting. To learn more about Source One’s medical device sourcing capabilities, visit our webpage today.

Photo courtesy of: www.bbb.org