The underlying things going on in your supply chain, that you just can’t see without looking at the data, are where opportunities exist to move the needle. Everything may look good on the surface — you're automated from procure to invoice and following up on exceptions, have contracts loaded, etc. — but when you look deeper you get a different picture. This is your tuning point, when you move from “Everything is great” to “Uh-oh not so great — we’ve got problems” to “I don’t know where to even begin.”
How do you get the wheels turning? Where do you direct your focus?
Is your business strategy based more on gut feeling or a commitment to forecasting, formulating sales plans and making decisions based on objective data points? If your business leans more toward the first category, there should be an urgency to move to a more data driven strategy. The role of big data to direct strategic decision making has been likened to the early adopters of computing, with forward thinking organizations seeing the biggest returns and the laggards spending years trying to catch up.
The GHX Best 50 is comprised of North American provider organizations that score highest in automation of transactions with their trading partners, Exchange utilization and trading partner connections during a calendar year. We recently surveyed this group of high performers to gauge their perceptions of their healthcare supply chain priorities and outcomes for 2017.
Healthcare manufacturers are asking the questions – Where do we go next? What’s happening in the market? Are there unidentified growth opportunities? The right data helps you answer those questions and evaluate sales performance in order to get ahead. We took a look at how one of our medical products manufacturing companies is using GHX Market Intelligence to fuel growth.
Following is a brief overview of how one medical products manufacturing company fueled market growth using GHX Market Intelligence
As my friends know (and my poor husband must deal with), I am currently studying statistics in grad school. In the midst of the occasional (okay not always so occasional) challenge of a new theorem or mathematical formula, I have gained a new appreciation for the concept of uncertainty, which is what statistically significant research tries to reduce, while recognizing that it can never be completely eliminated.
There are three things a market-driven healthcare manufacturer absolutely needs in order to be effective at driving product strategy and growth. It goes without saying that these organizations have such foundational elements as a clearly stated vision, mission and strategy, as well as a healthy corporate culture which embodies collaboration, communication and trust. Once those elements are established, in 2016, the big three are the technology tools, processes, and drumroll, data!
I’ve been thinking a lot about this topic lately, in light of last month’s achievement of our strategic goal to take $5 billion out of the cost of healthcare in 5 years and in anticipation of discussions about Lora Cecere’s new book- Metrics that Matter – and her firm’s Supply Chain Index at the Supply Chain Insights’ Global Summit being held this week in Phoenix. Check out her research on the Supply Chain Index for healthcare in this prior post. And watch for additional posts from the Global Summit this week.
I made my plane reservations yesterday for Supply Chain Insights’ 2nd annual Global Summit being held in Phoenix, September 10 and 11, and I hope to see some of you there as well. At last year’s event, Annette Pummell, RN, (then the chair of AHRMM, the supply chain organization for the American Hospital Association) and I had the pleasure to be on a panel with Vincent Pizziconi, Ph.D., a bioengineering professor at Arizona State University who works on 3-D printing in healthcare. Just imagine how the discussion of the healthcare supply chain changed when Professor Pizziconi literally pulled out a prototype 3-D printed hip from his pocket. As we continue to struggle with unique device identification (UDI) for medical products or automate the highly manual implantable device supply chain (both highly valuable initiatives that GHX and its network are actively involved in), we must remember to take a break from the immediate tasks at hand and “Imagine the Supply Chain of the Future,” which is the theme for this year’s Global Summit. After all, what would it mean to things like UDI and implantable devices if those replacements parts are made to order, using the patient’s own cells, at the facility where the surgery is performed.