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Wednesday, September 17, 2014

To Improve Performance, Treat Your Supply Chain Like a Patient

posted by: Krysti Rede

In healthcare, we all know the importance of tracking patients’ health. It’s what new technologies like EHRs enable the industry to do: access data so clinicians can make intelligent decisions and guide better behavior.

So why not do the same with your supply chain? Accessing data (albeit supply chain metrics rather than patient info!) makes your organization smarter and more agile. And given growing medical supply costs and shrinking reimbursements, getting visibility into where and how to cut expenses is imperative.

With this in mind, we developed a new tool called GHX Compass, which provides on-demand access to key GHX metrics in one place. Interactive charts and graphs make it really easy to see how you’re doing in areas like PO and invoice growth, contract price match, and exceptions. The idea is that you always have visibility into performance (both yours and the GHX average) so you can set goals for your organization and track progress.

The below screenshot of the Compass dashboard shows how you can track GTV growth by channel, view year-over-year or period-by-period trending, and identify opportunities to increase electronic trading partners. In this example, a supplier can view a Purchase Order Acknowledgement turnaround timeframe to see how quickly he/she is responding to customer orders. This is important because providing timely electronic confirmations drives efficiency and makes it easier to catch discrepancies prior to invoicing or before the next order is placed.

GHX Compass is available now for pilot customers, and general availability is planned for October 1, 2014. Be sure to read the press release, visit the web site or contact me at krede@ghx.com if you have any questions or want more information about this new tool.