15% Reduction in Procurement Costs Achieved Using a Pharma Supplier Evaluation Framework | Request a Proposal for More Engagement Insights | Quantzig

LONDON–(BUSINESS WIRE)–#Quantzig–Quantzig, a premier data analytics and advisory firm that delivers actionable analytics solutions to resolve complex business problems, has announced the completion of its recent supplier performance evaluation engagement. This success story sheds light on the ways to reduce procurement costs and enhance business efficiency in a highly competitive and rapidly changing environment like the pharmaceutical sector.

Are you worried about the rising costs of pharma procurement? Request a FREE proposal to know how we can help you to curtail the procurement cost.

Pharma businesses with a global footprint, find it cumbersome to manage a supplier base and corresponding sets of varying business rules. It is critical to have a robust supplier evaluation plan for internal and external accountability and justification for a continuing supplier and buyer relationship. Measuring and evaluating suppliers’ performance is paramount to achieving a reduction in costs, increasing process efficiency, and improving business performance. Thus supplier evolution analytics help prevent product issues and post-payment defects and drive improvements in the supply chain. Read the complete article for comprehensive insights:

Establishing supplier performance indicators in a pharma setup can be cumbersome and has factors that are responsible for public health. Contact our analytics experts to identify the key performing factors of supplier performance in the pharma industry.

�Supplier performance evaluation, when done in the right manner, through the optimum combination of people, processes, and technology, helps in identifying performance gaps and devising strategies to bridge the gaps,” says a supply chain expert at Quantzig.

The Business Problem: The client is a major pharmaceutical player in the Asian market. The pharma client wanted to leverage Quantzig’s supplier evaluation analytics solutions to identify the areas of improvement in its procurement process. This Asian pharmaceutical client was looking forward to measuring and monitoring the performance of their suppliers.

Book a FREE solution demo to learn more about how you can identify the bottlenecks on your supplier performance management process and improve your supplier management process by leveraging our supplier evaluation analytics solutions.

The Solution Offered: To help the client with the challenges they were facing, our supplier evolution analytics experts developed an analytical hierarchy process (AHP) and grey relational analysis (GRA) model. These AHP and GRA models were followed by vendor scorecards to act as a decision support system for evaluation of the performance of the suppliers.

Quantzig’s supply chain analytics solutions also helped the client to:

• Achieve a 15% reduction in procurement costs
• Develop new schemes for its underperforming suppliers

About Quantzig

Quantzig is a global analytics and advisory firm with offices in the US, UK, Canada, China, and India. For more than 15 years, we have assisted our clients across the globe with end-to-end data modeling capabilities to leverage analytics for prudent decision making. Today, our firm consists of 120+ clients, including 45 Fortune 500 companies. For more information on our engagement policies and pricing plans, visit: https://www.quantzig.com/request-for-proposal

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