Benefits of Supplier Collaboration in Business Development
Industry-wide, companies of all sizes are discovering one of the most effective tools in business growth—collaboration. Gartner Research Group findings cite that collaborative capabilities have allowed top patient care organizations to make great strides in enabling high-quality care at optimal economic cost.
But the news doesn’t end there. Gartner further elaborates with real-life example Boston Scientific, which even as it struggled to improve its bottom line in recent years, has made strides as one of the few medical device manufacturers committed to collaborating with its trading partners. Furthermore, experts predict that medical device manufacturers have reached a supply chain plateau, which ultimately threatens to negatively affect their business.
Additional studies have identified the potential of medical device manufacturers to form close collaborative ties with industry (suppliers) as essential elements to meeting healthcare challenges. When organizations work together, they augment solutions for customers to create more comprehensive offerings.
Customers (in this case, medical device manufacturers) benefit from an end-to end solution by saving the time and costs associated with the sourcing process. They also avoid the problems that commonly ensue when multiple solutions fail to interact properly to produce the desired end result. An informal partnership between vendors offering complementary products or services forms the basis of a supply chain, which customers can utilize and build upon to create a more end-to-end offering upstream.
Particularly in the medical industry, where traceability is so important, collaboration among companies to offer a comprehensive solution creates a competitive advantage for proactive businesses looking for progressive solutions.