Lab Procurement Services partners with Proacure Corp
LPS has formed a strategic partnership with Proacure Corp.
Proacure's President, Sanjay Agarwal says:
“We are a rare and unique mid-size strategic sourcing managed services and analytics company. The best-shore model with US based experts to help clients on-site and heavy lifting by India team not only saves on cost by 66.67% minimum but also makes the cycle time faster by 300%.
Proacure provides a proof of concept or pilot, usually at a zero-cost basis. If a client has a requirement and goes for our POC, it gets to know about our world-class quality, data safeguards and governance standards and anthropological approach to collaboration and communication. We have 100% "
LPS was the first to bring business process outsourcing (BPO) targeted to the laboratory market. LPS extensive expertise is relied on daily by a broad array of clients of all sizes and in multiple markets.
One particular area of concern for larger organizations that have contracts in place with large laboratory suppliers is contract compliance. Many contracts in place today have some form of guaranteed cost savings. The challenge is that companies must rely on the vendor to produce and analyze the data that determines if the cost savings targets are being met. Not coincidentally, it is rarely if ever determined by the company that they are not meeting the targets. Having an independent third party analyze and review all data pertaining to contract compliance not only provides peace of mind but can potentially pay for itself many times over.
Another area where LPS and Proacure can help is in the preparation of RFP’s. Most major RFP’s that cover portfolios that may exceed two million SKU’s is in constructing a meaningful market basket. Because the data often resides with the incumbent vendor who is frequently the one who creates the market basket. Given this, it’s nearly impossible to tilt the scales in favor of the incumbent vendor. Without competition, prices go in one direction and incentives are seldom offered. By using LPS and Proacure to analyze the data and prepare the market basket as well as evaluating the results of the bids, our clients save dramatically as a result of bidders who realize that competition has returned and that a team of experts has been involved both before and after the bid to assist procurement teams deal with a very complex commodity.
The LPS – Proacure value proposition – We have the knowledge and expertise to convert your data into the knowledge you need to make the right decision to manage your lab.
Here a sampling of Proacure’s capabilities:
We help you with market intelligence, supplier marketplace and technological developments with all the strategic inputs that would help you go ahead in a few days time.
We leverage natural language processing to analyze your contracts. We also help you mitigate supplier risk through machine learning and artificial intelligence.
Reactive to Proactive procurement
Enable your category leads and sourcing managers to prioritize on strategic functions and we become their trusted back-end support.
Find savings in your procurement cycle and reduce the total cost of ownership with Proacure’s Spend Analysis.
What does this mean to your organization?
Procurement Innovation to Improve Your Supply Chain
Innovate with your supplier
Instead of cost cutting as the organization’s main focus in procurement, firms are moving towards supplier inclusion and relationship building to innovate with the supplier.
A couple of large companies are also acquiring and buying out their suppliers to ensure consistent information flow, ease of collaboration and mitigate supply chain risk.
Supplier diversity has become crucial to organizations. This is met by selecting suppliers based on minority, ethnicity, gender criteria.
Procurement Analytics for savings
Companies can utilize social media feeds and business network data to conduct demand forecasting and procurement analytics to optimize inventory and increase efficiency in the supply chain.
Procurement to pay analytics will provide real-time insights into invoice approval status to effectively manage cash flow and working capital.
Organizations can also factor in PEST (Political, economic, social and technological) factors to predict risk associated with the supply chain. They can then mitigate the risk by planning according and having a dual-sourcing supply strategy.
Analyzing performance ratings and choosing which suppliers to partner with in the long run will also lead to innovations in the supply chain.
Finally, with procurement analytics, companies can combine real time data and past data to predict stock outs and appropriately order replenishments on time.
These are a few examples of how procurement analytics can help in creating an efficient supply chain, but an organization can go beyond this to achieve further savings.
Optimize by realizing what your customer values
What do customers truly value?
Organizations have to optimize their spend by understanding customer needs and spending accordingly.
This is a key part of innovating your procurement process and hence your supply chain.
Start by building a system that enables you to understand specific customer requirements.
Next, gather the required information needed to solve the specific problem or requirement.
Come to conclusions on how one can solve the problem and execute the measurements needed to be taken.
Finally, review the complete process to improve your system in the future.
Hence, one has to start by identifying specific business problems. This approach is sometimes referred to as Smart Data.