Supplier Relationship Management (SRM) programs have recently presented overwhelming evidence of their potential for a notable return on investment. Companies leading in SRM best practices see an average of 20x return on investment versus those who overlook the importance. As medical device manufacturers establish partnerships with device component vendors, building relationships is key in addressing quality, cost, and risk management.
On January 26-27, Source One served as key moderators in Q1 Production’s Medical Device Strategic Sourcing Conference. As the Chairperson for Day One’s activities, Joe Payne, Source One’s VP of Professional Services, presented each day’s discussion areas, including a panelist review of the value of supplier relationship management (SRM), a critical focus area for Source One.
On Day Two, William Dorn, Source One’s VP of Operations, facilitated conversation surrounding internal metrics to deliver optimal strategic sourcing performance specific to the medical device space. The discussion uncovered that although supplier pricing and external metrics are certainly a determinant of strategic sourcing success, there are a multitude of internal metrics that can be altered to bring optimal performance as well.
To learn more about managing supplier relationships and performance, or to gain access to resources to source medical device components or raw materials, contact Source One.