Integrated Supply Chain For the Medical Device Manufacturing Industry
There is a reason why some of the largest medical device manufacturers have engaged us to deliver integrated supply chain services.
Whether it’s inadequate sourcing, long lead times, or wrong or missing parts, companies turn to Synovos and our integrated supply chain services to find the solution and produce savings.
How Do We Help These Industries?
Our integrated supply chain services deliver value through:
- Strategic sourcing
- Master data management
- Storeroom operations
- Logistics and equipment reliability
Our programs enable manufacturers to maintain production while reducing material costs and improving maintenance effectiveness. We also adhere to the regulatory and quality standards each client location requires, whether through the U.S. Food & Drug Administration (FDA), the European Union’s Medical Device Regulation (MDR), or elsewhere.
We partner with our medical device manufacturing clients in identifying critical spares, assessing risk related to those spares, introducing continuous improvement initiatives, and developing a comprehensive strategic plan. Our programs are customized to meet the client’s GMP standards, including supply consistency and product tracing.
We leverage a $500 million managed MRO spend to develop strong supplier relationships that reduce material costs and improve inventory accuracy.
The Advantage of Leaving Your MRO Up to Us
We strive to:
- Introduce MRO supply chain planning
- Improve visibility to parts availability and process
- Lower total transactions and associated costs
- Deliver 10-15% material savings over the course of our contracts
In the end, our programs consistently deliver 25-30% total-cost-of-ownership savings over the length of our engagement.
See Us In Action
Manufacturing MRO Case Study
Our large manufacturing client had issues tracking their inventory, leading to many duplicate and unneeded SKUs. They were wasting money and time with poor inventory control and procurement. We stepped in and found four of the same product under different brand names! The issue exposed process efficiencies that were clearly costing the client money. We were prepared to fix their inventory management practices and address the data issues at the root of the problem.
We implemented a data program to locate all their duplicate inventory and analyze their purchasing history. With this data, we were able to equip them with the correct procurement strategies to avoid purchasing duplicate products and optimize their future purchasing programs.
We contributed to a reduction in overall inventory by more than 30% over 3 years, roughly $2 million in savings.
Want more? Read our additional manufacturing Case Study.