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Five Ways Health Care Supply Chains Can Leverage Technology to Respond to Global Supply Turbulence

With the rapid spread of COVID-19, we need to protect our nurses with the proper Personal Protective Equipment. Now more than ever, an effective healthcare supply chain is desperately needed. As the response to the pandemic is beginning to stabilize, the strategic sourcing models shift from managing savings to consistent supply of PPE. Nurses can expect their hospital’s strategic sourcing teams to work tirelessly, assuring adequate supply post-COVID-19.

What Can You Do to be Prepared?

In celebration of National Nurses Day, here are five ways that health care supply chains can leverage technology to diversify their supplier database. These strategies help your team rapidly respond to global supply issues, eliminating the shortage of necessary supplies to keep our nurses safe at all times.

  1. Par Level Management Tools

    Using smart par level management tools that are either Radio-Frequency Identification (RFID) or tare weight enabled assures that your purchasing department has the demand data before the item is off your shelves. RFID tracking allows you to track the movement of high importance items like ventilators and infusion pumps, and their utilization within your facility. This level of transparency ensures you never misplace a critical care item or worry about timely replacement.

  2. E-Sourcing or Sourcing Enablement Tools

    Allow the Request for Proposal (RFP) process to be streamlined so your team can procure pricing and goods in days rather than weeks. It is essential to give your suppliers an easily accessible way to join your supplier database and participate in your sourcing opportunities. Having more options for your strategic sourcing events helps prevent potential shortages, increases competitiveness, and helps create back-up supply plans in case your initial award decision falls through.

  3. Benchmarking

    Leveraging e-benchmarking tools like MDBuyline and MedPricer can rapidly increase the speed at which market pricing is determined. This allows sourcing groups to make sure you are not purchasing at an inflated price. Benchmarking properly equips your sourcing team to enter a negotiation on a more level playing field. In an area where suppliers have more cost information than buyers, having this data at the outset is critical.

  4. Census Analytics

    Utilizing new and emerging technology to assess and predict patient demand and patient census allows health care supply chains to source adequate PPE with accurate inventory and easy-to-access contracts. The predictive power of census analytics tools reduces overhead costs associated with storing and managing abundant excess supply that otherwise could have been avoided.

  5. Online Group Purchasing Organization (GPO) Marketplaces

    Prevent lengthy negotiations by using websites like Stockd and other online resources to offer at-a-glance pricing on PPE with accurate inventory and easy-to-access contracts. Aside from the reduced time spent on negotiations, the economies of scale unlocked by GPOs mean favorable pricing for member buyers.

These are just a few ways to leverage technology to improve the health and well being of your health care supply chain. We know that economic changes in the market post-COVID-19 will be met with speed through the rapid adoption of digital transformation in essential departments and functions. The organizations which position themselves to leverage technology will be best positioned to weather this market volatility. Amid the last financial crisis, Uber, Lyft, Airbnb, and other such companies emerged to offer new solutions to address new problems. The response by the health care industry over the following quarters will be worth keeping an eye on.

To see if sourcing enablement is right for you, get started now.

If your organization is looking for assistance sourcing PPE, Arkestro is committed to providing sourcing enablement tools and resources to assist.

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Rob DeSantis

Founder

As a former co-founder of Ariba running sales, Rob has deep expertise in the procurement space, having helped propel Ariba from zero to $250 million in revenue in four years and IPO of the year in 1999 before its acquisition by SAP a decade later. In addition to co-founding Ariba, Rob was also an early angel investor and board member of LinkedIn, the world’s largest professional online network.

More recently, Rob served as an investor and advisor to a small portfolio of companies including Bloom Energy, AEye, Inc., HiQ Labs, Agiloft, USEND and more. He is also a co-founder of Dibbs Technology and TrueParity. Rob holds a BSME from the University of Rhode Island.

Marty Meyer

Chief Financial Officer

A trusted partner and advisor on the executive team, Marty has a unique background having been the CFO of nine venture backed technology companies. Marty has raised over $300M in venture funding and has closed six strategic M&A transactions with a combined value of over $1B. Marty has deep domain expertise in ecommerce, consumer internet, networking, data security, data privacy, media technology and enterprise software industries. Marty is especially experienced in the finance and operations activities of SaaS companies and is driven by data and metrics to help create outstanding customer experiences and drive efficient growth.

Neil Lustig

President and Chief Operating Officer

Neil is a seasoned executive with over 30 years of experience leading and building teams in Tech. Neil brings insights from a variety of market spaces and company sizes. Most recently Neil was the CEO of GAN Integrity, an innovative SaaS Compliance technology company serving enterprise customers in North America and Europe. Before that Neil was the CEO of Sailthru, a leader in ML driven personalized multi-channel marketing communications for media and e-commerce markets. Prior to that Neil was the CEO of Vendavo, the leader in B2B price optimization and management for large enterprises. Before Vendavo, Neil led the commercial team at Ariba, the market pioneer that defined and created the eProcurement space. Neil served as the GM of Ariba Europe and subsequently the GM of Ariba North America. Neil started his career at IBM where he spent sixteen years, initially as a software developer, and then twelve years in a variety of Sales and Marketing roles

 

Neil has a BS in Computer Science and Applied Mathematics from SUNY Albany. He is a native New Yorker, Brooklyn born, and still resides with his wife and three children in New York City.

Bonnie Adams

Director of People Operations

Bonnie is a People Operations and HR veteran, with over a decade of experience establishing successful people and culture functions for early to mid-stage tech startups going through high growth phases. She has a passion for supporting and creating inclusive and collaborative work environments and is well-versed in driving positive changes in her organizations as a trusted leader. Prior to joining Arkestro Bonnie worked as the People & Culture Coordinator for Ionic Security, helping them scale from 5 to over 200 employees in addition to a $120M funding round. Most recently she was the Head of People & Culture for blockchain innovator Storj Labs and was the Director of Human Resources at PrizePicks, the largest independently owned Daily Fantasy Sports platform in North America.

Arym Diamond

Chief Revenue Officer

Arym Diamond joined Arkestro in January 2022 bringing over 20 years of experience in the enterprise software and consultancy industry.  He is responsible for the worldwide go-to-market revenue strategy. Prior to Arkestro, Arym was Chief Revenue Officer at CalAmp focused on Telematics and Logistics. He also served as the area vice president of North American Sales within the Salesforce.com Enterprise Business unit for Einstein Analytics & AI, where analytics and machine learning were re-imagined for the front office.  Prior to that, he spent over 10 years at Oracle in various sales positions. Arym holds an MBA from the University of Southern California Marshall School of Business, and an undergraduate degree from California State University.

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