With Christmas around the corner, you're probably getting ready for the celebrations, but if you run a business you are also thinking about the efficiency of your procurement processes come the next year.
How could you get the right supplies at the right time?
What solutions could help you to manage your inventory?
Well, luckily for you, we are invested in discovering those answers and more.
The method?
Conversations with procurement experts.
Introduction
Thomas Froger is the Head of Manufacturing at Endiatx, a Silicon Valley-based start-up dedicated to creating the world’s first virtual endoscope.
The role of procurement
Endiatx’s mission is not a simple endeavor so it makes absolutely sense to say that their product development journey wasn't free of challenges, costs, for example, were one of the key issues. Thomas's approach? Leverage technologies that are already available as much as possible.
In house
But of course, as with any other start-up that's only starting to grow, the challenge of finding the right suppliers willing to stay with you in the face of unexpected changes, remains. So for Thomas and his team, focusing on developing an in-house manufacturing system was a tremendous source of relief.
Keep your suppliers close.
When developing a product, quality is paramount. This becomes even more serious in specialized industries like the medical industry. In Endiatx they take care of this by keeping their suppliers so close that they can often visit their facilities to check how everything is going and how regulations are respected.
Communicate
It may not be one of the first things you think about when procurement is mentioned but communication plays a tremendous role in the success or failure of procurement processes.
This is why you'll want to build relationships not only with your suppliers but also with your engineers, with the people in charge of making your business's vision a reality, have long and open conversations so you can understand and prevent whatever potential pitfalls coming to your way.
Purchasing policies
If you are serious about developing an effective procurement strategy, you shouldn't overlook the importance of establishing a purchasing policy.
Yes, even from the beginning.
After all, knowing exactly what parameters you're going to follow when buying that piece of equipment to create your final product, comes in handy for creating your business's procurement approach.
Don't forget about networking.
When in doubt of something, we usually tend to go to sources that have the knowledge we lack. Well, procurement isn't too much different, if your business is still in its early days, one of the best things you can do is to go out and connect with people who have the experience and the wisdom of having already encountered the problems that could represent a threat to your company.
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