Embrace Technology For Better Procurement

Once upon a time, suppliers and life science companies connected in roundabout ways; through cold capabilities presentations, referrals, word of mouth, or conventions. These days, things are different, with emails flying, telecommunication, and of course, the internet. Technology has a big impact on sourcing and procurement, and if you are not using it for your life science product or services, you’re missing out on a very useful resource!

Technology, Speed, and Sourcing

Think back to those slower days we mentioned. How long did it take to find a great client? Having to rely on slower technology and slower processes is certainly not the easiest way to expand your client base.

First, you had to wait for clients to find you. Then, there was the proposal or bidding that came next. Only when that was completed could you move into production.

Now, with modern technology, clients can find you in minutes and reduce the time it takes to complete a project.

A ProcureCon Pharma report found only 17 percent of procurement and sourcing teams can source suppliers for their initiatives within a single day. The vast majority, at 45 percent, said it takes one to two weeks. The report indicates the pooled results show 80 percent of the teams need more than a week to locate new suppliers.

As a supplier, you can make your services more lucrative by being immediately available. As a company looking to procure, you can make your project more efficient and effective with speedy supplies.

The Power of Recommendations

The ProcureCon report says that 70 percent of its respondents feel supplier recommendations from internal peers are more reliable and credible than those from other sources. Technology has a role to play here, too.

Services like our supplier search engine combine ready-to-go suppliers with reviews and ratings from industry peers — real people, working at real companies, with real experiences. You no longer have to rely on those referrals or capabilities presentations to find out whether a client is interested in your services.  When a client is looking for you, they are already a hot lead.

Instead, thanks to technology, you can become a member of our supplier search engine and clients can find you in minutes. They can check out your company profile, ratings and reviews, and, if they like what they see, connect with ease. Technology makes everyone’s work easier and better, supplier or client.

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