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Industries We Serve

Healthcare & Life Sciences

Free up end users and researchers to innovate while managing spend effectively

Some of our Clients

Procurement in life sciences and healthcare - Recludix
Procurement in life sciences and healthcare - Cogent
Procurement in life sciences and healthcare - Insmed
Procurement in life sciences and healthcare - Clario
Procurement in life sciences and healthcare - Centene

    Healthcare and Life Sciences are Fast Paced & Highly Regulated Industries

    Gain Share

    Optimize processes, adopt technology, and reduce risk

    Savings through process optimization and better spend management are competitive advantages that can be redirected directly into strategic growth inititaives

    Procurement in life sciences and healthcare requires agility while adhering to strong compliance policies. Learn how Velocity approaches these challenges

    Enabling Procurement in Labs

    Having the materials needed for discovery can be an ongoing challenge for research procurement departments. Oftentimes, scientists are not completely sure what they need, so how can procurement effectively source materials?

    This can lead to researchers having to leave the bench and spend valuable time assisting procurement and investigating suppliers.

    The key to maximizing procurement in lab environments is to provide flexibility and ease of use to researchers while not overspending on the materials that are needed. In addition, procurement needs effective inventory control to track on-hand materials and expiration dates. 

    Velocity has a deep understanding of the unique needs of procurement in laboratory environments. We help our customers provide a simple shopping experience to users, while providing robust purchase approvals for hazardous materials, simple inventory control and proactive demand projections that help make procurement more nimble.

    20%

    Material Purchase Avoidance

    15%

    Increased On-Contract Purchasing

    5%

    Redundant Disposal Avoidance

    Enable Researchers

    For research organizations, enabling scientists to focus on discovery is essential. Reducing ancillary tasks and providing efficient access to the required materials allows research to be the primary focus, leading to the most efficient use of your top talent.

    Velocity helps research organizations simplify the procurement of discovery materials by partnering with industry leading technology providers. Researchers can draw the compounds they are looking for and be presented with the available suppliers and item costs. This process can also be integrated into over 15 of the most popular scientific notebooks (ELNs) to further speed up the procurement process.

    By optimizing your procurement and inventory processes and technology, researchers can also access all your supplier items, inventory, and new suppliers for discovery materials through a single search.

    Real-time inventory management allows researchers easy, accurate access to in-house materials. Material check-out processes provide further material location visibility to items in use.

    Integrate ELNs into the ordering process, allowing researchers to draw the compound they need to order for discovery

    Provide researchers with a federated search that allows them to search inventory, existing suppliers, and unused suppliers simultaneously

    Proactive material access to control access to regulated and restricted materials without adding downtime for researchers. Automated cradle-to-grave life cycle management provides enhanced visibility without adding manual steps to your daily routine

      Enable Lab Inventory
      & Risk Mitigation

      Having a proper understanding of where chemicals are stored is essential in research. Specific items must be stored at temperature. Other chemicals can not be stored near one another. And in the case of an accident or disaster, having an accurate accounting of your flammable materials and where they are located is required by first responders. 

      Velocity helps simplify inventory management by reviewing your current inventory policies, then optimizing the process before utilizing technology to automate the process. 

      We help organizations ensure hazardous materials are correctly stored and are accessed in an auditable process. By instituting first-in-first-out inventory usage, we help reduce waste by up to 5%.  

      Instituting a check-out policy for specific materials can also reduce the risk of inaccurate cycle counts, and accidental double ordering, achieving up to a 20% material purchase avoidance.

      Optimize purchasing and access to hazardous materials without adding disruption to researchers’ time at the bench. Utilize check-out processes to ensure real-time inventory visibility, reducing duplicate ordering

      Utilize current inventory counts, material usage, and ordering patterns to automate inventory requirements projections. This ensures that researchers have the material needed for discovery, while reducing waste, disposal costs, and waiting for receipt.

      Accurately manage where sensitive materials are stored, and keep an accurate count and location map of flammable materials. In an emergency, this information is readily available to provide to first responders before they enter the building

        Growth-Stage
        Life Sciences Organizations

        Life Sciences organizations in their early growth stage typically start off with a relatively small staff intensely focused on discovery. Velocity has built an out-of-the-box procurement solution called Catalyst to allow your company to focus on innovation while readying your procurement process for future rapid growth.

        Based on industry best practices and leading technology (JAGGAER/Sciquest), Catalyst is affordable and can be implemented in 30 days.

        Catalyst allows access to all of your existing supplier websites and offers instant access to hundreds of suppliers allowing for easy supplier identification, onboarding, and catalog access from a single search. Easy PO distribution, invoice receiving, and 3-way invoice matching simplify the ordering and accounts payable (AP) functions of your organization.

        Catalyst allows your team to find and order the items they need in a few clicks, allowing them to focus on research instead of ordering. The robust, centralized data & reporting provided by Catalyst supports growth and helps manage the evolving compliance needs of a rapid growth organization.

        Download more information on how Catalyst can help your organization empower your users, save money, and gain the visibility you will need to adhere to the growing compliance regulations 

        Get instant access to over 500 of the top life sciences suppliers, and enable your users to find the items they need in less time through a single search

        Built specifically for life sciences organizations that are preparing for rapid growth, Catalyst is an affordable, rapidly deployable solution to simplify your purchasing process while adding the needed compliance functionality

          Supplier Onboarding & Optimization

          Healthcare and Life Sciences organizations need to provide flexibility to staff to acquire materials in a variety of ways, including from inventory, recurring orders, as well as one-off purchases. A result of the need for this flexibility is often a bloated supplier master which results in significant onboarding efforts. This also leads to the same items being purchased from multiple suppliers, lowering your ability to effectively negotiate prices or enforce on-contract purchasing.

          Velocity works with organizations to optimize their supply base, streamline their supplier onboarding process, and drive contract compliance in purchases.

          We understand how to balance price efficiency with supply chain risk, based on your specific circumstances. Through process optimization and change management, we help simplify the supplier onboarding process and drive user behavior toward preferred suppliers.

          For organizations who are struggling to maintain proper staffing to effectively manage supplier onboarding and relationships, Velocity offers the ability to out-task some or all of the process, allowing your staff to focus on strategic tasks, while we manage the tactical day-to-day requirements of supplier management.

           

          Velocity understands the balance between cost efficiency and mitigating supply chain risk. We can help consolidate your supply base to provide the optimal balance to meet your organization’s objectives

          For organizations that struggle to properly staff a supplier onboarding and management team, Velocity can provide out-tasking solutions to manage some or all of the tactical work. Your team has more time to work strategically while meeting stakeholder expectations

          With tailored strategies and a team of experienced experts, we help clients confidently optimize their procurement strategy and achieve expected savings outcomes. 

            Procurement Digital Transformation

            For organizations that are looking to mature their source-to-pay process, Velocity takes a holistic approach to digital transformation. With deep expertise in all aspects of sourcing, procurement, and accounts payable, our subject matter experts help optimize your people, processes, and technology.

            In healthcare and life sciences, business moves fast. We help our clients to be more agile when running sourcing events, standardize compliance review processes, reduce contract creation and review times, and simplify end-user purchasing. We help organizations keep pace while ensuring proper safety and compliance measures are met.

            These objectives cannot be met with technology alone. Automating a broken process will not yield the benefits that an organization needs to move toward best-in-class status. This is why Velocity focuses on process design in conjunction with technology evaluation and implementation.

            We also focus on change management from the beginning of your journey to make sure that the new processes are understood, and that technology is properly adopted.

            Our change management experts uncover internal fears and concerns and help your employees understand the reasoning behind the change, as well as the positive impact their adoption will make on the organization as well as their day to day tasks

            Process redesign requires a solid understanding of the current state, and identification of critical outcomes that need to exist in the future state. From there, our subject matter experts help identify ways to optimize your process to improve results with fewer manual steps

            With knowledge of over 40 different source-to-pay tools, Velocity helps our clients to identify their unique requirements and identify the appropriate solutions for evaluation. We also offer implementation services, program management, as well as ongoing support, and maturity services

              Spend Analysis

              At Velocity Procurement, we’re passionate about helping healthcare and life sciences organizations identify and capture cost savings opportunities and improve their procurement processes.

              With our data-driven spend analysis offering, we provide you with a team of strategic sourcing experts and leading technology to collect, cleanse, normalize, and classify your spend data, giving you insightful views to identify opportunities for supplier harmonization, spend rationalization, efficiencies, cost reduction, and tail spend improvement.

              Our analysis classifies your spend in a taxonomy that aligns to actionable strategic sourcing strategies within the healthcare and life sciences industries, enabling us to identify short-term and long-term, strategic opportunities for cost reduction and quality and service improvement. 

              Our spend analysis offering is designed to inform the development of a strategic sourcing roadmap for greater savings and easier-to-manage spend categories. Our category experts ensure that the data and classification is accurate and aligns to the sourcing strategies we recommend, so you can confidently make informed decisions.

              We provide comprehensive, flexible spend dashboards, where you can easily analyze your spend data from a wide variety of perspectives towards numerous objectives.  Our spend analysis empowers you to take control of your spend and deliver on your procurement organization’s objectives. 

              Velocity Procurement helps healthcare and life sciences organizations save money and improve their procurement processes. 

              Our data-driven spend analysis service identifies opportunities for cost reduction, service and quality improvement, and more. 

              With expert guidance and flexible dashboards, Velocity Procurement empowers organizations to take control of their spend and achieve their procurement goals. 

              Opportunity Assessment
              &
              Sourcing Roadmap
               

              Since 2007, we’ve honed our expertise in both indirect and direct spend categories in the healthcare and life sciences industries. 

              Our experience allows us to develop comprehensive opportunity assessments and sourcing roadmaps aligned to our clients’ procurement objectives. Our spend analysis offering is the key to identifying strategic sourcing opportunities, unlocking high impact cost savings for our clients.

              Leveraging our market intelligence, our healthcare and life sciences clients gain benchmarking insights from our team of strategic sourcing experts, which inform precise sourcing strategies for all critical spend categories. 

              Our team has the experience and subject matter expertise to evaluate the current state both quantitatively and qualitatively, ensuring our recommendations and strategy execution result in the outcomes expected. 

              Looking to optimize your procurement strategy and reduce costs? Our opportunity assessment delivers a detailed view of potential improvements and strategies to realize them, tailored to each category. 

              By leveraging our decades of collective experience in procurement and strategic sourcing, we’ll help you identify key opportunities to realize cost savings. With our guidance, you can confidently target expected savings amounts and execute sourcing initiatives that deliver results. 

              Velocity Procurement has the experience to deliver expert procurement opportunity assessments for roadmaps for companies in the healthcare and life sciences industries. 

              We have ability to unlock high-impact cost savings through benchmarking insights based on decades of experience in the industry. 

              With tailored strategies and a team of experienced experts, we help clients confidently optimize their procurement strategy and achieve expected savings outcomes. 

                Sourcing Execution 

                Strategic sourcing is crucial for businesses across all industries, but it’s especially critical in healthcare and life sciences due to strict regulations and the need for high-quality products and services to ensure patient safety and satisfaction.

                Our team of strategic sourcing experts has years of experience in healthcare and life sciences, enabling them to understand the unique challenges and complexities of sourcing in these sectors.

                We partner with clients to reduce costs and risk while maintaining quality, ensuring compliance with regulations, and improving overall procurement processes. 

                We can engage to support an end-to-end strategic sourcing process or individual elements of the process for your pharmaceutical sourcing needs across various categories.  For example, phases such as current state assessment, requirement development, supplier identification, sourcing strategy development, sourcing execution, and contract negotiations may be included in a project or may be individual projects depending on your needs.   

                Our strategic sourcing team is staffed with subject matter experts who bring a wide variety of individual expertise to the table. We understand what’s essential to pharma clients and develop recommendations and solutions unique to their situation.

                Don’t settle for a one-size-fits-all approach to strategic sourcing in healthcare and life sciences, work with our team in a flexible way that matches your unique circumstances and requirements. 

                Strategic sourcing is critical in healthcare and life sciences to ensure quality while complying with regulations. 

                Our experienced team partners with clients to reduce costs, reduce risk, and optimize procurement processes. 

                We’re flexible and meet our clients where they are to help them realize their procurement and savings goals and objectives. 

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