Healthcare and Life Sciences are Fast Paced & Highly Regulated Industries
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
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.
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.
Enable Lab Inventory
& Risk Mitigation
& 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.
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.
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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
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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
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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.
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.
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.
Save Money
Velocity Procurement helps healthcare and life sciences organizations save money and improve their procurement processes.
Identify Opportunities
Our data-driven spend analysis service identifies opportunities for cost reduction, service and quality improvement, and more.
Control Your Spend
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.
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.
Finishing the Year Strong: Realizing Objectives and Paving the Way …
Finishing the Year Strong: Realizing Objectives and Paving the Way to Future Procurement Elevation
Managing Contract Disruptions in Inflationary Times