Letter from the CEO : How to Outperform Your Peers: Qualities Shared by Top Hospital Supply Chain Leaders
Gartner, Inc. has released its 11th annual Healthcare Supply Chain Top 25 ranking, which recognizes companies across the healthcare value chain that demonstrate the highest levels of supply chain leadership.
This year, nearly all of the healthcare organizations on the list (8 of 11) are Syft customers.
Stephen Meyer, Senior Research Director with the Gartner Supply Chain Practice, said the top 25 leaders stand out for their agility and ability to implement new supply chain capabilities such as digital technology. “The top supply chains in this year’s ranking have embraced those skills and excelled in executing them,” he said.
During a webinar in which Gartner analysts revealed the top 25 leaders, Meyer defined supply chain agility as the ability to:
- Sense and respond to changes
- Use continuous improvement tools to remove delays
- Keep pace with business cycles like procure-to-pay, order-to-cash, and manufacturing lead times
Strategic, Innovative Approaches
Another important quality shared by the top 25 organizations is an enterprise-wide approach to supply chain management, in which “every individual in the organization is aware of their expected contribution to the initiative,” said Meyer. He added that supply chain leaders understand that strategy execution is more important than strategy development.
Finally, Meyer said supply chain leaders recognize the benefits of digital supply chain technologies, such as connected devices and communication technology. “Digital supply chain requires experimentation to be successful,” he explained. “Supply chain leaders must be willing to provide resources without the expectation that every project will generate a return on investment.”
During the webinar, Meyer and his colleagues shared specific reasons the top 25 leaders had been selected. The following three themes emerged:
- Supply chain leaders embrace data analytics and digital technologies, including artificial intelligence and machine learning.
- Supply chain leaders have collaborative processes, in which a clinically integrated supply chain has been woven into patient care.
- Supply chain leaders experience significant savings due to inventory consolidation and supply chain standardization.
At Syft, we’re committed to providing software and services that support these capabilities and characteristics. Our platform of solutions includes AI-enabled data analytics, supply chain automation software, data auditing and cleansing services, and inventory valuation services and reporting that gives hospitals strategic insight into their overall spend, inventory processes, and vendor relationships. We provide seamless integration into hospitals’ ERP, EMR and other technology systems. And, we make workflows more efficient by providing mobile and portal access.
We’ve found that our commitment to supporting hospitals in these ways, and others, leads to a high return on investment for our customers. In fact, we know that most hospitals could save millions of dollars by optimizing their supply chain.
Take a few moments to determine how much your hospital could save using this free tool. Simply toggle to your estimated annual number of discharges, and you’ll receive:
- Customized information related to your inventory savings.
- A step-by-step explanation of how we determined these calculations supported by citations and sources.
- The seven other ways your organization can reduce supply chain costs in areas such as supply standardization, expired product management/recall, labor efficiency, case-cost capture, and OR and procedural throughput.
Congratulations to all of this year’s winners. We’re honored to partner with many of the hospitals and health systems recognized as supply chain leaders, and we look forward to working with more innovative healthcare organizations in 2020.