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Advancing With Smarter Inventory Management
Advancing With Smarter Inventory Management
- Business Strategy Development
- Process Management
Established in 2004, Junnimed has been supplying medical equipment and accessories to hospitals and healthcare institutions. They also have their own manufacturing & fabrication facilities.
With evolving technology, Junnimed struggles to keep up with tools to smoothen and automate business processes. On top of that, they are in need of a plan to achieve their goal of doubling the current sales revenue over the next 5 years.
Business Strategy Development
A corporate scorecard was developed to help document Junnimed’s intended directions and track the progress towards their goals. The Scorecard is modelled against the Balanced Scorecard (BSC) performance management framework – providing structure and making it easier to align every department to the overarching company strategy.
Several high-level growth strategies were also proposed to Junnimed, some of them include:
1. To leverage service as a differentiator by establishing a service structure to drive relationships and local market insights
2.Tailor products and optimise cost positions by adopting careful life-cycle management of existing products to tier and price them according to ‘premium’ versus ‘mid-tier’ needs
3. Drive therapy adoption by developing treatment protocol and influencing patient funnels
4. Seek creative partnerships to enhance portfolio
5. Invest to win the war for talent as scarcity and competition for local capabilities are on the rise
Process Management
We recommended the adoption of appropriate IMDA pre-approved digital solutions (Sales and Inventory Management Solutions, Cloud-based Inventory and Order Processing solutions) that are relevant to the wholesale trade industry. This could help Junnimed capture all operational data, from Sales to Delivery and Inventory Movements.
For example, the company could manage its inventory and order processing using barcode labels and eSignature on Delivery Order. Inventory levels could then be tracked via live report analysis to provide real-time statistics of the company’s entire warehouse status.
- With the appropriate strategies implemented, revenue is projected to double over the next 5 years.
- If Junnimed actively manages their inventory, they can also look forward to these benefits: 2 – 10% increase in sales, 10 – 25% decrease in stockouts, and 50% reduction in lead time.