Kari Miller, Regulatory and Product Management Leader, Pilgrim Quality Solutions, an IQVIA company
Supply chain risks grow as an organization’s suppliers expand geographically and companies increase offshoring and outsourcing activities. The increasing sophistication in technology, and ever-increasing regulatory oversight, are additional factors in the increased supply chain risk. Resulting supply chain issues are impacting medical device and pharmaceutical manufacturers around the globe, costing billions of dollars in market devaluations, recalls, regulatory fines, and settlements. But supplier management is a viable tool in the arsenal to minimize the risk of those outcomes.
In an article by Dan Jacob, LNS Research Analyst, it’s noted that organizations need a supplier quality management initiative as it is a high-impact, low-maturity discipline within most organizations that will deliver results. Effective, harmonized, enterprise-grade Supplier Quality Management will not only improve the metrics mentioned above, it will result in:
- Improved customer satisfaction and loyalty
- Improved patient safety
- Improved organizational goodwill
- Improved brand reputation
- Increased profitability and shareholder value
- Improved visibility across the enterprise and its value chain
- Collaboration and the interchange of best practice processes
Business leaders are focused on risk in an effort to eliminate undesirable disruptions within their business operations. Supplier quality management is one way to accomplish this. The benefits of effective supplier management results in improved collaboration between an organization and its suppliers, and can drive continuous improvement of products, processes, and technologies while driving innovation.
Reduce Supplier Risk, Reduce Organizational Risk
This e-book addresses ways to reduce supplier risk in your organizations, and the role of Quality in that process.