Three Benefits of Working with a Diverse Supplier During the Supply Chain Crisis

For more than two years now, the world has been impacted by the supply chain crisis caused by the pandemic and its aftereffects. Like many organizations, SourceMark, a recognized leader in offering innovative solutions as a master supplier for hospitals, health systems, ambulatory surgery centers, and physician offices throughout the United States, has been navigating these challenges as we work to ensure our products are delivered effectively and efficiently. As a diverse supplier working with multiple procurement channels, we are uniquely positioned to mitigate disruption, minimize risk, and maintain supply chain agility so we can provide the best combination of total cost, quality and service for our clients.

Navigating the supply chain crisis has us working through challenges in an environment that is increasingly volatile, uncertain, complex, and ambiguous. Challenges can also be opportunities to learn and adapt, so that is what we are doing. Here are three ways that working with a diverse supplier like SourceMark can help hospitals and healthcare organizations remain resilient during a crisis.

1. Monitor the impact.

The COVID-19 pandemic greatly impacted surgical volume in the United States, with many procedures being postponed or cancelled due to safety concerns. We distribute several products where demand is based on surgical volume, and monitoring these changes became the key metric we used throughout our organization to inform decisions. Our team closely monitored trends for each product category to understand if demand decreased or spiked. This information was used in our demand planning and procurement process, enabling informed collaboration with our partners. Being transparent with our clients allowed us to make better adjustments.

2. Take a data-driven approach.

When you are adapting to the challenges of changing supply chain environments, real-time data visibility and digitization can go a long way. That starts with daily refreshed data so you can respond proactively in the present moment. For example, our team uses a propriety tool that allows us to slice & dice data based on our needs – enabling a faster response time and the foresight to preemptively solve problems and potential disruptions. Through a data-centric approach, we are able to optimize operations, increase transparency, and drive collaboration – ensuring the success of supply chain continuity.

As a diverse supplier, we are able to better position ourselves for the long run, and our performance metrics are the best testament to the efficacy of a data-driven approach:

  • Over 1,150 of our facilities are processing orders via EDI (Electronic Data Interchange)
  • We have a 97% average fill rate on orders, with 96.2% shipped within 3 days, and 98.2% shipped within 7 days
  • Our invoice accuracy is 98%

3. Maintain client loyalty.

As an organization, we strive to build strong partnerships with all our stakeholders, whether they are clients, suppliers, or employees. We know that honest, transparent communication is key to building trust and credibility over time. When the pandemic hit, we scaled back to focus on our existing clients and remained loyal to them to ensure their needs are met. Constraints force innovations, and those innovations end up benefiting all. One of our guiding principles is being open to ideas and suggestions to make our partnerships even stronger. We remained committed to our mission to meet all our clients’ needs and remain confident that together we can pave the way to a culture of collaboration, innovation, and shared values.

SourceMark is one of the healthcare industry’s largest certified Minority Business Enterprises (MBEs) and can offer more adaptability, flexibility, and balance as compared to a non-MBE supplier. Contact us to learn more.