5 Tips for Great Hospital Supplier Management

When it comes to using your ERP for hospital supplier management, there are some important areas your organization needs to address to effectively increase quality vendor relationships, decrease inventory and supply issues and integrate your supply chain management with the rest of your organization. Addressing the following 5 issues with supply chain relationships can drastically impact your supplier management for good!

1. Dynamic Forecasting and Budgeting

Perhaps the most critical issue in managing inventory and supplies is ensuring that you never run out. With the right ERP integration, your procurement team will forecast demand, control budgets and ensure that there is always the right amount of supplies on hand.

2. Reduce Costs

With the right planning and accounting in place, supplies and inventory costs are easily controlled and reduced through economics of scale and information.

3. Standardize Contracts

Integrating contract management with your ERP is essential for managing communication and supplier relationships. Using an ERP system increases compliance and gives you further communication tools with your suppliers. The communication chain manages supplier relationships and internal teams because everyone is on the same page as to who does what, when.

4. Total Accounting Systems

Every organization deals with the frustration of budgeting, tax compliance, and maintaining positive PR which comes from disparate accounting systems. Receipt accrual, W-9 management, payment plans and distribution/supply chain information all effect hospitals and health organizations. A properly implemented ERP will give your business the tools to manage all financial tools, resources and records with maximum possible automation and accountability.

5. Automatic Acknowledgements

A significant part of supplier relationship management (and customer too) is the communications you give them. With a system wide ERP, each department and purchasing team can set up your ERP to automatically send out emails when an item is marked as needs-ordered, arrived, in-stock, or any other event your supplies departments set up. These 5 tips are just some of the ways a properly implemented ERP will give your organization better supplier management, as well as manage other relationships. If your current PeopleSoft implementation is not fulfilling these needs, please contact Belmoro Inc. to see how our specialists can tailor a solution that fixes your pain points.