Thierry Fausten of Cranfield University School of Management writes that Category Lifecycle Management (CLM) is a continuous process, which helps build a procurement strategy encompassing both products and suppliers. If planned well, CLM will lead to smooth execution of value-generating actions.
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Companies that are currently cutting budgets on trade marketing activities could focus on cost savings while sourcing Point of Sale Materials (POSM). The crucial task involves choosing the right set of suppliers.
Managing the investigator payment is one of the most challenging aspects of running a clinical trial. However, only therapeutic area is considered by more than two-thirds of the companies while determining investigator payments, which is not the ideal scenario.
With the increase in management complexities and high costs, the percentage of IT outsourcing is expected to increase in the coming years. The sourcing team should be on top of the latest trends in pricing model, contracting and vendor engagement.
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