How can you manage risk in Medical Sales purchasing?

1 Assess your needs

Before you start looking for potential suppliers or products, you need to clearly define your purchasing needs and objectives. What are the specific problems or challenges that you are trying to solve or improve? What are the desired outcomes or benefits that you expect from your purchase? What are the criteria or standards that you will use to evaluate your options? By answering these questions, you can narrow down your scope and focus on the most relevant and suitable solutions for your needs.

2 Research your options

Once you have identified your needs, you need to research your options and gather information about the available suppliers and products in the market. You can use various sources, such as online databases, industry reports, trade shows, referrals, testimonials, or direct contacts, to find and compare different alternatives. You should look for reliable and credible information that can help you assess the quality, features, benefits, risks, and costs of each option. You should also check the reputation, track record, and customer service of each supplier.

4 Select your supplier

Based on your risk evaluation, you need to select the best supplier that can meet your needs and objectives while minimizing your risks. You should use a systematic and transparent process to rank and compare your options based on your criteria and standards. You should also communicate and negotiate with your preferred supplier to clarify and confirm the terms and conditions of your purchase, such as the scope, specifications, deliverables, warranties, guarantees, payment methods, and dispute resolution mechanisms.

5 Monitor your purchase

Once you have finalized and executed your purchase agreement, you need to monitor your purchase and ensure that it is delivered and implemented according to your expectations and requirements. You should track and measure the progress and performance of your supplier and product using appropriate indicators and tools. You should also maintain regular and open communication with your supplier and provide feedback and support as needed. You should also document and report any issues or problems that may occur during your purchase and take corrective actions as soon as possible.

6 Review your purchase

After you have completed and closed your purchase, you need to review your purchase and evaluate its outcomes and impacts. You should compare the actual results and benefits with the planned objectives and expectations. You should also identify and document the lessons learned and best practices from your purchase. You should also recognize and appreciate the contributions and achievements of your supplier and other stakeholders. You should also seek and incorporate feedback and suggestions for improvement from your customers and other parties.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?