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  • Writer's pictureOlga Poliakova

Hidden Opportunities: How Suppliers Can Leverage AI for Quote Automation and Catalog Management

Updated: Nov 1, 2023


In the world of healthcare supply chain management, staying competitive means embracing innovation and leveraging technology to optimize processes. Artificial intelligence (AI) has become the game-changer that is revolutionizing the way healthcare suppliers manage their quotes and catalogs. With the power to unlock hidden potential, AI offers transformative solutions that streamline healthcare supply operations, improve accuracy, and enhance customer experiences.


In this article, we will explore how AI is reshaping quote automation and catalog management for healthcare suppliers, and the immense benefits it brings to the table. From automating complex pricing calculations to ensuring up-to-date product information, AI-driven solutions are empowering suppliers to navigate the challenges of a rapidly changing industry. So, let's dive into the world of AI-powered solutions and discover how businesses can benefit from them.

Key workflow challenges faced by healthcare suppliers


Managing quotes and catalogs in the healthcare industry is a complex task. Suppliers often have to deal with a large number of products, pricing variations, and frequent updates. Manual processes can be time-consuming, error-prone, and inefficient. Healthcare suppliers face challenges such as:


  1. Pricing Complexity — healthcare products often have complex pricing structures, with factors like volume discounts, contract pricing, and tiered pricing. Manually calculating accurate quotes can be a daunting task, leading to errors and inconsistencies.

  2. Product Information Accuracy — keeping product information up to date is crucial in the healthcare industry. Suppliers need to ensure that the latest product specifications, availability, and pricing details are accurately reflected in their catalogs. Manual updates can be time-consuming and prone to inaccuracy, leading to delays and customer dissatisfaction.

  3. Time Sensitivity — healthcare suppliers often work with tight timelines, especially when responding to RFQs (Requests for Quotation) or negotiating contracts. Manual processes can hinder their ability to provide prompt responses, leading to missed opportunities and lost deals.

How AI-powered platforms fight these challenges


AI has the potential to revolutionize quoting process in the healthcare industry. Firstly, AI-driven platforms can significantly reduce the time and effort required for quote generation. By automating complex pricing calculations and analyzing historical data, AI can generate accurate quotes in a fraction of the time it would take a human. This not only saves valuable resources but also allows suppliers to respond to customer inquiries more quickly, improving customer satisfaction.

Secondly, AI can improve accuracy and eliminate errors in the quote generation process. It ensures accuracy by analyzing vast amounts of data and learning from past patterns. This reduces the chances of pricing errors and empowers suppliers to provide competitive and profitable quotes.

Another benefit of AI-driven solutions is improved customer experience. When AI is put to work, product information can be updated automatically by pulling data from reliable sources and synchronizing it with distributor catalogs. And by providing accurate and up-to-date product information, the procurement and purchasing process can be greatly enhanced for customers. AI can also improve search functionality, making it easier for customers to find the products they need quickly. This streamlines the ordering process and reduces the chances of customers choosing alternatives due to difficulties in finding the desired products.

Implementing automated quotes: best practices and considerations


To successfully leverage AI, healthcare suppliers should consider several factors. Firstly, it is crucial to define clear objectives and requirements for the AI system. This includes identifying the specific tasks and processes that need to be automated and determining the desired outcomes. By having a clear understanding of what needs to be achieved, organizations can select the most suitable AI solution and ensure a smooth implementation process.

Secondly, data quality and availability are essential for AI systems to operate effectively. That's why suppliers should ensure that the data is accurate, complete, and accessible. This includes both historical data for pricing analysis and product information data for catalog management. If the existing data is insufficient or of poor quality, time and resources may need to be invested in data cleaning and enrichment before implementing an AI solution.

Additionally, suppliers should consider the scalability and integration capabilities of the solution. As the business grows and evolves, the AI system should be able to adapt and handle increasing volumes of data and processes. Integration with existing systems, such as ERP or CRM, is also crucial for seamless operations and data synchronization.

How base86 approaches quote automation and catalog management


There are several AI-powered solutions for streamlined quoting available for healthcare suppliers. At base86, we're focusing on building a solution that will be as flexible as possible while providing all the advantages of market-wide data aggregation and analysis.


Organizations can easily upload supplier catalogs to the platform in CSV format using our template, or integrate base86 with their own technology stack. That's how product information and prices consistently get updated without any additional effort from your team.


With our platform, conversions can grow by quickly managing quotes and automatically providing best offers to your clients. This is possible thanks to 86 insights — the product that performs spend and savings analysis of a particular lead, matches and runs through alternative supplier options, and sets dynamic pricing that will be most attractive to prospective customers.


All of this means that your team has a clear competitive edge in negotiations via higher trust levels, shorter sales cycles, higher conversion and retention rates, and ultimately, improved business profitability.


You can be sure that base86 will never allow you to miss out on customer reactivation or new opportunities. We keep track of dormant accounts and provide new leads while you're busy running the business. You save time by avoiding manual and menial work and are free to focus on higher-level tasks.


Our work with data also allows us to collect and anonymously share insights on critical market trends and demand forecasting, allowing you to level up your strategic planning.


Lastly, base86 offers integration with other ERP and e-commerce platforms, ensuring smooth 2-way data synchronization and seamless operations. It's literally the ultimate platform to manage your product catalog and lead funnel.

Conclusion


AI is revolutionizing quote automation and catalog management for healthcare suppliers, offering transformative solutions that optimize processes, improve accuracy, and enhance customer experiences. By automating complex pricing calculations, ensuring up-to-date product information, and streamlining workflows, AI-driven solutions empower healthcare suppliers to overcome challenges in a rapidly changing industry. With the right implementation strategies, consideration of best practices, and continuous learning, healthcare suppliers can unlock the hidden potential of AI and reshape the future of healthcare supply chain management.


We at base86 are always open to discussing what opportunities AI holds for your particular business, so feel free to contact us to learn more.

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