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Mega WeCare Enhances Efficiency and Reduces Costs through RFQ Management Automation
Applicable Industries
- Pharmaceuticals
- Transportation
Applicable Functions
- Logistics & Transportation
- Procurement
Use Cases
- Inventory Management
- Leasing Finance Automation
Services
- System Integration
The Challenge
Mega WeCare, a global pharmaceutical and nutraceutical products manufacturer, was facing several challenges in its logistics operations. The company had a limited vendor pool, which restricted the number of negotiations for each shipment, leading to higher shipping costs. The traditional method of negotiating deals via calls and emails was hampering the productivity and overall efficiency of its logistics team. Many of the company's shipments were contract-based, preventing them from leveraging competitive rates throughout the year. Additionally, the annual contract prices included buffers and contingent costs, resulting in additional expenses for the company. The manual creation of reports led to inefficient data analysis and unclear insights, further complicating the situation.
About The Customer
Mega WeCare is a public company limited, established in 1982. The company is engaged in manufacturing, marketing, selling, and distributing quality pharmaceutical and nutraceutical products on a global scale. With a presence in 31 countries, Mega WeCare exports its products to various regions including Asia-Pacific, Middle East, Africa, CIS-Countries, Latin America, and Europe. Despite its global reach, the company was facing challenges in its logistics operations due to a limited vendor pool and inefficient negotiation processes.
The Solution
Mega WeCare adopted GoComet’s GoProcure RFQ Management module to automate its freight negotiation process. This solution led to a 180% increase in their engagement with vendors, resulting in more negotiations and significant cost savings. GoComet’s Compounded Negotiation system ensured that each vendor competed with every other vendor to offer the most competitive deals. The vendor pool increased to 14 vendors, leading to better rates and more negotiations. The company also benefited from vendor performance analytics provided by the system. The GoProcure module's ability to record every interaction in the bidding process resulted in transparent, audit-ready procurement. Additionally, the system automatically generated reports based on the recorded data points, enabling more innovative, quicker, and data-driven decision making.
Operational Impact
Quantitative Benefit
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