Vamstar at FIME 2022
The FIME 2022 conference in Miami, Florida was back in full swing last week with more than 700 exhibitors and 12,000 attendees. Three days was not long enough to meet everyone, but our team; Praful Mehta (CEO), Shane Walker (Director of MedTech Research) and Simon Farrow (Business Development Manager), did manage to speak with more than 100 of these companies. From our productive discussions, we learnt about how Vamstar’s AI-powered exchange platform can better help build relationships between buyers and suppliers. Connecting buyers to the most suited suppliers, our marketplace has already begun paving the way for improving the healthcare supply chain. FIME was the perfect opportunity to expand our knowledge and continue to improve our product, catering specifically to our clients’ needs.
Some key areas of interest for those we spoke to included: gaining more visibility of upcoming deals in new markets, data-enabled market intelligence to identify new geographies to target, new distributor partnership opportunities and, for some, there was interest in bidding directly to certain buyers. And what was not at the forefront of our discussions? Using platforms that simply do not add to the bottom line. These companies had experienced the unfortunately long history of lackluster sales tools which targeted the healthcare industry.
As such, there was much enthusiasm for Vamstar’s approach and goals. These include streamlining B2B order processes, uncovering more tender and direct sales opportunities, using data to drive customer relationship building for their sustainable growth, and integrated market intelligence – without any upfront investment from suppliers. At its core, Vamstar is a data science and software engineering company. We are using our expertise to eliminate the cost and complexity of manual processes that are typically involved in traditional healthcare sourcing and procurement. For instance, according to McKinsey’s research, 56% of the tasks associated with the source-to-pay process are completely, or mostly, automatable using technology that already exists. AI can cut manual tasks, saving time and money and streamlining healthcare procurement.
Successful exchanges are another integral key to prosperous sourcing. Within the healthcare space, to achieve such exchanges, the value in partnerships between buyers and suppliers needs to be increased, without eroding margins and creating a ‘race to the bottom’. This proposition is dramatically different from marketplaces such as Amazon and Alibaba. Here at Vamstar, we have developed a way of exchange that presents more options to buyers, whilst protecting the details of suppliers’ bids.
For the companies we met at FIME, we will be in touch over the next several days for onboarding. For those we did not have time to meet, we will be reaching out shortly to schedule demos. But there is no need to wait, register here… http://www.idlewolf.com/supplier/.
