GoComet Case Studies Mega WeCare Enhances Efficiency and Reduces Costs through RFQ Management Automation

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	Mega WeCare Enhances Efficiency and Reduces Costs through RFQ Management Automation GoComet

Mega WeCare Enhances Efficiency and Reduces Costs through RFQ Management Automation

GoComet

Applicable Industries	Pharmaceuticals Transportation
Applicable Functions	Logistics & Transportation Procurement
Use Cases	Inventory Management Leasing Finance Automation
Services	System Integration
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. Read More
About 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. Read More
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. Read More Log in to view content
Contents

Applicable Industries

Pharmaceuticals

Transportation

Applicable Functions

Logistics & Transportation

Procurement

Use Cases

Inventory Management

Leasing Finance Automation

Services

System Integration

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 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.

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.

Impact #1	The implementation of GoComet’s GoProcure RFQ Management module brought about significant operational improvements for Mega WeCare. The automation of the freight negotiation process led to increased efficiency and productivity within the logistics team. The company was able to engage with a larger pool of vendors, leading to more competitive rates and cost savings. The system's ability to record every interaction in the bidding process resulted in transparent, audit-ready procurement, reducing the risk of compliance issues. The automatic generation of reports based on recorded data points enabled quicker and more data-driven decision making, leading to more innovative solutions and strategies.

Impact #1

The implementation of GoComet’s GoProcure RFQ Management module brought about significant operational improvements for Mega WeCare. The automation of the freight negotiation process led to increased efficiency and productivity within the logistics team. The company was able to engage with a larger pool of vendors, leading to more competitive rates and cost savings. The system's ability to record every interaction in the bidding process resulted in transparent, audit-ready procurement, reducing the risk of compliance issues. The automatic generation of reports based on recorded data points enabled quicker and more data-driven decision making, leading to more innovative solutions and strategies.

Benefit #1	180% increase in vendor pool
Benefit #2	11% savings on confirmed enquiries in 2020
Benefit #3	7.5% overall savings on confirmed enquiries since implementation in 2018

Benefit #1

180% increase in vendor pool

Benefit #2

11% savings on confirmed enquiries in 2020

Benefit #3

7.5% overall savings on confirmed enquiries since implementation in 2018

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Overview

Mega WeCare Enhances Efficiency and Reduces Costs through RFQ Management Automation

Operational Impact

Quantitative Benefit