Involving manufacturers, distributors, sellers, and more, supply chains are complicated, and they’re even more so when it comes to healthcare organizations. If an ordinary customer doesn’t get their screwdrivers on time, they might be upset, but if a hospital doesn’t get what it needs when it needs it, lives could be on the line.
Because managing supply chains is so critically important, supply chain management costs rank as some of the largest expenses for healthcare systems. Naturally, that also means they’re one of the areas where leaders are looking for savings. Which is why so many providers are adopting Workday Supply Chain Management (SCM)—Workday SCM can help reduce costs and enable healthcare organizations to provide better care to their patients.
Read on to learn a bit more about what Workday SCM is, some key benefits of the software, and how Workday Supply Chain Management can benefit your healthcare organization.
Overview of Workday SCM
Workday combines supply chain, analytics, planning, financials, and human resources (HR) transactions in a single cloud-based system that you can access from desktop or mobile. Thanks to this structure, healthcare organizations have all the pieces they need for comprehensive supply chain management. Even better, Workday SCM also allows users to collaborate on planning and sourcing, standardize processes, and build more effective teams.
Key Features of Workday SCM
What makes Workday SCM an ideal tool for healthcare? It was built specifically for the industry. As a result, Workday SCM helps organizations build better relationships with suppliers, control spending, mitigate risk, and improve procurement.
Additionally, it integrates seamlessly with many other solutions typically used in healthcare settings to improve healthcare interoperability. Here are just a few of the software’s key features:
- Accounts payable
- Item management
- Contract management
- Spend analysis and planning
- Sourcing and supplier management
How Workday SCM Benefits Healthcare
Now that we’ve given you a general picture of some of Workday SCM’s key features, let’s take a closer look at some specific ways it can benefit your healthcare organization.
1) More Efficient Supply Chain
Workday automates the purchasing, tracking, and replenishing products and services that support your patients. It allows you to manage costs, quantity, and supply levels to forecast trends and plan ahead. Workday’s configurable business process framework also helps with compliance and consistency, whether contracting pricing and standardizing operations.
2) Operation-Improving Insights
Workday gives you a comprehensive view of your supply chain, HR, and finances. In turn, you can improve processes and compliance, find efficiencies to reduce costs, and see how you stack up against similar organizations. In addition, accessing data from Workday and other third-party sources such as electronic medical records (EMR), billing, and more help to improve interoperability, while analyzing all this data leads to better reporting.
3) Single Source of Truth for Planning
Interested in consolidating your data into a single source to minimize errors, improve accuracy, and save time? Imagine sourcing goods and services, building forecasts, analyzing and reporting, and monitoring all your data from a single platform. With Workday SCM, you can even streamline sourcing and procurement by working with suppliers through a convenient online portal.
Getting Started with Workday SCM
The healthcare industry is constantly changing and evolving. With the evolution from the traditional pay-for-service model to the value-based-care model implemented by the Affordable Care Act, more healthcare companies are looking for ways to improve patient care while reducing costs. Combining financial management, supply chain management, and HR into one system like Workday’s can help to control costs and efficiencies across the business.
If your organization is looking to implement Workday SCM or improve healthcare interoperability, our team of experts can help. Whether you need a partner to give you peace of mind through your healthcare IT transformation or help drive greater return on your investments, Surety Systems has the experience to lead you through it.
To learn more and get started on your next Workday or healthcare IT project, contact us today.