Cost reduction is a focus for many at the moment and understandably so. Multinational pharmaceutical company, Glenmark, is just one of those businesses looking at how they can optimise their costs globally. As a result, they have partnered with AI data-driven supply chain management platform, 7bridges. Initially focusing on their European business, where they have operations in 15 markets, the supply chain and logistics function is a big focus area for this cost reduction.
The partnership with 7bridges will allow Glenmark to baseline their supply chain data giving them visibility of data, cost and service performance across their network of logistics service providers. This exercise will identify areas where invoices from their logistics service providers are being incorrectly or overcharged. With automatic dispute raising, savings will be quickly achieved. The platform will then enable Glenmark to benchmark their data, so they can compare the performance and cost of their LSPs to the wider industry.
With Glenmark’s global vision to emerge as a leading integrated research-based global pharmaceutical company, this investment in their supply chain will be integral to achieving this. The next step in the partnership will be to run simulations to optimise road freight services and 3PL operations, with the aim to then roll out globally.
Christoph Stoller, President & Business Head of Europe at Glenmark, says: “We were looking for a supply chain data solution that provided us with quick value, clear spend reduction and that also gave us the flexibility to drive carrier relationship improvements, which I believe we’ve found in 7bridges. The platform gives us greater visibility across our entire supply chain and will help us build the resilience needed to continue to effectively serve our customers. The partnership is tightly aligned to Glenmark’s digital transformation goals and network growth and I look forward to working with 7bridges on this journey.”
Philip Ashton, CEO and co-founder of 7bridges, comments: “Glenmark is an innovative business which explores the unparalleled possibilities of science. We’re delighted to be working with Glenmark to optimise their logistics network and help them create a robust and resilient supply chain that is equipped to handle their predicted growth. With supply chain disruptions becoming an unavoidable part of pharmaceutical business, it is great to see companies like Glenmark investing in the tools necessary to safeguard themselves.”