The total number of lab supply vendors used by a biotech grows on average by 40% each year, with 35% of spend coming from new vendors. That’s a lot to manage, creating an environment of constant new vendor onboarding and PunchOuts maintenance. The burden falls on both the lab and procurement in many forms, resulting in experiment delays and rampant longtail spend. The solution is to optimize the lab supply ordering process in a way that allows scientists to experience all of the benefits of a large supplier list, without the drawbacks.
Experimental protocols often specify precise equipment, chemicals, reagents, or consumables essential for ensuring reliable results. If a scientist attempts to reorder a specific chemical and discovers that their regular supplier is facing unexpected backorders, the exact chemical must be located elsewhere — in stock and ready to ship. In some cases, such products are niche and not readily available from the average supplier. To reduce risk to timelines and experiments, R&D needs access to a supplier base that is large enough to support scientific choice.
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The benefits of purchasing from many suppliers include enhanced scientific choice, product quality assurance, access to innovation, reduced supply chain risk, and the ability to compare prices.
On the surface, adding dozens or hundreds of new vendors may not seem like a huge issue, but the downstream impacts are problematic for procurement, finance, and the lab.
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The secret to an optimized lab supply ordering process is to balance the need for scientific choice with vendor consolidation. The easiest and quickest way to do this is by accessing a lab supply marketplace.
Lab supply marketplaces, such as ZAGENO, arose from the need to address substantial, growing tail-spend as well as niche product specificity needs. ZAGENO users can build a cart from over 40 million products across 3,500 pre-vetted suppliers with ZAGENO as the sole vendor of record, meaning that there is only one consolidated invoice each month. ZAGENO’s customer service team handles new supplier addition and onboarding, reducing the process from weeks to hours. Accessing a lab supply marketplace offers:
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Help your lab innovate more efficiently by embracing the benefits of a lab supply marketplace. Contact ZAGENO today to transform your lab procurement into an agile, scalable, seamless process, allowing you to focus on what truly matters — acheiving scientific breakthroughs.