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Famstar He took on a rather difficult task since its launch in 2019: to be Health Care go to industry supply chain management An app for nearly 86,000 medical facilities and hundreds of thousands of different items, from cotton swabs to defibrillators.
The Los Angeles, California-based company announced today that its global software-as-a-service (SaaS) and artificial intelligence-enabled (SaaS) sourcing and procurement platform for medical supplies and pharmaceuticals will expand its already extensive network of hospitals, clinics and hospitals. suppliers, thanks to a $9.5 million Series A funding round.
Vamstar connects both buyers and suppliers electronically to automate transactions and process flows across the supply chain on a global scale. The platform is used by businesses and organizations to connect suppliers, such as pharmaceuticals, consumables, medical devices and digital technology companies, with buyers from the public and private sectors, such as hospitals, laboratories, health insurance, clinics, businesses, universities or group purchasing organizations (GPOs).
The platform not only allows buyers to search and find the best suppliers for every item they need, but also allows businessmen on both sides of every deal to negotiate prices and delivery times.
Artificial intelligence and machine learning are critical to the operation of the exchange platform
CEO Praful Mehta told VentureBeat that Vamstar will use the investment to accelerate its product development plans, which include deploying artificial intelligence (AI) to enhance the consumer and drug exchange platform, improving data quality to accelerate e-commerce and digitizing procurement and supply processes. For both buyers and suppliers across the industry.
“We provide a platform – SaaS or on premises – where we take the order from the buyer,” said Mehta. “We can use any channel the buyer is currently using, whether it’s email, text message, WhatsApp or anything else – even faxes.”
Mehta explained, the platform can contact the buyer’s WhatsApp (to make a purchase), or if they use files Enterprise resource planning Application (ERP), reconnects with their ERP to index all of that request in a single layer on the buyer’s side. If they want to go directly to the Vamstar website, there are two ways to pay.
“We’ve launched a really broad bid for suppliers to essentially supply their parts, or we’ll go through our technology to all the suppliers and ask for quotes automatically – so it’s basically a lot faster and smoother,” he said. “For example, for a buyer to get a quote today, it takes an average of about 11 days. With us, it’s actually less than 24 hours. You get all the tokens and you can make a very simple contract using our network.”
Digitizing the healthcare trade
Mehta said the healthcare industry has long lacked an organized procurement system that integrates data, processes, people and technology across the supply chain. Despite advances in other industries, hospital procurement processes have not been digitally integrated with suppliers’ business processes, resulting in supply chain inefficiencies. Not only is there a need to realize the benefits of digitizing procurement and supply processes to reduce transaction costs, but to improve the data basis for value-based improvement. Health CareMehta said.
“Healthcare supply chains are under tremendous pressure with ongoing crises such as COVID-19, the war in Ukraine and high inflation,” said Mehta. “There is very little data available to help healthcare purchasing managers and suppliers make decisions in real time. Our goal is to enable supply chain professionals, clinicians, hospital managers, and their suppliers to collaborate in innovative ways to create meaningful relationships.”
Mehta said buyers can use machine learning (ML) to search across suppliers and their catalogs; triggering tenders and sourcing events using automated workflows; Receive bids and quotations in order of priority; Submit orders electronically and automate source-to-payment (S2P) processes.
On the other hand, suppliers can get priority access to tenders, RFXs and direct orders from 86,000 hospitals and clinics across more than 100 countries directly or within their CRM and ERP systems; Access to ML and . forecasts natural language processing (NLP) enriched in catalog and bid data with virtual supplier profiles, receive orders electronically and automate order-to-money (O2C) processes, Mehta said. Vamstar competes in the market against companies that include Arctic Shores, Cytora, Contact Engine and Prowler, according to the industry analyst firm, Grojo.