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How a biotech achieved 91% lab supply ordering automation and avoided $132K in costs

A rapidly growing biotech developing exosome-based therapeutics was mired in a manual supply ordering process and utilized a costly virtual lab manager, giving them limited spend visibility and limited control over their own purchasing process. ZAGENO offered a streamlined, all-in-one purchasing solution that saved time, reduced labor and supply costs, and gave purchasing power back to the biotech.
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Key Facts

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Client

Biotech developing precision therapeutics in San Francisco, CA seeking Series B funding

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Challenges

Manual lab supply ordering | Outsourced virtual lab manager | Lack of transparency into ordering and spend | Limited scalability

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Solution

Order automation and consolidation with ZAGENO’s lab supply marketplace enabled growth and provided spend transparency, giving purchasing control back to the biotech and reducing costs.

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Results

Using ZAGENO saved 14% on supply costs, increased purchasing automation by 85%, and resulted in annualized cost avoidance of $132,000

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Challenges

Separate purchasing systems limited spend visibility and control:

The company was using an inventory management software (with reporter function), which could only fulfill 6% of their lab supply purchases. To try to address the remainder, the company used an hourly virtual lab manager. The virtual lab manager did not offer a portal with spend, order history, and delivery information, resulting in missed savings opportunities and wasted time on ordering, delivery tracking, reconciling purchase orders and more.

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Solution

The biotech turned to ZAGENO for a streamlined ordering solution to enable growth and implemented ZAGENO access to:

  • Automate and consolidate lab supply spend into a single buying channel, replacing both the inventory management software and the virtual lab manager
  • Save scientists and operations team hours each week wasted on order tracking and purchase order reconciliation
  • Access a real-time, comprehensive spend dashboard
  • Facilitate scientific choice through utilization of new, quickly set-up suppliers
Client case - biotech automates 90percent and saves 132k

Results

From the start, ZAGENO provided results, supporting scalability at a crucial growth time:

  • Annualized cost avoidance of $132,000 by eliminating outsourced virtual lab manager
  • 14% quarterly savings due to price comparisons
  • 111 new suppliers (93%) added to the system in one year
  • Reduced average number of days to delivery by 84% in one year
  • Enabled real-time spend visibility by product category and % of total spend

Lessons learned

By integrating all lab supply purchasing and operations into one centralized system, ZAGENO was able to help the biotech save thousands on operational and supply costs, with:

  • Simplified Purchasing Process. The ZAGENO marketplace greatly simplified the purchasing process, streamlining it into just one platform.
  • Increased Automation Improves Efficiency. With ZAGENO, purchasers can build a cart from over 40 million products across 3,500 suppliers, which took the biotech from 6% to 91% purchasing automation.
  • To obtain Series B funding, companies must demonstrate they can scale, with strong foundations built on efficient operations, revenue and cash-flow management. Utilizing the ZAGENO marketplace to streamline lab supply purchasing is a competitive advantage for those biotechs looking to level up.

About ZAGENO

With over 40 million product SKUs available from more than 5,000 leading brands, ZAGENO offers the largest life sciences lab supply marketplace. Our one-stop-shop solution helps scientists, lab managers, and procurement leaders compare products across vendors, easily source product alternatives, track deliveries, and communicate order status with R&D teams in real time. ZAGENO makes online shopping for any research material convenient, efficient, and reliable.

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