Need: Value Creation

Procurement, Sourcing Resources for Manufacturing Industry

January 12, 2024 Brad Gerick

Procurement and sourcing are critical components of manufacturing operations, directly influencing efficiency and cost-effectiveness. Fleet diligence, distribution assessment and supply chain management are among the more popular use cases BluWave sees.

We frequently field procurement and sourcing project requests from the manufacturing industry, giving us a deep understanding of the service providers that are best-suited to help private equity portfolio companies as well as private and public companies with these challenges.

Here are some of the top procurement and sourcing use cases and how they can help your business.

CASE STUDY: More Than $14 Million Saved on Resin Procurement for Plastics Company

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Fleet Diligence/Assessment

Effective fleet management is crucial for optimizing logistics and controlling costs. By regularly assessing fleet operations, manufacturers can uncover potential savings and improve transportation efficiency, which is essential for timely product delivery and overall operational agility.

READ MORE: What is Procurement & Sourcing?

Distribution Assessment

The efficacy of a distribution network plays a pivotal role in meeting customer demands and maintaining product flow. Thorough assessment of this network allows manufacturers to identify bottlenecks, streamline processes and enhance the speed and reliability of product deliveries.

Construction Diligence

Construction diligence ensures that manufacturing facilities meet all necessary standards and contribute to efficient production lines. This aspect covers everything from initial design to ongoing maintenance, directly impacting the effectiveness and safety of manufacturing operations.

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Asset Integrity Diligence

Maintaining asset integrity is vital for ensuring consistent production quality and avoiding costly downtimes. Regular checks and balances help in early identification of potential issues, enabling timely interventions and prolonging the life span of manufacturing assets.

Clinical Trial Operations Diligence

For manufacturers in the pharmaceutical sector, clinical trial operations diligence is key to ensuring product efficacy and safety. This process involves rigorous testing and compliance with stringent regulatory standards, directly impacting the success and credibility of products in the market.

Safety Diligence

Prioritizing safety in manufacturing not only fulfills regulatory requirements but also fosters a responsible workplace culture. Implementing rigorous safety protocols and regular training sessions can significantly reduce workplace accidents and enhance overall productivity.

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Process Mapping

Process mapping identifies inefficiencies in manufacturing operations, offering insights for improvements. By analyzing each step of the production process, manufacturers can make informed decisions to streamline operations, reduce waste and optimize resource allocation.

Facility Planning

Strategic facility planning is integral to maximizing production efficiency. It involves optimizing the layout and design of manufacturing spaces, ensuring that every element from machinery placement to workflow is conducive to peak operational performance.

Manufacturing Industry Resources

Packaging Diligence

In manufacturing, the importance of packaging extends beyond aesthetics to include functionality and protection. Ensuring the right packaging materials and designs can significantly reduce damages during transit and enhance customer satisfaction.

Supply Chain Diligence

A robust supply chain is essential for maintaining manufacturing momentum. This can be improved by supply chain optimization, focusing on vendor management, inventory control and contingency planning to handle disruptions effectively.

Procurement and sourcing are essential to manufacturing businesses. By working with experts who understand their business, manufacturers can enhance their operational efficiency and reduce costs that give them a competitive edge.

“You can engage a firm that can take out costs of your business for non-core expenditures,” BluWave Co-Head of Research and Operations Scott Bellinger says. “The beauty of it is these groups work off of a gain-share model, so they have an incentive to help you save money.”

BluWave’s research and operations team is here to connect you with specialized manufacturing resources. Set up a scoping call and you’ll get a short list of PE-grade option in less than one business day.

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Hybrid Finance Professional for Construction Company Leadership

Service Area: Human Capital

Client Type: Lower-Middle Market PE Firm

Service Provider Type: Recruiters – Executive Search – Finance

Industry: Construction & Engineering

The Need
Hybrid Finance Professional to Enhance Leadership Team

A lower-middle market private equity firm sought a unique finance professional for its construction portfolio company. This role required a hybrid skill set – half data analyst and half finance expert – to identify key performance indicators and supplement the leadership team.

The Challenge
Specialized Finance Resource with Regional Insight

The challenge lay in sourcing a candidate who not only possessed a balanced mix of data analytics and finance skills but also had familiarity with the South region. The firm was looking for a boutique, experienced search firm, open to a retained search arrangement, to identify this specialized professional.

How BluWave Helped
Connecting with an Industry-Specific Resource

BluWave used its extensive network to identify a finance executive search firm that specialized in boutique and regional hiring within the construction and engineering industry. This firm was tasked with identifying a candidate who could dive deep into business analytics while also handling finance responsibilities effectively.

The Result
Strengthening Leadership with a Dual-Expertise Professional

The successful placement of a hybrid finance professional marked a significant enhancement to the company’s leadership team. The new hire brought a combination of data analysis acumen and financial expertise, focusing on identifying and managing key KPIs, vital for the strategic development of the company.

Enhancing M&A, Financial Operations in Healthcare with Strategic Staffing

Service Area: Human Capital

Client Type: Portfolio Company

Service Provider Type: Temporary Staffing

Industry: Healthcare Services

The Need
Strategic Staffing for Financial Overhaul, M&A

A private-equity owned healthcare services provider, specializing in traumatic brain injury care, was gearing up for an eventual sale. They required highly skilled junior finance and accounting talent on a short-term or project basis to handle active M&A activities and internal projects, balancing manual data entry tasks with strategic financial operations.

The Challenge
Sourcing Versatile, Skilled Financial Talent Amid Growth

The main challenge was finding individuals with 3-5 years of experience in finance or accounting, preferably with a background in investment banking or accounting M&A. These professionals needed to be comfortable handling both strategic and manual aspects of financial projects, including M&A support, system integrations and exit preparation.

How BluWave Helped
Connecting Short List of Exact-Fit Candidates

BluWave utilized its network to connect a short list of candidates with the necessary skill set and flexibility. Emphasizing the need for familiarity with financial systems like NetSuite and Sage, and strong Excel skills, BluWave focused on professionals who could work remotely and adapt quickly to the company’s dynamic needs.

The Result
Streamlined M&A Processes, Efficient Financial System Management

The portfolio company selected the best fits from BluWave’s shortlist. They helped the company manage its M&A activities and internal financial projects. This temporary staff played a key role in preparing the company for a strategic sale, ensuring that financial systems were optimized and operational challenges were efficiently addressed.

Making Life Easy for Human Capital Leaders

November 17, 2023 Brad Gerick

BluWave understands the urgency and sensitivity around the work human capital executives perform. That’s why we provide a curated suite of resources specifically designed for HR leaders to drive unprecedented value in their organizations.

CASE STUDY: Diversifying Talent in a Digital-First Consumer Products Startup

Our Business Builders’ Network not only understands your unique challenges but also provides tailored, bespoke solutions for talent leadership.

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CASE STUDY: Controller with Leadership Skills for Resilient Growth

From specialized recruitment that targets niche roles to interim leadership that ensures your business doesn’t miss a beat during transitions; from mid-level staffing strategies that fortify your organizational structure to outsourced HR services that let you focus on core business functions — BluWave already knows the third-party service provider or consultant you need.

You can learn more about these services in this one-pager we prepared for talent leaders.

Download the Resource Guide

Set up a scoping call with our resources and operations team, and they’ll connect you with a select list of exact-fit resources within a single business day.

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Strategic Executive Search for SaaS Sales Leadership

Service Area: Human Capital – Recruiting

Client Type: Upper-Middle Market PE Firm

Service Provider Type: Executive Search Firm – Sales

Industry: Technology – SaaS

The Need
Dynamic Sales Leadership for Market Expansion

A SaaS company, focused on local and municipal government solutions, needed a chief revenue officer to enhance its sales function and spearhead geographical and product expansion.

The Challenge
Niche Leader in a Specialized Sector

The challenge was to find a CRO with proven experience in SaaS sales to local and municipal governments. This person also needed to be capable of transforming a small, technology-centric team into a robust sales force. For this, they would need a specialized recruiting firm.

How BluWave Helped
Expert Matching for Specialized Executive Recruitment

BluWave utilized its extensive network to connect the client with an executive search firm specializing in sales leadership recruitment within the government sector. This group had a deep understanding of the specific skills and experience required for the role and provided a strong short list of candidates.

The Result
Placement of Tailored Sales Leaders

The firm worked with the company to hire a chief revenue officer who matched the company’s specific needs. This strategic appointment set the foundation for significant sales growth and expansion in the government sector.

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Interim CFO To Revolutionize Financial Forecasting for Construction Portco

Service Area: Human Capital

Client Type: Construction Services Portfolio Company

Service Provider Type: Interim CFO

Industry: Construction and Engineering

The Need
Advanced Financial Forecasting for Strategic Growth

A leading construction services portfolio company needed a sophisticated 13-week cash-flow model. This would help them implement an effective borrowing needs forecast, which was especially critical due to their transition to a non-bank lender and the ongoing integration of multiple add-ons.

The Challenge
Complex Integrations in Dynamic Environment

The challenge lay in integrating diverse business units, each requiring distinct operational and financial strategies. Establishing an efficient system for forecasting collections and payments, integrating add-on companies and maintaining centralized accounting was crucial, given the extensive pipeline of add-ons to be managed promptly.

How BluWave Helped
Expertise and Precision in Financial Management Solutions

BluWave identified a short list of industry specific interim finance leaders with specific expertise in the construction industry’s complex financial structures. The candidate the portco selected had experience creating 13-week financial models and was exactly what the client needed. BluWave’s fast connection led to the implementation of bespoke forecasting and budgeting methodologies, essential for the client’s aggressive growth and integration plans.

The Result
Achieving Financial Streamlining, Effective Growth Management

The interim CFO’s introduction facilitated a smooth transition to an effective 13-week cash flow model, custom-designed for the client’s business framework. This strategic move significantly improved the company’s ability to manage borrowing needs and effectively handle their considerable add-on pipeline, leading to more streamlined financial operations and paving the way for successful growth and integrations.

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Revolutionizing Healthcare: Roles of AI, Machine Learning

November 14, 2023 Brad Gerick

The integration of artificial intelligence (AI) and machine learning in healthcare is poised to revolutionize the industry by enhancing efficiency, transforming medical education and augmenting the role of healthcare professionals.

The latest Private Equity Insights Report from BluWave shows strong interest in AI data analytics as well as robust activity in the healthcare industry.

LISTEN: The Window of Opportunity: Healthcare and PE Insights

Scott Becker, founder of Becker’s Healthcare and Partner at McGuireWoods, discussed these topics with BluWave CEO and Founder Sean Mooney on the Karma School of Business podcast.

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Neurology, doctor and planning surgery with tablet in office with x ray, results and patient data on tech for expert consultation. Cancer, research and black woman to study the brain or neuroscience.

Efficiency in Healthcare Processes

Becker’s insights into the role of AI in healthcare reveal a significant shift toward efficiency, particularly in areas like revenue cycle management.

He spoke to the remarkable reduction in workforce requirements.

“You’ve got places that have 1,500 employees. They can get down to 1,000 employees with using AI,” he said.

READ MORE: Healthcare Compliance: Due Diligence Checklist

This reduction is not about diminishing the human element but rather reallocating it. By automating routine and repetitive tasks, AI allows healthcare professionals to focus their expertise on more complex and nuanced cases.

This shift is not just a matter of numbers; it represents a fundamental change in how healthcare operations are managed. Becker elaborated on the challenges faced in staffing these roles.

“A lot of those jobs are relatively lower-wage jobs where the turnover was tremendous,” he added.

This also speaks to the importance of AI in creating a more stable and focused workforce.

READ MORE: How To Extract Data from ERP Systems

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Transformation of Medical Education

Becker also said that the medical education system is in dire need of an update.

“Medical school is still designed pre-internet,” he said. “A specialist isn’t out of school until they’re in their early thirties.”

This not only prolongs the training period but also imposes significant financial and mental burdens on aspiring medical professionals.

READ MORE: Professional Healthcare Recruiters: Specialized Human Capital Resources

“You’ve got this horribly inefficient medical school program and residency training program,” he added.

By leveraging artificial intelligence for educational purposes, the learning process can be significantly streamlined, reducing both time and cost for students.

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Augmentation of Medical Professional Roles

There are many use cases for existing medical professionals as well. Mooney offered one example.

“They’re going to have these amazing copilots that will help do all those kind of brain sequences,” he said.

READ MORE: AI Data Analytics: Business Intelligence Tools

Mooney views AI as a tool to assist, rather than replace, human expertise. AI’s ability to process vast amounts of data and identify patterns can significantly enhance the diagnostic process, allowing medical professionals to focus on critical decision-making and patient care.

“I don’t think you could ever turn them over to the robots, at least in our visible future,” Mooney added.

The integration of AI promises to elevate the quality of healthcare, making it more precise, personalized and effective.

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While the potential of AI in healthcare is immense, challenges such as resistance to change and vested interests could impede its adoption. Its future prospects, however, are promising.

The integration of AI and machine learning in healthcare represents a significant shift toward more efficient, effective and personalized care.

The invite-only Business Builders’ Network is full of AI experts who work with healthcare businesses on a regular basis.

Connect with our research and operations team, and they’ll provide a short list of tailor-made resources within 24 hours.

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