Medical device manufacturers have a complicated set of compliance rules to follow, so software that optimizes business processes is key. Enterprise Resource Planning (ERP) offers numerous benefits for medical manufacturers looking to streamline their operations so they can deliver products to their customers faster and with fewer issues. Here are a few ways ERP can improve your business.
Strengthen Supply Chain Management
Medical device companies must continuously evaluate, approve, and inspect their supply chain. Particularly after the pandemic, supply chains became fragile as shortages caused unexpected delays, suppliers felt pressured to rush orders as much as possible (potentially leading to quality issues), and prices rose exponentially. With these challenges still lingering in the industry, it’s no wonder that medical manufacturers are being extra vigilant with supply chain management.
An ERP system can make managing your supply chain easier and faster. You can keep track of each of your supplier’s information and set automated reminders for reevaluation if they are on your Approved Supplier List. In addition, you can do tasks quicker like sending out automated bid requests to suppliers, monitoring raw material pricing changes over time, and keeping track of data by lot, order number, or serial number. With the ERP doing a lot of the work for you, supply chain management becomes much more straightforward.
If you want an ERP partner to support you in managing your supply chain, talk to Datix. We take the time to understand each of our clients to offer them a business-first approach to ERP solutions.
See Real-Time Data
Because there are so many steps to compliance, and running a business in general, getting dragged down by slow-to-update data leads to significant delays in fulfilling orders and responding to customers. Leads and other partnerships are lost because you simply can’t get the information you need quickly enough.
With a modern ERP, you can access real-time data within moments. This accessibility to current information speeds up every aspect of your business processes, from pricing to sending invoices to updating inventory and analyzing labor output. When real-time data is available to your team, it becomes easy to share it with existing or prospective customers. This level of ease and transparency is what customers look for in their partnerships because it demonstrates your expertise and trustworthiness.
As a one-stop shop that has implemented thousands of software solutions, Datix knows how to maximize ERP systems to give you the real-time data you need. Learn more about gaining a 360-degree view of your organization.
Manage Stock With Ease
All manufacturers want to sell their stock easily (and without having to reduce the price), but there is a delicate balance in play. Being out of stock of highly desired products for too long causes customers to look elsewhere. For medical device manufacturers that may offer products that expire, stock management is even more challenging.
“Optimizing inventory levels is extremely important for medical device companies,” reports Giovanni Viznay, senior inventory analyst at Getinge, a global medical device supplier. “Excess inventory is working capital that’s just sitting in the field or on the shelves” (MedTech Dive 2020).
A cloud-based ERP allows medical manufacturers to automate warehouse and inventory management so that it is simpler to reduce overstock, prevent products from expiring before sale, and eliminate cases of accidentally delivering expired items to customers.
Do your sales reps store any inventory in their vehicle or home? Many medical device manufacturers employ this system, but this inventory is typically invisible in their software. When it comes to providing items, they are almost always manually counted, which can lead to embarrassing errors. Modern ERP can be mobile accessible, so reps can keep track of their “trunk stock” right from their cell phone, tablet, or laptop. The ERP can even send out an automated notification when their inventory needs to be refilled or is about to expire.
Don’t play guesswork with your stock numbers. Find out how to gain a new ERP with the help of our experts at Datix. We support our clients every step of the way, from planning to implementation and beyond.
These are only a few of the advantages a sophisticated ERP brings to medical device manufacturers. If you want to learn more about how ERP can transform your business, talk to our team. We take the time to understand your business to recommend a tailored ERP solution for your unique needs.
Read more ERP Benefits for Medical Manufacturers
Datix is the ERP consultant of choice for medical manufacturers. Our in-depth analysis of our clients and their business needs allows us to maximize their investments to the fullest.