At the beginning of every year, it’s inevitable that trend predictions for the new year appear. This isn’t a bad thing. In fact, trends provide companies with strategic insights for the year ahead. Today, we’ll look at the 2022 trends for the medical supplies and devices industry, and they all seem to be pointing to one thing: The importance of adopting medical supplies and equipment software and medical devices software within a comprehensive Cloud ERP solution.
Medical Devices and Supplies Trends for 2022
According to Fortune Business Insights, the adoption rate of medical devices fell in 2020 but is expected to grow from 2021 to 2028 as the market recovers. The growth brings with it several trends to be watching in 2022.
- Cybersecurity Concerns
Cybercrime is not a word used by people born before the 1980s. GOOSE VPN says the first cybercrime happened in 1981 by a man named Ian Murphy (a.k.a. Captain Zap). He was found guilty of hacking the American Telephone Company to “manipulate its internal clock, so that users could still make free calls at peak times.”
The history of cybercrime is interesting. Sadly, it ushered in an era where hacking, whether for money, sending a public message, or for fun, has become commonplace. Medical supplies and devices manufacturers can expect to see a rise in cyberterrorism attacks as the companies continue to leverage technology to increase communication, collaboration and innovation.
- AI, Robotics, and Machine Learning
Like cybercrime, emerging technologies, such as Artificial Intelligence (AI), Machine Learning (ML) and robotics, are becoming more commonplace in the medical supplies and devices industry.
For example, as manufacturers seek to produce better supplies and devices for the healthcare industry, they’re utilizing tons of data to support their decisions. With AI, they can analyze the data easily and efficiently. With ML, the machines can learn from and act on the data without time-consuming, error-prone human intervention. And robotic breakthroughs are transforming people’s lives, encouraging minimally invasive surgeries and assisting in such procedures as organ transplants, gastrointestinal procedures, spine surgery and more.
- Supply Chain Challenges and Innovation
Supply chain challenges are predicted to continue through 2022. If this is true, then medical supplies and devices companies will need to get creative in how they manage the expected growth coming their way (e.g., returning elective surgeries and higher demand for wearable medical devices). As traditional methods of shipping, receiving and distributing products and product components remain backlogged, they’ll need to look for different ways to get their materials, such as focusing on regional versus overseas sources.
Finally, 2022 will continue to see the automating of processes and workflows as manufacturers work to increase efficiency and keep costs down. This is particularly important because of the aforementioned supply chain challenges and rising inflation. Staying in business will require running leanly, and automation is a key factor in pushing outputs while gaining greater control and consistency using less labor.
Managing Trends with Medical Supplies and Devices Software
These trends are not surprising. Other than the supply chain issues, we could be discussing any year in the past five years. Regardless, it’s imperative that medical supplies and devices manufacturers consider implementing modern medical supplies software and medical devices software that reside in a cloud-based ERP solution.
The features of this solution should include order, inventory and purchasing management, which should also tie into customer relationship, financial and reporting management. Compliance with FDA standards, global regulations and laboratory approvals are managed within the single system with lot tracking, expiration dates and traceability throughout the entire supply chain. The system should also integrate with third-party applications and allow 24/7 remote access to business data.
The benefits of implementing a comprehensive ERP solution address the 2022 trends. For example, data in the cloud is safer with the right ERP solution. The right solution will provide regular updates, improving security and patching system vulnerabilities in the face of cyberterrorism attacks.
How about AI, ML, robotics and automation? The right solution will have these capabilities built into their core applications. Manufacturers can tap into them immediately upon implementation.
Supply chain challenges can also be addressed by medical supplies and devices software. Benjamin Rouger, Partner Enablement Manager at Acumatica Cloud ERP, writes in Mitigate Supply Chain Disruptions and Inflation Risks with These Tactics, “Few of us have had to deal with inflation and disruptions on this scale before. The old playbook doesn’t apply anymore, and companies still relying on legacy technology won’t have the tools to address these challenges.”
He says modern technology helps manufacturers anticipate shortages and changing demand. They’re able to react faster by monitoring leading KPIs, such as supplier delivery time, number of items scheduled for production, customer demand forecast and maintenance forecast. It follows that the KPI data helps mitigate the impacts by letting the manufacturer know when to increase stock levels and manufacturing capabilities in specific locations, as well as diversify suppliers and prepare for future price increases.
The Right Medical Supplies and Devices Software
As we head into 2022 and contemplate the trends, which Cloud ERP software is the right software?
At NexTec Group, we recommend downloading our free ERP Selection Guide: Medical Supplies and Devices to help determine which medical devices management software solution is the best fit. The guide provides a thorough review of the challenges faced by the industry as well as the features an industry-specific solution should possess in order to overcome those challenges.
As a national consulting firm specializing in industry-specific technology, we have found that Acumatica Cloud ERP offers the tools, including integrated inventory management software, warehousing management software and distribution software, that medical supplies and devices companies need to run their businesses efficiently and profitably. Acumatica is the complete Cloud ERP solution for all your business management needs today and in the future. It manages all areas of your business using a modern, flexible and adaptable platform that lets you focus on productivity and growing your business.
To learn how a modern ERP solution can help your company keep up with the digital economy, reach out to us. We’d love to show you what Acumatica can do.