Distribution and Inventory Management – Why Are They So Critical for Medical Devices and Supplies Companies?

Continual development and innovation in medical devices and supplies are crucial to ensuring the quality of life for people in the US and across the world.

The term ‘medical devices’ is naturally an extremely broad one, encompassing such items as syringes, wheelchairs, and PPE to pacemakers, defibrillators and x-ray machines. Regardless, there can be little doubt about the medical supplies and devices industry’s great importance in safeguarding the wellbeing of our population.

Indeed, it is thanks to medical devices that diseases can be detected earlier and diagnoses, treatment and patient monitoring greatly improved. Breakthroughs and advancements in medical device technology have also been vital in reducing the costs of healthcare at a time when health services around the world are under greater pressure than ever before.

Operational Efficiency Drives Success

Due to the inherent role that medical device and supplies manufacturers play in global wellbeing, they must design and produce products that are safe, affordable and reach the end-users precisely when they need them. This is no easy feat when the challenges and obstacles facing them continue to grow.

The COVID-19 pandemic presents significant obstacles, as do the ongoing issues associated with global supply chains, the ever-present threat of counterfeit or substandard products, and the complex regulatory environment in which medical device manufacturers must operate. To compound these external challenges, the healthcare industry is still burdened by manual processes, a significant amount of re-work, and a lack of data integration.

While other industries have implemented product scanning, electronic ordering, order accuracy controls, and other key processes to improve supply chain efficiencies, the healthcare industry lags behind.

Although there are considerable challenges for medical devices and supplies companies, the overall picture in the healthcare industry is one of growth. With elective and non-essential services resuming, and an aging population as contributing factors, the industry expects to grow from USD 455.34 billion in 2021 to USD 657.8 billion in 2028.

So, how can medical devices and supplies manufacturers overcome these challenges and capitalize on growth opportunities?

The answer lies in building agility into the business. With the right visibility and insight and with integrated data, defined systems and automated processes, manufacturers can achieve true operational efficiency to drive success.

Distribution and Inventory Management Software Provides the Key

All these benefits, and more, can be achieved through the implementation of a comprehensive Cloud ERP solution, such as Acumatica. With specific industry functionality built right it, Acumatica automates inefficient, manual processes and integrates financial management, inventory tracking, regulatory compliance and client management into a single, centralized system that can be accessed from wherever you are in the world.

Data from every department is shared and synchronized within the Cloud ERP solution providing the visibility and insights business leaders need to make informed decisions that drive growth and deliver customer satisfaction.

To answer the challenges we previously identified, Connected Cloud ERP solutions track inventory in real-time to mitigate against supply chain issues, modernize warehouse processes, including automating manual tasks to increase efficiency and ensure quality and compliance by reducing manual error and simplifying compliance measures.

By increasing efficiency and engineering out unnecessary costs, ERP software ensures these critical products get into customers’ hands faster, with greater accuracy, and at a price they can afford.

In a competitive market, one that’s driven by innovation, this functionality and the processes they enable, help medical device and supplies SMB’s save time, money and effort and above all, improve operational efficiency to help them capitalize on a growing market.

Discover the Benefits of a Cloud ERP Solution

To learn more about the industry-specific functionality of Cloud ERP software how it helps medical devices and supplies SMB’s stay competitive, download our guide Medical supplies and devices companies – why distribution and inventory management are critical today.

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