Like almost every industry, the medical supplies and devices industry has been impacted by the pandemic. Medical supplies and devices companies have experienced a high demand for pandemic-related supplies, such as Personal Protective Equipment (PPE) and ventilators but have also grappled with supply chain and supply shortage issues. Though far from ideal, the challenges related to the pandemic (combined with ongoing challenges, including strong competitors, tightening safety regulations and safety recalls) brought home the fact that implementing medical supplies software and medical devices software—software specifically designed for their unique needs—within a cloud-based Enterprise Resource Planning (ERP) solution is a necessity.
Why Medical Supplies and Devices Companies Need Industry-Specific Software and a Cloud ERP Solution
Regardless of the circumstances, managing a complex business that runs on old, inadequate or multiple systems is not easy or efficient. Managing a complex business with a modern Cloud ERP solution is, according to NexTec’s complimentary ERP Selection Guide: Medical Supplies and Devices. The guide notes, “To streamline operations and better manage business growth, leading medical supplies and devices companies depend on industry-specific Enterprise Resource Planning (ERP) solutions to ensure success.” NexTec customer DAS Medical Holdings, LLC agrees.
According to their NexTec customer story, the company, headquartered in Atlanta, Georgia with manufacturing facilities in the Dominican Republic, was founded in 2012 and produces single-use drapes and surgical equipment covers used by North American hospitals and medical facilities. From the start, DAS Medical relied on QuickBooks to handle its accounting needs, but the company’s dramatic growth exposed QuickBooks’ limitations.
The search for a full-featured, cloud-based ERP solution that could handle their manufacturing, inventory control and Material Requirements Planning (MRP) needs was on. With the help of NexTec, they found and implemented Acumatica Cloud ERP.
CFO Houston Lee says, “[Acumatica’s] manufacturing, inventory control and MRP capabilities are right in line with what we need.”
Industry-Specific Features in Medical Devices Management Software
While Lee says they chose Acumatica “primarily because we felt the most comfortable and confident with the NexTec team” and that “most Cloud ERP systems offer a lot of the same features,” it’s important to know which features are critical for a medical supplies and devices company. NexTec’s ERP selection guide provides a detailed list of features to look for in medical supplies software. Below is a brief description of each one.
Finance and Operations
The right Cloud ERP solution provides integrated and enterprise-level finance and operations capabilities, enabling medical supplies and devices businesses to easily manage their financials; manage their multi-company, multi-language, multi-currency, multi-legislation and multi-ledger operations; streamline financial statement translation (including multi-currency); speed up payment processes with integrated credit card processing; and streamline payroll management.
“We have a small accounting department, so we value efficiency, but we also need robust financial controls including a solid audit trail. Acumatica provides that,” says Lee.
Governance and Compliance
Dealing with governance and compliance requirements, such as staying compliant with FDA standards and other global regulations, is simplified with medical devices management software. The ERP selection guide notes two more governance and compliance situations the right Cloud ERP solution must be able to handle efficiently and effectively.
Production Order and Tracking
With an integrated solution, companies in the medical supplies and devices industry gain real-time access to operational and financial insights, streamline expiration date tracking using the First In, First Out (FIFO) method, ensure end-to-end traceability throughout the supply chain and more.
According to Lee, the right Cloud ERP solution—in their case, Acumatica—can increase production volume and efficiency. “Thanks to automated workflows in Acumatica, we’ve increased efficiency and cut the time it takes to report on production activity by over 50%.”
Customer service goes hand-in-hand with streamlined client management. For example, an integrated CRM streamlines client management and aids businesses in maintaining current and accurate customer data and managing delivery and post-sales support. The result? Stronger client relationships.
Distribution and Inventory
With distribution software, inventory management software and warehousing management software, medical supplies and devices organizations experience a number of benefits. For example, purchase order workflow approval reduces time-consuming manual interventions and inventory accuracy is ensured with sales order and fulfillment center API integration, including Salesforce.
There are plenty more benefits, including one Lee discusses. “We didn’t trust our inventory numbers before. But now, we’ve got confidence in our numbers and are able to keep our stock at optimal levels.”
Why Acumatica is the Best Solution for Medical Supplies and Devices Companies
DAS Medical is a perfect example of why Acumatica Cloud ERP and Acumatica’s medical supplies software and medical devices software is the best solution for those in the industry. The company’s switch from QuickBooks to Cloud ERP software netted them new efficiencies, unlimited user counts, increased production volumes (without increasing overhead), robust financial control and audit trail and the ability to capitalize on trends in the medical supplies and devices industry.
NexTec’s ERP Selection Guide: Medical Supplies and Devices provides further benefits, highlighting the fact that Acumatica, a true cloud solution that provides user access at any time from any web-enabled device and seamless integrations with third-party applications, allows businesses to:
- Manage the end-to-end manufacturing process
- Manage inventory with real-time visibility into quantities and costs
- Track financials
- Gain full traceability for regulatory compliance
- Streamline sales orders
- And more
With help from NexTec’s expert consultants, more than 600 companies have embraced modern ERP, CRM and BI solutions that have transformed their businesses. Lee says those in the medical supplies and devices industry can trust NexTec’s over 26 years of experience and dedication to delivering successful ERP implementations. “They have remained focused on our business’ success from the start. I don’t feel like they just sold us a product, they were building a long-term relationship. Even now, as we’ve been live almost a year, they continue to help us get the most value out of Acumatica—they’re with us every step of the way.”
And we’ll be there every step of the way with you, too. Contact us today. We’d love to chat.