2022 is more than halfway over, and the top challenges faced by companies in every industry have not waned. Addressing these challenges in his monthly Global Macroeconomic Outlook report, Craig Wright, Chief Economist at RBC Capital Markets, writes, “The global surge in inflation—and how high interest rates will have to rise to tame it—continues to dominate concerns about the economic outlook. Adding to the risks posed by sky-high prices are supply chain disruptions from the war in Ukraine and pandemic lockdowns in China.”
Medical supplies and devices companies have not been immune to the impacts of inflation, supply chain disruptions and worker shortages even as need for their products remains strong. But rising inflation is raising concerns further, leading industry professionals to wonder how they can survive—and thrive—amidst this economic crisis. Though there is no single answer, industry professionals should consider the role modern technology—specifically, medical supplies software and medical devices software—can play in mitigating the effects of significant economic pressures.
The Benefits of Medical Supplies Software and Medical Devices Software
Before diving into the benefits of medical supplies and medical devices manufacturing software, let’s define what the software is. Enterprise Resource Planning or ERP software is a comprehensive solution providing the order, inventory and purchasing management along with business/financial reporting and customer relationship management tools necessary to run a medical-based business. When fully implemented, industry professionals have an end-to-end system that brings data from every department within an organization into a centralized database, which users can access at any time and from anywhere.
A fully integrated ERP software solution produces a number of benefits companies relying on unintegrated systems cannot even fathom. Take, for instance, the ability to track inventory amounts, location and costs in real time and in one system. Every person in the business—from the C-suite to the warehouse employee—knows exactly what’s in stock, where it’s located and what they’ve spent (and will spend) on warehousing and carrying costs. Inventory knowledge based on facts and forecasting capabilities result in waste reduction and increased efficiencies. Another benefit of implementing a comprehensive Cloud ERP solution is businesses’ ability to quickly analyze financial, production, inventory (and more) information using integrated and personalized reporting capabilities and the ERP’s business intelligence tools. Faster—and better—decisions help keep projects on track and on budget.
Finally, medical supplies and devices software replaces manual, time-consuming and error-prone tasks with automated functionality. Instead of spending valuable time inputting data (possibly into multiple systems), team members can attend to other business-building tasks.
How Do These Benefits Help Ease Economic Stress?
Cloud ERP software promotes operational efficiencies and increased productivity by automating processes, streamlining workflows, facilitating business-wide collaboration and providing a 360-degree view into your medical business. In essence, this modern technology helps create connected, agile and scalable businesses that are able to save money, reduce waste and manage their costs in the face of inflation, supply chain disruptions and labor shortages.
Two companies that can attest to the technology’s ability to ease economic stress are DAS Medical Holdings, a producer of single-use drapes and surgical equipment, and InBios International, a company that specializes in the design, development and manufacturing of immunodiagnostic devices for infectious diseases and biothreats.
DAS Medical needed to replace QuickBooks with a sophisticated solution that could support manufacturing, inventory control and Material Requirements Planning (MRP). On the advice of NexTec Group experts, DAS Medical chose Acumatica Cloud ERP. Now, in addition to robust financial controls (including a solid audit trail) and quick access to the metrics and analytics (e.g., cash flow predictions, inventory stocking and manufacturing planning) for making strategic business decisions, the company has experienced a palpable increase in 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%,” says CFO Houston Lee, noting that cloud-based medical devices management software has stopped their practice of overstocking critical components and instilled trust into their inventory numbers.
For InBios International, the decision to implement Acumatica ensured that the company was able to quickly get its Covid-19 diagnostic tests to the market—something InBios’ software, which was built in-house, could not have done.
“[The proprietary software] was designed to handle sales orders and to track lot numbers as they were sold, but it had no capabilities for managing inventory holdings and raw materials,” says Bryan Deszell, Manufacturing Manager. “We were running more than half the business with spreadsheets and email.”
Tracking inventory wasn’t possible until they implemented Acumatica—which allowed InBios to streamline their work and scale their business. With Acumatica’s industry-specific software, InBios can now:
- Trust their real-time inventory numbers
- Connect purchase orders to production and sales orders
- Automatically track lots with forward and backward traceability
“We’re now better able to meet demand, with much less time spent—and much less stress,” Deszell says.
Now is the Time to Consider Implementing Medical Supplies and Devices Software
DAS Medical and InBios International have invested in the tools and technology they need to overcome the current economic pressures, but it’s not too late for businesses that have yet to make the decision. In fact, now is the perfect time to consider implementing medical supplies software and medical devices software that provide substantial time and cost savings necessary for surviving—and thriving—in today’s struggling economy.
Have questions? Contact NexTec experts today for more information and/or to schedule a demonstration. We’d love to chat.