Medical supplies and devices have always been in great demand, but the demand increased as need for certain supplies and devices (e.g., personal protective equipment, sterilizing equipment, testing supplies and ventilation-related products) rose during the pandemic. As a manufacturer or distributor using outdated business management software, you may have struggled to keep up, especially as other pandemic-induced challenges, including the supply chain disruption, concerns over counterfeit products entering the market and high production and maintenance costs, came into play.
These unexpected and business-altering circumstances highlight the importance of implementing modern medical supplies software and medical devices software within a comprehensive Cloud ERP solution. At NexTec Group, we recommend Acumatica Cloud ERP, a born-in-the-cloud and award-winning ERP solution, to our customers.
To show why Acumatica earns our high recommendation, we’ve put together a complimentary Medical Supplies Product Tour.
Medical Supplies Product Tour Overview
The Medical Supplies Product Tour is a series of six videos demonstrating Acumatica’s key inventory management features. Following is a high-level overview of each topic covered by the product tour.
Production orders lay out specific orders with quantity, materials and timeframe, which means you need to have a firm grasp of what is needed when and of the steps you’ll need to take to ensure fulfillment success.
With Acumatica’s Cloud ERP solution, you can manage your entire production order process in one place. Link production orders and set up tiers for multi-level bill of materials. View the production order history, including the labor and materials associated with the production order and all movement and notes. And see your actual costs versus planned costs, plus any variances between the two.
Effectively managing inventory is critical for any manufacturer or distributor. If you consistently have too much or too little stock, you run the risk of reducing your cash flow and of not having what you need to meet customer demand. Ensuring you have the right number of resources on hand eases constraints on your storage space and increases productivity.
With Acumatica, you have flexibility in managing your inventory items. You can classify items based on your company’s needs. For example, is it a stock item? Is an item purchased or manufactured? What is the costing method? The answers to these questions are conveniently stored and accessed in the ERP software.
Acumatica provides several reports that give an overview of your entire inventory, including Inventory Balance and Inventory Valuation. It also allows you to manage multiple warehouse locations, defining stocking locations by aisle, row, rack, slot and bin, and it aids in the management of:
- Sub-items/matrix items
- Complex pricing and discount policies
- Customer and vendor items
- Non-stock items
Along with its inventory management capabilities, Acumatica offers you inventory replenishment features that help simplify and automate the process. Because you must monitor for maximum shelf life and expiration dates, you can set parameters directly in the system through Acumatica’s business events, which send alerts to let you know when something needs to be replenished.
Purchase and Sales Orders
Streamlining your purchasing and requisition processes is easy with Acumatica’s four-way match purchasing system. You can submit bid requests from various vendors into the system, and in the same system, select which vendor from whom you choose to purchase the item. You can also set up your purchasing approval workflow to automatically notify approvers.
Having real-time purchase and sales order data (e.g., inventory quantities, linked purchase orders, special orders, etc.) at your fingertips is a guaranteed way to boost sales and improve customer service.
As with inventory management, Acumatica has robust financial reporting, offering you insights into how your business is doing from top to bottom. Pre-built or custom, the reports can be tailored to your company’s needs and include balance sheets, profit-and-loss reports and cash flow statements, just to name a few. The reports also let you drill down into the details of each transaction, showing you how they contributed to sales revenue.
Quality and Compliance
Last but not least, Acumatica’s comprehensive medical devices and distribution software helps you manage your quality and compliance needs from a single solution. As laid out in a recent NexTec article, the right Cloud ERP solution must be able to maintain accurate data for recall, reporting and FDA audit purposes. It must also be able to:
- Manage ISO, GMP (and more) compliance regulations
- Store documentation to adhere to each governing agency’s requirements
- Automate quality checks
- Track every item forward and backwards for increased visibility and precision
InBios International is a company that specializes in the design, development and manufacturing of immunodiagnostic devices for infectious diseases and biothreats. After implementing Acumatica Cloud ERP on NexTec’s advice, the company’s inventory management and compliance woes disappeared.
“We can now track lot numbers within the system with forward and backward traceability. Before, lot tracking involved too much time, too much paper and lots of manual tasks,” Manufacturing Manager Brian Deszell says. “Now, Acumatica stores all the relevant data. We’ve built custom queries in the software that produce the reports we need instantly. This type of efficiency is part of what we needed to scale the business.”
Download the Medical Supplies Product Tour
The Medical Supplies Product Tour provides deep insight into how Acumatica Cloud ERP helps medical supplies and devices manufacturers and distributors run their businesses effectively, efficiently and profitably. Download the informative and complimentary six-video series today to learn more about Acumatica’s business-enhancing features. You can also contact NexTec experts to ask any questions about Acumatica’s medical devices management software or to schedule a demonstration. We’d love to chat.