The medical supplies and devices industry is competitive. Driven by demographics and demand, businesses in the industry are constantly innovating to get a piece of the US medical device manufacturers market, which is predicted to reach over $180 Billion USD this year. To succeed, it’s critical that they have the right tool in place to streamline production with production order and tracking functionality. That tool is a Cloud ERP solution with medical supplies software and medical devices software.
The Importance of Production Order and Tracking in Medical Device Manufacturing
Manufacturing and distributing medical supplies and devices can be a high-risk endeavor. For example, medical devices are subject to recall, and recalls are common—and becoming even more common. According to Medical Device + Diagnostic Industry (MD+DI), “The number of medical device recalls issued during the first half of 2021 is higher than the number of recalls issued during the first half of each of the previous five years.”
Recalls occur when a medical device violates FDA safety laws because of a defect, or it is a risk to users’ health—up to and including death. The MD+DI report does point out that the majority of the recalls has not been due to injuries or death though “nearly a dozen of them have.” Regardless of the reason, the rising number of recalls points to the importance of using a cloud-based ERP solution for production order and tracking functionality, which ensures that every part of a medical device can be traced back to its source.
A complex task, NexTec’s complimentary guide, ERP Selection Guide: Medical Supplies and Devices, lays out exactly how ERP software will help simplify the process. For instance, companies gain real-time access to operational and financial insights within one integrated solution. Quality management and control processes are also improved.
Further, companies in the industry can expect to:
- Streamline expiration date tracking using the First In, First Out (FIFO) method of inventory management
- Maintain accurate data for recall, reporting and FDA compliance purposes
- Ensure end-to-end traceability throughout the supply chain
- Utilize MRP and advanced scheduling functionality for better inventory and shipping control
- Increase efficiency and profitability with comprehensive Bill of Material (BOM) functionality and full revision tracking
Companies that implement a cloud-based ERP solution with medical supplies software and medical devices software can easily and efficiently support governance and compliance requirements. As the guide notes, “To succeed in the medical supplies and devices industry, businesses need the tools to streamline operational efficiency, ensure product safety and manage growth. With an ERP solution built specifically for the medical devices and supplies industry, you can track inventory in real time, streamline warehouse processes and ensure quality and compliance.”
Increase Your Chances of Success with Cloud ERP Software
Success in the medical devices and supplies industry is not guaranteed. Competitors are everywhere, safety regulations are tightening and recalls are growing. That’s why the right cloud ERP software is critical. It helps business that have been relying on manual processes or disconnected legacy solutions for their medical devices management transform into a lean, mean, manufacturing machine in an increasingly competitive market.
Another competitive market is the Cloud ERP market. Businesses trying to determine which Cloud ERP solution is the best for their needs can use our guide, ERP Selection Guide: Medical Supplies and Devices. It is packed with helpful tips, including the importance of assembling a team to conduct a business review of the features a Cloud ERP solution should have. These “should-have features” include finance and operations, governance and compliance, production order and tracking, client management and distribution and inventory.
Here at NexTec Group, we suggest putting Acumatica Cloud ERP at the top of the review list. Providing industry-specific cloud software for the medical devices and supplies industry along with distribution software, inventory management software and warehousing management software, Acumatica is a true cloud solution. Users can access the solution from web-enabled devices, keeping everyone connected and working with accurate data. It offers real-time collaboration, reporting and analytics as well as the ability to seamlessly integrate with commonly used applications (e.g., Office 365, Salesforce, Power BI, etc.) and integrates with standard manufacturing APIs, such as CADTalk, Scanco and more.
An affordable solution that charges for resources used (not the number of users), Acumatica Cloud ERP is an excellent choice for medical supplies and devices businesses. NexTec, with over 26 years of experience and a gold-certified Acumatica implementation partner, can help you implement Acumatica, transform your business and find success.
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