The constant and rapid movement of inventory in the medical device industry wreaks havoc on manual, paper- and spreadsheet-based systems. Inventory visibility gaps result in missed orders or excessive safety stock. But with a holistic, real-time view of inventory across all points powered by mobile apps, medical device companies are capable of boosting productivity, maintaining compliance, optimizing inventory, and generating additional revenue.
As broken down in this MedTech Dive article, medical device manufacturers face tremendous pressure to control costs and adhere to strict regulatory and quality standards. The systems medical device companies use to manage inventory aren’t always on par with these high standards.
“To meet market needs and effectively compete, organizations demand visibility, agility, and integration from their supply chains, on-premises SCM platforms simply can’t keep up – and leaders are leveraging the cloud to build more adaptable models.” -Oracle, ‘Why Supply Chain Leaders Are Migrating to The Cloud’, SupplyChain247.com
The right end-to-end inventory management solution empowers organizations with complete inventory control. It can eliminate the need for field personnel to check and receive each device individually using warehouse cameras and batch labeling. Additionally, it decreases invoice delays that inflate field stock levels with real-time device usage reporting.
Contactless applications eliminate paper and provide the added benefits of reducing entry errors and providing real-time visibility into over-shipped, short-shipped, or damaged inventory. Electronic signature and photo capture, combined with serial scanning, automatically updates on-hand inventory, giving you real-time visibility from anywhere.
Benefits of end-to-end inventory control include:
- Mobile apps lead to digitized processes that allow more orders to be processed with less labor and less re-work due to increased accuracy
- Time-consuming and delay-inducing steps are eliminated from the process entirely
- Verified integrations to the ERP allow previously manual entry processes to be automated
- Full serial and lot tracking are achieved for any future recall, verification or compliance need
- Online/offline capabilities ensure data integrity and provide full transactional audit trails at the discrete lot/batch and UDI/serial level
- A holistic, real-time view of inventory is achieved to allow maximum flexibility as well as accurate data to inform purchasing and reduce safety stock levels
- Transferable inventory in the field allows reps to locate needed items and acquire them quickly, without expedited shipping; this includes the ability to view schedules and transfer customer orders
- Shorten vendor-to-stock time frame, thus shrinking the volume of stock in the overall supply chain
- Reduce/remedy errors with cycle count functions that lets the warehouse and field reps have quick and accurate verification of inventor
- Ability to grow and accept more orders, without sacrificing customer service, through better planning and resource allocation made possible by real-time, holistic inventory views and field team scheduling
- Meet existing growth projections without massive increase in labor
- Generate more accurate and faster cash flow through automated invoicing
- Freed management resources to focus on the business rather than data entry