Medical device companies seek to improve their system with modern technologies and invest in systems that have the ability to integrate their product development, production procedures, and distribution chain. For this enhancement in their business processes, they should invest in the right software to get live data access and to make better business decisions on product lines and revenue channels.
Today, medical device manufacturers are adopting new strategies in billing and distribution, and technology that can sustain new business opportunities. NetSuite ERP manages all the processes and efficiently manages the complexities of the medical device manufacturers to automate their functioning.
Why Do Medical Device Manufacturers Fail in Their Business?
The barriers of the medical device manufacturers in their success is the heavy load of back-office process and the usage of old outdated technology systems.
The problems faced by the medical device manufacturers:
• Expensive and Inefficient Process Management
The manual process involved in the operations costs high operational costs and takes more time on various processes due to the lack of an efficient system.
• Manual Information Exchange
There is no integrated software application to unify all the processes. The manual information sharing process in financial management, inventory management, and customer relationship management (CRM) lacks real-time visibility into the company’s activities.
• Lack of Visibility into Key Business Processes
The system has multiple systems and spreadsheets, which are inefficient in producing a report on the profitability of the company from customers and products.
Medical device manufacturers waste valuable time and money on these manual processes. They need to concentrate on building customer relationships and business strategies to enhance their business. The integration of all the processes into one ERP is the solution to all the problems faced by the manufacturers. NetSuite ERP helps to streamline the business and manage all the management divisions under one integrated system.
Benefits of NetSuite Manufacturing Edition
1. Comprehensive Financial Management
NetSuite Financial services provide visibility from end to end in every transaction of the company. The system automates the order-to-cash process and streamlines procure-to-pay and record-to-report processes.
As a cloud-powered platform, NetSuite enables live viewing of important, pre-built, easily customized financial reports and insights into budgeting, spending, and debt repayment. This allows businesses to make informed business decisions in addition to flexible revenue analysis of the customer, service, or product line. Finally, NetSuite provides tracking of the entire life cycle, from the acquisition to depreciation to the retirement of those assets.
2. Inventory Management
NetSuite provides intelligent control over inventory filling and ensures that there is enough stock to fill the expected orders while maintaining the extra stock minimum. NetSuite inventory assists to:
• Manage the stock levels according to time and demand.
• Minimize delays by using live alerts whenever stocks fall within predetermined limits.
• Avoid stock-outs to maintain consistency.
3. Demand Planning
NetSuite’s native demand planning module offers users the ability to determine required items based on seasonal demand and sales. This innovative tool provides the right balance of robust functionality and proper use of inventory more efficiently.
NetSuite Procurement automates and streamlines the manufacturer’s purchasing process. Additionally, the system helps companies effectively manage vendor relationships and implement approvals, improve the accuracy of source-to-payment processes, automate and link key transactions, and adapt workflows to comply with appropriate guidelines.
5. Supply Chain Management (SCM)
NetSuite provides different features in Supply Chain Management including:
• Supply Chain Control Towers for the real-time visibility of inventory at all stores and companies around the globe to assist schedulers, planners and buyers prepare suitable measures, make effective communication with customers and suppliers, and keep the required level of stocks.
• Product data management enhances engineering change order (ECO) benefits.
• Inbound shipment management enables a business to order multiple products from various suppliers, thereby consolidating various purchase orders into a single system and simplifying tracking and status updates later.
6. WIP and Routing
WIP and Routing help to unlock the ability to understand the manufacturing process. Through this, the resources, time, and money required for the process are defined. The system also helps to find the over or under-utilized resources in the manufacturing process. Additionally, this system provides a complete overview of the financial expenses before it is fixed and shared to the GL.
7. Multiple Entity Management and Consolidation
NetSuite One World enables medical device manufacturers to enhance operations around different locations and affiliates and provide live visibility with one system at the local, regional, and headquarters levels. With Oneworld, medical device manufacturers maintain acceptable business processes and deploy across divisions with a single button click.
OneWorld provides assistance in more than 190 currencies, 27 languages, 203 countries, and dependent regions, and supports country-specific accounting standards in the United States, Europe, Asia, the Middle East, and Africa. Additionally, NetSuite OneWorld helps organizations in local operations and ensures the latest accounting standards and regulations.
8. Customer Relationship Management (CRM)
NetSuite CRM boosts up your customer experience by providing the best services from sale of order to customer support. In addition to providing live viewability of customers, the NetSuite CRM mobility increases association and productivity apart from the workplace. The ability to easily access and upload critical data needed outside of the office empowers your mobile workforce with intuitive tools at their fingertips.
The SuiteCloud Development Platform offers customized mobile applications for all specific business needs, while complementary mobile solutions from the SuiteCloud Developer Network partners expand your mobile functionality without checking the number of equipped mobile platforms in an organization.
As the industry moves towards direct customer sales and business-to-business portals, Suite Commerce enables businesses to create an individualized, and engaging mobile and web experience.
10. Human Capital Management (HCM)
An efficient HR system is a vital part of a company. NetSuite Suite People enhances managers and human resources professionals to streamline employee information, new hiring, onboarding of employees, salaries, promotions, and compensation changes from a single suite. The key features of HCM include core HR capabilities, payroll, HR analytics, and the Employee center.
NetSuite for Medical Device Manufacturers
NetSuite provides the best ERP software to automate the process and enhance the business of a company. NetSuite implementation helps medical device manufacturers to adopt a lifelong partner to streamline their business processes. In addition, it provides solutions to the manufacturer in every problem from the processes of sales to customer service.