by gfcpartners | May 30, 2023 | Business, Manufacturing & Distribution, Medical Startup, Software Customization
The demand for medical supplies is ever-increasing; this was made especially evident during the recent COVID-19 pandemic. As a result, it is a field of opportunity, and tens of thousands of companies are catering to the needs of an industry generating over $450 billion in revenue annually.
Many have been in business for some time; with longevity comes legacy systems. Perhaps such software solutions served their needs well at the time, but with growth, tighter regulation, and increasing competition, those solutions fall far short of meeting today’s challenges.
This article will highlight two significant areas of difficulty for instrument and medical device manufacturers: Production Efficiency and Regulatory Compliance. Then, we’ll take a look at how Acumatica Manufacturing Edition has solutions for the pain points these companies experience.
Industry Challenges
Production Efficiency. With legacy systems, it is not hard to find inefficiencies, data silos, and bottlenecks in production. For example, many in this segment have not one, but multiple information systems that each provide functionality specific to one aspect of the overall operations of the company. Inevitably, the data overlaps between systems in areas such as customer profiles, job tracking, financial data, and more. This results, not only in duplicate data, but often unsynchronized information that is inaccurate and leads to mistakes. Because of this lack of integration, teams often devise error-prone manual processes, frequently in spreadsheets, for critical data interchange.
Other inefficiencies are found in the warehouse and on the shop floor. Often, there is hampered communication between administrative and production departments that impedes productivity or causes waste. Decision-makers lack insights into production activities that would help them make adjustments for greater profitability. What is more, as many medical products are composed of multiple parts in a kit, each with its own lot tracing data and expiration dates, inventory management becomes a very complex process that most legacy systems are not able to handle, leaving staff to devise more manual “solutions” to help them accomplish their work.
Regulatory Compliance. Since the quality of their products affects not only their reputation, but the lives of those who will use them, medical manufacturers are facing a wave of new government and industry regulations. GDPR, SOC Type 1 & 2, PCI DSS, and many other standards require strict recordkeeping to ensure compliance. Since such regulations are often changing, it can be a real challenge to update legacy solutions so medical manufacturers can conform to regulatory adjustments.
How Acumatica Helps Instrument and Medical Device Manufacturers Meet Those Challenges
Acumatica is a modern, cloud-based ERP solution that has been built from the ground up on a future-proof platform, providing powerful solutions for today’s challenges and the flexibility to adjust for future changes and growth. What are some of the features that benefit medical device manufacturers?
A Centralized Data Source. Storing all financial, administrative, and production-related data in one system allows you unparalleled visibility into your operations, along with dashboards showing you, at a glance, the health of your business. System alerts keep everyone on track, and reporting is done on clean, accurate, and up-to-date data on which you can rely to drive your business decisions.
A Single Solution. Acumatica has modules to cover the needs of every aspect of your business. Manufacturing, inventory, distribution, field service, CRM, and more, are available in a suite that works together seamlessly.
Easy Integrations and Customizations. Acumatica was made to be extensible. If you have a specialized need that the base product doesn’t cover, it has an extensive API to integrate other products, such as e-commerce or tax-compliance solutions. What is more, it is built with industry-standard technologies (C# and .NET) so developers are not hard to find, nor exorbitantly priced.
Scalability. Built on cloud technology, Acumatica is a solution that grows with you, adjusting to higher volumes as you grow without increasing employee headcount. Also, with unlimited users, you are able to provide access to anyone that needs it without breaking the bank.
Accessibility. Your Acumatica instance is available 24/7, 365 days a year, from any device, anywhere there is an Internet connection. This ensures business continuity and enables executives and representatives to be on the go and yet still on top of daily operations.
Security. Administrative controls in Acumatica give you fine-grained control over user access to the system and critical business data. You can rest assured that with multiple layers of security and data integrity, your information will be safe, secure, and compliant with industry and government regulations.
Industry-Specific. Acumatica understands the needs of the Manufacturing segment and provides the needed functionality so that even instrument and medical device manufacturers will be hard-pressed to find something lacking.
Warehouse Management. The job isn’t done when the product rolls off the line; warehousing and kit assembly are other critical and complex processes that require an industrial-strength ERP to keep them running smoothly. Pick-Pack-Ship operations are automated, dashboards display critical KPIs, and inventory data is easily accessed and analyzed to ensure production processes stay in motion.
How Can You Benefit from Acumatica in Your Organization?
The above list is only a select few features that instrument and medical device manufacturers enjoy. There are so many more, including product lifecycle management, quality assurance controls, change control, material planning, scheduling, product configuration and estimating, kitting with disassembly, lot and serial tracking, and much more.
Would you like to more closely examine Acumatica’s feature set, and compare it with your needs? Contact us today and get expert guidance from professionals that know your industry and have implemented Acumatica for many businesses like yours.
by gfcpartners | Apr 18, 2023 | Business, Medical Startup, Project Accounting
Medical startups face numerous challenges every day, from managing inventory to maintaining regulatory compliance. However, one of the most significant challenges they face is managing operations efficiently. Fortunately, we have found a solution to this challenge – Acumatica ERP. In this article, I will share why our clients choose Acumatica ERP, the benefits they have gained, and how it can revolutionize your medical startup operations.
Challenges Faced by Medical Startups
Medical startups face unique challenges that can hinder their growth and success. One of the most significant challenges is managing their operations efficiently. Medical startups need to manage inventory, track sales, maintain regulatory compliance, and manage customer relations, among other things. Without an integrated system to manage these operations, medical startups can waste time, money, and resources.
Another challenge faced by medical startups is the lack of resources. Most medical startups do not have the financial resources to hire a large workforce to manage their operations. Therefore, they need an efficient system that can automate most of their daily activities, allowing them to focus on the core aspects of their business.
3 Key Benefits of Implementing Acumatica ERP
Acumatica is a cloud-based Enterprise Resource Planning (ERP) software that helps businesses manage their operations, finances, and customer relations. It is flexible and scalable software that can be customized to meet the unique needs of medical startups. Acumatica ERP provides a comprehensive suite of applications that can be integrated seamlessly with existing systems to provide a unified view of all business operations. Acumatica ERP can help medical startups overcome many of the challenges they face.
Here are three of the key benefits medical startup clients have gained from implementing Acumatica ERP.
- Streamlined Operations
Acumatica ERP helps to streamline operations by automating daily activities. Businesses can easily manage their inventory, track sales, and maintain regulatory compliance from a single platform. Grow your business and don’t waste time and resources on manual processes.
- Improved Financial Management
Acumatica ERP has also helped startups with their financial management. Easily track expenses, manage cash flow, and generate financial reports, giving you the insight to make informed decisions and plan for the future.
- Scalability
Acumatica ERP is a scalable software that can grow with your medical startup. As you expand, you can add new applications and functionalities to the system, ensuring that it continues to meet your needs.
Why Medical Startups Choose Acumatica, the Cloud ERP
Acumatica ERP was designed intentionally to meet high level business needs with low maintenance requirements. Medical industry startups are a fast-paced environment that require a complex level of capabilities and Acumatica’s systems fit those needs with robust integration capabilities and out-of-the box tools to propel your business.
Acumatica ERP provides a robust inventory management system that can help medical startups manage their inventory efficiently. It allows us to track inventory levels, monitor stock movements, and manage multiple warehouses.
Regulatory compliance is a big area that medical startups need to maintain to avoid fines and penalties. Complying with various regulations, such as HIPAA and FDA guidelines, can be messy and costly if done wrong, or if done haphazardly.
Acumatica’s customer relationship management (CRM) system helps you manage your customer interactions and improve customer satisfaction, along with creating a paper trail that can satisfy regulatory needs. Easily track customer orders, manage customer complaints, and provide personalized customer service while securing customer data.
Case Studies of Medical Startups that have Successfully Implemented Acumatica ERP
Many medical startups have successfully implemented Acumatica ERP and have seen significant improvements in their operations. Here are a few examples of medical businesses that have implemented Acumatica ERP.
EOS Group
EOS Group is a medical equipment sales and service provider that supplies medical equipment and supplies to hospitals and clinics. They implemented Acumatica ERP to manage their operations efficiently. After implementing Acumatica ERP, they were able to streamline their operations, manage their inventory effectively, and improve their financial management. They also saw a significant improvement in their customer satisfaction levels. Read the full story here.
- Preparation time for month-end reporting cut by more than half, increasing speed of decision making
- Transactions required for vendor invoicing reduced by 50%
- Complex reporting time shortened from 20 days to 1 day
- Modern architecture and toolset allow for customization across all modules to fit complex local tax requirements — in less time and for less money
Ergoresearch
Rapid growth left Ergoresearch to struggle with multiple accounting systems, database and operation systems as well as disparate processes blocking insight into the operations. They needed a single, unique solution flexible enough to allow integrations with custom software. Additionally, a solution that was compliant with International Financial Reporting Standards (IFRS). Read all the details here.
“We wanted to build something for the future, which is why we selected Acumatica in the end.” Sylvain Boucher, CEO, President and Director, Ergoresearch
With Acumatica ERP, Ergoresearch gained:
- Consolidated multiple databases, accounting systems and operating systems
- Flexible development using standard programming languages enabled custom POS, and other custom applications
- Bilingual capabilities allow expansion into U.S.
- Streamlined R&D project management
- International Financial Reporting Standards (IFRS) compliant
Acumatica Benefits
Implementing Acumatica ERP requires a significant investment of time and resources. However, the benefits of implementing Acumatica ERP far outweigh the costs. Medical startups have seen huge cost savings by reducing their operational costs. They have improved their efficiency by automating most of their daily activities allowing them to focus on growth strategies and have improved customer satisfaction by being able to personalize service and improve customer interactions with ease.
Acumatica ERP is an ideal solution for medical businesses. Its flexibility and scalability can help medical startups overcome the challenges they face. As medical startups continue to grow and expand, they need an efficient system that can help them manage their operations effectively. Acumatica ERP provides a comprehensive suite of applications that can improve their financial management, maintain regulatory compliance, improve their customer satisfaction levels, and be customized to meet the unique needs of medical startups.
For decades, Gale Force Consulting Partners has worked with medical firms, and we are proud to recommend Acumatica for our growing midsized clients in need of a cloud-based ERP solution.
CONTACT US TODAY and let’s discuss how a new ERP solution can help grow your business.
by gfcpartners | Apr 29, 2022 | Manufacturing & Distribution, Medical Startup
Acumatica’s ERP solution fits the needs of the fast-paced, complex medical startup environment. It was designed to empower users to meet those needs with low maintenance requirements. With Acumatica ERP you get robust integration capabilities for organizations where compliance, regulations, and vendor relationships must be considered for software selection.
No matter what stage your startup is at, Acumatica offers a wide variety of options that easily scale to fit your business needs. An experienced partner can help by auditing your processes and recommending the right configuration for you. In the medical startup field, you’ll likely need a combination of financials, distribution, manufacturing, and customer relationship management. Here are a few of the features our medical startup companies rave about in their Acumatica system.
Procure-to-Pay Process
Managing vendor relationships, supplier bids, contracts, vendor quality issues, returns, and accounts payable processes are crucial and can make or break your startup without the right business software. Make sure your system gives you advanced visibility into every stage of your purchasing process, or you risk running behind on your operations – meaning that the hospitals, patients, and clinics that rely on your product may run behind, as well.
Acumatica’s procure-to-pay automation process help to streamline everything, minimizing delays, improving cashflow, and increasing the value of your business. The procure-to-pay process in Acumatica encompasses four phases and twelve unique steps, from item definition and supplier management to financial reporting and business analysis.
Phase I: Preparation
- Item Definition
- Supplier Management
- Replenishment Set Up
Phase 2: Procurement
- Purchase Requisitions
- Purchase Orders
- Receipt of Goods and Put-Away
Phase 3: Payment
- AP Invoices Automation
- AP Bill Creation
- AP Payment Processing
Phase 4: Process Improvement
- General Ledger
- Reporting and Analysis
- Related Processes
Learn more about Acumatica’s agile procure-to-pay process.
Material Requirements Planning
Another feature that medical manufacturers rely heavily on is Acumatica’s MRP capabilities. Acumatica has a built-in Material Requirement Planning (MRP) engine to give you greater transparency into your contract manufacturing activity. This system will suggest purchase, production, and transfer orders to meet forecasted demand, improve customer service, avoid shortages, and reduce inventory. Put artificial intelligence and machine learning to work where you need it most.
Key benefits include:
- Improved Profits: Time-phased material planning ensures materials are purchased just in time for manufacturing. Critical material reports and exception messages help planners to respond to real-world changes impacting demand and production schedules.
- Maximize Utilization: Accurate material plans ensure that material is available for production. This improves resource scheduling to maximize machine, work center, and labor resources.
- Manage by Exception: Monitor material plans, material shortage reports, and production from a real-time dashboard. Drill-down to manage material plans using exception messaging to keep production running at peak performance.
Learn more about Acumatica MRP, download the datasheet:
Acumatica_Manufacturing_Material-Requirements-Planning-MRP_Datasheet
Galeforce Consulting Partners
Accountability. Access. Answers. Give us a call at 1-833-432-7278 and find out more about Acumatica for your startup business. The GFC team brings with it more than 200 years of real-world professional experience, allowing our consultants to draw on real world experience to understand your unique situation. From implementations of well-known ERP solutions to custom product-agnostic applications used by billion-dollar wealth management and financial services firms, our needs-first process empowers us to recommend the tool that works for you.
GFC provides solutions ranging from complete Application Implementations to Custom Development and Business Intelligence solutions to Business Consulting Services. GFC utilizes industry standard tools including Acumatica Cloud ERP, Microsoft Dynamics SL, GP and CRM, Sage MAS500, Microsoft SharePoint, Microsoft SQL Server, Visual Basic, Microsoft SSRS, and several other tools and technologies that are appropriate for the engagement at hand.
by gfcpartners | Dec 3, 2021 | Medical Startup
Medical device manufacturers are truly innovators, playing an important role in the future of healthcare. Whether you are a small medical startup or a growing manufacturer, your technology is cutting edge, so make sure your software can keep up.
Here are 5 key things to look for when deciding on an ERP system for your business.
1. Device record-keeping
Manufacturers developing new devices need strong recordkeeping via a device history record (DHR). DHR assists with compliance a long with demonstrating a sound technical concept, benefits to the patient, attention to cost of materials and production, and long-term results. A successful DHR needs software to track everything. A modern-day ERP solution, such as Acumatica, that incorporates document management, engineering bill of materials (BOM), planned process routing, cost estimating, and failure modes and effects analysis (FMEA).
2. Compliance, consistency and efficiency
In order to stay compliant, shorten development time, track applications, field test, and streamline payment approval processes a solid ERP system is critical. Any mistakes or miscommunications due to disparate software can cause costly delays in time-to-market. So it is more important than ever to ensure that business processes are efficient and built on a central system, a comprehensive ERP system.
3. Manage approval timeframes
Approval times can make or break a startup. According to the US Department of Commerce, more than 80% of medical device companies have reported approval timeframes that can run for 10 years or longer. With many startups having fewer than 50 employees and tight funding sources, getting to market relies heavily on current technology. Older or disparate systems can make this process longer. There’s no room for error so you need a capable ERP system with integrated engineering, purchasing, accounting and project management capabilities. With Acumatica you have real-time visibility into overall financials, R&D costs, project milestones, and status of agency filings to manage the “burn rate” of funding and assure investors that risk is being minimized.
4. No tolerance for errors
Proper planning of your ERP system can reduce the risk of errors and omissions. This is crucial for your medical device business because even a minor problem can put the brakes on FDA approval or spark a major recall. Many systems require the manual transfer of information from one software system to another, which hinders quality control. Current ERP software, such as Acumatica easily manages critical production process numbers, inventory and quality data; manufacturers gain real-time insights that minimize the risk of product errors. Using software tools to manage production quality can have strong financial benefits. For example, one medical device components maker reported that keeping tabs with these tools led to a 50% reduction in scrap material and $36,000 annual savings in overtime costs.
5. Track and trace for fast reporting
Surprise audits, product safety investigations, and recall actions quickly consume a medical device business. By having an ERP solution optimized for medical device manufacturing needs, such as “track and trace” reporting, you no longer will be devastated by possible FDA investigations. Make sure your ERP solution allows fast, accurate extraction of material certifications and process traceability records to support any inquiry from a customer or regulatory agency—while limiting the scope of the investigation to only those products in question.
Make sure your medical device startup business chooses a modern ERP solution so you are well positioned to balance the demands of medical device costs, availability, patients’ short- and long-term treatment experiences, quality assurance, and strict regulatory compliance.
Benefits of Acumatica ERP for Medical Device Manufacturing 
- Fully integrate your processes, applications and data
- Manage complex manufacturing and distribution models
- Meet deadlines and customer expectations
- Gain full traceability for regulatory compliance
- Control, track and analyze your true costs in real time
- Forecast budgets and demand with ease
- Easily add functionality as you grow and evolve
- Optimize and manage inventory and production
- Save money with UNLIMITED users
Download the Acumatica Manufacturing Edition Datasheet and learn more how Acumatica can help you boost manufacturing efficiency, connect disparate business systems and processes, elevate the customer experience, and manage your entire business on a single, robust, future-proof platform.
