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.
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.
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 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
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
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.