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How ERP Helps With Business Finances in the Medical Device Sector

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Since the very beginning of the computing revolution, business software has enabled new milestones in productivity and operational control. Throughout many industries, companies that implement ERP are able to realize improvements remarkably quickly. Few would disagree that this is an era of expansive business regulations, as well. In particular, corporate finance rules are becoming more numerous and complex. ERP software provides crucial support for responsible firms that prioritize compliance.

The medical technology sector has long valued cutting-edge applications for business. In this growing industry, up-and-coming companies and veteran firms alike value innovative software. There is a growing need for inventory management software for medical device manufacturers or distributors. Medical devices are valuable enough that any amount of loss or damage can affect professional reputations and corporate bottom lines.

Exact Macola is a great example of a business software solution for small to midsized medical device manufacturers or distributors. Innovative and critically well respected, this product supports medical device manufacturing and distribution with serial lot traceability. This sophisticated functionality allows companies to control their inventories with conscientious care. With Macola, Exact has solidified its reputation in the world of business software. Importantly, this company is an established developer that will support its products for many years to come.

Wherever ERP is fully implemented, businesspeople report improved internal transparency and communication. Historically, midsized and larger companies have struggled to understand discrepancies between multiple data sets. With different departments working from differing versions of the same data, it is understandably difficult to realize maximal efficiency. Manually resolving discrepancies is a time-consuming process that can distract from more important tasks. With ERP software, data is streamlined and stays consistent throughout the organization. With this consistency, cross-departmental initiatives and projects can operate far more smoothly.

Like many other industries, the medical technology sector is facing new challenges along with increased opportunities. While the aging of the general population ensures a strong need for medical devices, political and regulatory changes can limit profitability. Instead of passively reacting, cautious firms are acting now to improve efficiency. ERP solutions like Exact Macola can diversely improve workflow processes for medical device manufacturers and distributors. Throughout the business world, ERP applications like these are proving their qualities time and time again.

ERP for Medical Devices

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The Medical Device industry is closely related to digital health which involves merging of the genetics and digital revolutions with health, living and society. It permits you to track, manage, and improve wellness as well as improve efficiency in healthcare delivery. Some of the important elements of the medical device industry are:

  • Wireless devices
  • Hardware sensors
  • Microprocessors
  • The Internet
  • Mobile area networks
  • Genomics
  • Health information technology

Enterprise resource planning, (ERP), for medical devices is software that allows your organization to use an integrated applications system to manage your business and automate back office functions. Compliance with the Food and Drug Administration and other regulatory bodies is a challenge in the business world. Fortunately, ERP systems bring together the tools needed to meet these challenges. Some of the benefits are:

  • More efficient workflows.
  • Visibility into processes for ongoing improvement.
  • Data re-entry prevention.
  • Improved data security.
  • Facilitation of collaboration activities.

Medical Device manufacturers need customer relationship management capabilities that support relationship sales strategies, mobile field sales, service support, inventory management, marketing, and accounts planning. Two software products available are:

  • Role-Based Workbenches which increase productivity up to 50 percent. They allow workflow to be configured for each user’s role.
  • A Mobile Metrics application that gives you access to your data from a tablet or smartphone anywhere, anytime.

Being successful in the Medical Device industry depends on your company’s ability to produce high quality products faster than your competition. ERP software solutions provide excellent financial management, product management and customer relations management.

For more information contact us.