The world’s aging population, advancements in modern medicine, and global calamities like the COVID-19 pandemic have all placed new opportunities in front of healthcare-oriented organizations. As a result, medical device manufacturers and healthcare services providers have found themselves in a race to meet patients’ changing needs while also running viable, profitable organizations.
Achieving that balance takes the right mix of innovation, people, processes, and technology, all of which contribute to efficient, effective organizations. The latter is an especially critical component in the healthcare sector, which is still largely reliant on basic software systems that are disconnected, require too much manual input, and can’t scale up as organizations grow.
Working both with medical device manufacturers and healthcare service providers, NetSuite Alliance partner company NetDynamic Consulting, Inc., uses NetSuite cloud ERP to help companies eliminate the complexities of managing multiple technology systems.
In return, organizations get these five benefits:
- A single, unified system. To achieve their goals of solving the world’s most pressing health problems while also running profitable entities, these organizations need unified technology systems that can run their end-to-end business operations. This not only frees up staff time to focus on innovation and problem solving for patients but also creates more productive organizations over time.
- No more spreadsheets. Both medical device manufacturers and healthcare services providers lean on spreadsheets to manage their expansive product inventories and customer relationships, both of which can be significantly streamlined using NetSuite cloud ERP. “The problem is that many of these companies still rely heavily on Excel spreadsheets,” said Chris Kim, NetDynamic’s founder, and CEO. “Those spreadsheets, plus the disparate systems that are generating them, can become pretty unwieldy for organizations that are in growth mode.”
- A built-in e-commerce solution. In some cases, NetDynamic is also called upon to help these companies improve their e-commerce storefronts, with many of them choosing NetSuite’s SuiteCommerce platform as a replacement solution. SuiteCommerce enables businesses to seamlessly connect every step of a multi-channel, multi-location business—from e-commerce, POS, and order management to merchandising, marketing, inventory, financials, and customer service.
- Real-time reporting and visibility. Like many organizations, medical device and healthcare companies have various aging technology systems that don’t “talk” to one another. This creates different degrees of complexity based on the individual company, but Kim said a common issue is a lack of communication between the organization’s inventory and accounting systems. Using spreadsheets to fill these gaps, companies wind up missing out on the real-time data reporting and visibility that a cloud-based ERP provides.
- Better decision-making. In absence of real-time reporting and visibility, decision-making becomes a guessing game that no organization can afford to play. “If you don’t have key pieces of information or a dashboard to work from,” said Kim, “and if you have a separate inventory system and then an e-commerce system running on the side, then nothing is going to be tied together. And with disparate systems in play, and a lack of a single source of truth, the decision-making process is bound to slow down, eventually impacting business operations to a large extent. ”
When they implement an ERP that collects all their data and stores it on a single platform, companies get a single source of truth. “When medical device companies have rigorous inventory management operations and when you can integrate those robust processes with AR, and AP without having to integrate multiple systems,” said Kim, “the end result is pretty powerful.”
NetDynamic Consulting is a NetSuite Alliance Partner comprising of business professionals, CPAs, and MBAs, dedicated entirely to NetSuite, helping businesses get the most out of their NetSuite investment. With several implementations and post-Go-live engagements in the medical device manufacturing and healthcare service industry, we are the absolute NetSuite pros, committed to scaling businesses.
Get in touch with NetDynamic’s NetSuite specialists for a Free Consultation and successfully implement the Medical Device and Healthcare solution for your business and drive growth.