Today’s expanding medical device manufacturers struggle to get their products to market quickly because of cumbersome data accessibility challenges, a reliance on manual procedures, and antiquated on-premises solutions. Operators have little space for inefficiency when you factor in the growing complexity of continuously changing compliance requirements in a fiercely competitive industry.
The industry is growing rapidly. The global medical device industry is anticipated to increase by 5.4 percent annually, from $455.34 billion in 2021 to $657.98 billion in 2028, according to data from Fortune Business Insights.
But there are still lags, blind spots, and bottlenecks in the back office. Such cumbersome procedures hinder the business’s desire to develop the most cutting-edge items, which has an adverse effect on consumer satisfaction and long-term success.
Device manufacturers can maintain product quality, adhere to regulatory requirements, and cut development costs with the aid of NetSuite ERP.
4 Factors That Make MedTech Manufacturers Choose NetSuite ERP
Device manufacturers who use NetSuite generally benefit from an integrated ERP, HCM, WMS, and supply chain management solution that provides a 360-degree perspective of the entire organization. Through role-based, customizable dashboards, vendor portals, and real-time, sector-specific KPIs, device manufacturers get a true business partner.
In order to explore global prospects and new revenue streams, they must integrate their product development, supply chains, manufacturing procedures, and distribution networks. NetSuite for manufacturing provides this flexible tech environment.
Here are five crucial factors that distinguished medical device firms considered before deciding to use NetSuite ERP:
1. Better Communication, Collaboration, and Trust
Legacy systems that are siloed or insufficient cause data mistrust, a lack of visibility, and persistent delays. Device manufacturers might be better off without it—wasting time and effort looking for reliable information and procedure workarounds—than using obsolete, contradictory, and erroneous data for business choices.
By replacing numerous disconnected technologies with an all-in-one financial management system, inventory management system, human capital resource management system, and other systems, device manufacturers that use NetSuite increase collaboration, communication, and trust without wasting resources.
Real-time financials are provided by NetSuite for manufacturing to MedTech enterprises from a single, genuine cloud platform for simpler reporting and quicker bookkeeping.
2. Automation of Medical Device Business Processes
Efficiency frequently increases when data becomes more accessible. However, without automation, manual data entry is so time-consuming and expensive that medical device manufacturers view it as a major priority. Additionally, it is not the best use of staff members’ time or expertise to have them execute boring, repetitive duties.
3. Simplified MedTech Reporting and Unified Systems
To be profitable and successful, a device company must achieve compliance. Medical device makers must validate the safety and efficacy of each product in accordance with FDA procedure, which includes 21 CFR Part 803, 21 CFR Part 11, and Good Manufacturing Practices, before a medical device is given the approval to enter the U.S. market (GMP).
In the event of any device-related fatalities, injuries, or malfunctions, manufacturers, importers, and device user facilities are required to provide accurate Medical Device Reporting (MDR) in accordance with 21 CFR Part 803. The FDA can implement Corrective And Preventative Actions (CAPA) to reduce ongoing or future device malfunctions by receiving accurate reporting.
The GMP assists medical device manufacturers in ensuring uniformity and quality control involved in device production, and 21 CFR 11 includes constantly updated FDA rules for employing electronic signatures and electronic records.
Device producers are left using spreadsheets for data management and compliance tracking since old legacy systems are unable to keep up with the frequent FDA modifications despite routine patching.
Device manufacturers can use 21 CFR Part 11 and SOX-compliant NetSuite ERP. While no system can guarantee 21 CFR Part 11 or GMP compliance automatically, NetSuite better equips MedTech producers with the resources they need to make it easier to market safe and lawful life-saving goods.
Device manufacturers receive a full set of audit trails from a unified system with timely updates for the entire firm to fulfill regulatory changes.
In order to assure device safety and reduce risk, GBS configures NetSuite for manufacturing to specific compliance demands, including 21 CFR 11 and GMP, when broken on-premises legacy systems can no longer support a compliant environment for device manufacturers.
4. Improve Productivity and New Product Development
Manufacturers of medical devices are in the business of offering life-changing technology or medication, but restrictions related to patent durations cause delays and lower production. Unsurprisingly, decreased operational productivity causes even the most necessary devices to take longer to reach the market.
In this fiercely competitive business environment, medical producers need to put more emphasis on speed, productivity, and operational efficiency. In order to improve projects, increase customer and employee happiness, and gain better insights into worker performance, NetSuite for manufacturing expands cooperation and productivity beyond the accounting division.
- Being more technologically advanced increases your competitiveness.
- By optimizing processes with the appropriate ERP in place, medical device manufacturers gain a significant competitive advantage in today’s contested business environment.
For the majority of device manufacturers, maintaining quality standards is essential to improving the safety of their products and preserving long-term profitability.
Device manufacturers may fulfill the escalating market needs by using NetSuite ERP to:
- Increased financial transparency
- Quick order management, fulfillment, and processing
- Management of human capital resources
- Validation of software and processes
- Managing the life cycle of a product
- Launching Green Business Systems and NetSuite
Modernizing back-office technology is necessary for long-term gains, and MedTech manufacturers must take advantage of every opportunity for quicker product development, thorough compliance, and data-driven business decisions.
Through streamlined compliance, enhanced collaboration, and process automation, NetSuite, as a flexible, completely integrated ERP for the manufacturing of medical devices, promotes higher productivity and advanced decision-making.
In conclusion, taking Your Business to the next step can only become a reality if you have the expertise to deliver outstanding solutions. At Seibert Consulting Group, we specialize in providing modern solutions to businesses that aim at taking full advantage of the eCommerce platform. We always customize our solutions to align with Your Business’ requirements and goals. Let’s start talking about your project and find out how we can help Your Business grow. Get in touch with us via our chatbot or email at hello@seibertconsulting.com and via our direct line at 760-205-5440.
