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Summary: In India, ERP for medical device manufacturing is expected to grow at 37% CAGR to USD 50 billion by 2025. India is already the 4th largest medical device sector in Asia, and the ERP growth rate will only increase in the future. The primary reasons why medical device manufacturers need an ERP are capacity planning, scheduling, inventory control, and material requirements planning (MRP). Moreover, it helps medical device manufacturers comply with regulations formulated by drug administrations worldwide like risk management, process validation, product recall systems, statutory & regulatory compliance, effective product traceability, and many more. This article will shed light on how medical ERP can help companies solve their challenges and emerge as market leaders.
Various healthcare startups have spawned in the last few years and the government is also investing a lot in improving the country’s healthcare infrastructure. But this sector is also facing multiple challenges. Some of them are mentioned below:
Medical ERP systems streamline critical business processes and improve the organization’s bottom line. Moreover, Enterprise Resource Planning (ERP) for the healthcare industry eliminates inefficiencies and decreases excess costs. In addition, the following list provides 8 other benefits:
The biggest challenges medical device manufacturers face are increasing raw material costs and R&D expenses, which puts extreme pressure on their bottom lines. Unfortunately, many manufacturers refrain from healthcare ERP systems because of the high implementation cost. They fail to realize that it’s only a one-time cost, which enhances productivity and saves dollars in the long term.
Without an ERP for medical device manufacturing, you will use disparate systems to manage business processes. As a result, you will lose efficiency, take more time to perform updates and fix glitches, and more approvals will be required for accessing critical business data.
Healthcare ERP solutions, on the other hand, integrate varying features and modules into a single software, allowing business stakeholders across departments to access crucial data anywhere, anytime, and on any connected device. Moreover, intuitive dashboards and interactive reports help streamline workflows and offer a simplified view of all business activities quickly and succinctly. Other practical applications include identifying wasted resources, avoiding overproduction, and maintaining a reasonable amount of resources at all times. Gradually, your ROI and profit margins will widen, and you will save more time and money.
Healthcare organizations cannot afford to dip their manufacturing quality or not comply with standard regulations and compliances formulated by the government and international institutions. In case of non-compliance, they might be levied with substantial fines and experience fewer sales. Moreover, without a cloud-based healthcare solution, updating records across multiple systems becomes challenging and increases the chance of human-induced errors.
An ERP solution provides you the ability to meet strict compliance standards. The quality management module has advanced traceability functions that conduct product recalls and simplifies audits. Also, it safely maintains and updates electronic data required for compliance documentation and audits.
Here’s how the compliance module in ERP for healthcare helps companies:
The global medical device manufacturing market involves multiple currencies, sites, and regulations. Fortunately, cloud-based healthcare ERP software allows companies to overcome these challenges as it is scalable and expands with your business needs. Moreover, business data entered in one business site can be easily accessed from anywhere, anytime, and on any device.
ERP for medical device manufacturing is specifically built to withstand the global marketplace pressures. Country-specific Functionality (CSF) and global engines enable users to track and comply with international regulations and taxes. Thanks to the multi-currency management feature of healthcare ERP, buying and selling in multiple currencies becomes easy. Users can access business-critical metrics from anywhere globally with a single login through an ERP solution.
Recent developments in the healthcare industry are improving people’s lives worldwide. But you require a well-developed supply chain network to ensure everyone receives its benefits. Healthcare ERP software makes the entire supply chain network agile, enhances visibility across each step, and automates various processes. It consists of scheduling tools and product configurators enabling real-time changes, allowing medical device manufacturers to fulfill customer demands on time and avoid production line interruptions. Moreover, an ERP system also streamlines manual and repetitive activities, giving more time to employees to focus on mission-critical tasks.
Sage X3 Enterprise Resource Planning software for Medical Device Manufacturing allows the senior management to make data-driven decisions that are better aligned to customer needs and changing market preferences.
You can easily manage all your business functions — from procuring raw materials, scheduling shop floor activities, managing financials, sales, and inventory, and allowing varying departments to collaborate efficiently.
Eliminate the risk of a product recall by gaining sharp insights into your product costs and getting real-time control over work order details.
Unlock high ROI by improving traceability, managing operations intuitively, and handling warranty, customer care, & service orders quickly.
Reduce machine breakdowns and react quickly to delayed deliveries with automated responses minimizing their impact on the manufacturing operations.
Integrate advanced project management features into each Sage X3 process like sales, purchasing, MRP, work orders, quotes, and for ensuring effective cost management.
Manage multiple companies in the same database using Sage X3 ERP for Medical Device Manufacturing. You can manage the organizational, business, and geographic needs of all subsidiary companies using the multi-site, multi-currency, multi-language, multi-legislation, and multi-ledger capabilities of Sage ERP software.
Improve consumer trust and enhance trust in your products with the quality management feature of the Sage X3 ERP software. Conduct timely control tests and periodic inspections to ensure manufactured products adhere to industry specifications.
Sage X3 ERP system for supply chain management has advanced purchasing cost management and data models that efficiently manage stock valuations, logistics, sales management, workflow management, customer service, inventory management, and many more.
Sage X3 ERP for the healthcare industry automatically generates a complete audit trail and efficiently manages single and multi-level bills of materials.
Sage X3 healthcare ERP software will enable you to comply with currency and international laws and regulations specific to a particular region.
Sage X3 ERP manages various aspects of medical device manufacturing, such as bills of materials (BoMs) to production management methods by order, job, or inventory. As a result, you can cut operational costs and maintain uniform quality levels.