Medical device manufacturing is among the US’s fastest-growing and most competitive industries. It makes it crucial for manufacturers to streamline their operations by leveraging intelligent systems and technology.
Most medical device manufacturers prefer implementing dedicated ERPs to ensure their team applies the best practices in the industry. Having an ERP like GoldFinch means you can leverage company data to develop the best products for your market. Note that these solutions can integrate with other systems, making your operation more effective.
Here is your primer on medical device manufacturing ERP and how it supports new product development.
Do Medical Device Manufacturers Really Need ERP?
The strict compliance requirements in the healthcare industry make it necessary for medical device manufacturers to implement the right systems. ERPs provide a practical approach to streamlining operations, ensuring compliance, and cutting costs.
Medical device manufacturers need an effective ERP in their daily activities for several reasons. Only from system-streamlined operations can they guarantee quality and safe-to-use devices for the healthcare market. The system also helps find creative approaches to cutting manufacturing and distribution costs by leveraging the latest technology.
ERPs like GoldFinch also play a crucial role in providing more control over your supply chain. For device manufacturers, they’ll easily keep track of their current inventory and plan for demand accordingly. There are dozens of ways medical device manufacturers benefit from implementing an ERP, but let’s focus on how it supports the development of new medical devices.
How ERP Supports Your Next Medical Device Development
The competition in the medical device industry is high, making it crucial for manufacturers to build machines with the latest technology for maximum efficiency. However, developing the ideal medical device is more complex than most think.
Implementing an ERP will simplify product design, streamline the supply chain, improve manufacturing practices, and ensure you comply with regulatory requirements. Here is how:
Helps With Device Design and Engineering
The nature of medical devices makes it crucial for manufacturers to get the design and engineering right. A slight miscalculation gone unnoticed might compromise healthcare for thousands of patients. These manufacturers need to ensure they leverage the latest medical technology and create effective devices.
ERPs use a centralized storage system to store all company information. Implementing one means accessing all product data history, from the parts used to specifications and results. Your design and engineering team will have an easier task bringing the parts together and building effective devices. The system also automates scheduling and invoicing while your engineers focus on the creation process.
Provides More Control Over the Supply Chain
Devices used in the medical field are in demand globally. The manufacturers not only have to build the ideal machine but also need to ensure consumers globally get access. You’ll need a holistic solution to overcome the supply chain complexities of the global market.
When dealing with intricate products, controlling how the devices move from order to delivery is crucial. The automation, agility, and visibility a manufacturing ERP brings make it the ideal solution. Some solutions also have product configurators and scheduling tools to help keep up with market demand by avoiding production interruptions.
The system also automates most of the repetitive tasks involved in supply chain management, boosting efficiency and accuracy. For solutions like GoldFinch, you can integrate a Materials Requirement Planning module to ensure all machines and raw materials are available in time.
The manufacturing aspect of developing new medical devices is vital. In this stage, the ideas get actualized, and products come to life. So, manufacturers need to ensure that all processes involved run smoothly.
Implementing an ERP means you have more control over your manufacturing process. The system helps manage all processes, from production planning to quality control. Tracking the products along the supply chain will be easier in case of a recall, thanks to its traceability capabilities.
Helps with Compliance
Medical device manufacturers aren’t allowed any room for error. Most of these products are essential in complex medical procedures, making only effective and efficient devices necessary in the market. The lack of a defined software solution makes it harder to manage manufacturing and production, compromising all operations.
These manufacturers need an ERP solution to meet the strict compliance standards set. Your medical device manufacturing company will leverage the quality management modules provided and simplify audits and recalls. The automation features also help keep up with FDA regulations while generating reports on serial and lot traceability data.
Helps Reduce Costs
By implementing an effective manufacturing ERP, you’ll also save more when developing new medical devices. Note that most of these manufacturers don’t have the luxury of excess time and are trying to minimize the production costs in every way possible.
ERPs provide the ideal approach for medical device manufacturers to increase revenue while reducing costs. The system seamlessly manages processes under multiple systems. Having your employees keep up with these processes exposes the process to human error and inefficiencies. They don’t have to log into different platforms for information; everything is in one place.
GoldFinch provides medical manufacturers with the tools to optimize and streamline their operations to deliver high-quality devices. It is a cloud-based ERP focused on improving the efficiency of all aspects of the business.
Compliance is among the main reasons you should consider this solution for your operations. It’s designed to aid in keeping up with regulatory requirements from local to international agencies. Failure to comply with these regulations leaves you susceptible to fines and recalls.
Other GoldFinch features can help improve efficiency and eventually reduce costs. The system allows integration with other manufacturing modules, effectively optimizing your production process while reducing waste. Most companies integrate Salesforce CRM with GoldFinch to leverage customer feedback and better understand customers. This market data makes it easier to know the best product to manufacture and predict its performance.
The featured inventory management module also makes optimizing your stock levels easy. No longer will you experience production interruptions because of stock-outs.