Top Three Benefits of Using an ERP in the Medical Device Manufacturing Industry
All industries can benefit from using an ERP (Enterprise Resource Planning) software solution. This is especially true within the medical device manufacturing industry where rapid growth and change is commonplace. An ERP can provide a myriad of benefits giving a medical manufacturing company the competitive edge. The following highlights the top three benefits.
1. Improve Fulfillment
An ERP helps connect information from a variety of sources and enables enhanced visibility into manufacturing operations, inventory, supply chain, and external market demand all from one system. Further, ERPs that integrate dashboard reporting such as Microsoft PowerBI have access to real-time data updates and advanced analytics solutions. Having this type of information at ready access, medical device manufacturing companies are better equipped to deliver on-time performance and meet customer expectations with improved order fulfilment.
2. Streamline Processes
Being a successful manufacturer means being successful at streamlining the manufacturing processes, and that is exactly what an ERP allows you to do. ERP solutions such as Microsoft Dynamics NAV have built-in automation capabilities in areas of billing, costing, specifications, production, vendor management, partner performance, and more. These functionalities result in immediate efficiencies and streamlined processes.
The other component of streamlining processes is through cross-functional automation and data sharing. Today’s ERP solutions offer data visualization functionality that breaks down silos and not only supports various business strategies, inventory management, and more, but also presents the data in graphical ways. This allows for easier analysis and more accurate decision-making.
3. Remain Compliant
Medical device manufacturing companies are often balancing advancement with staying compliant to government regulations. Having an ERP can help simplify this process by establishing measures throughout the manufacturing lifecycle, from procurement to sales and distribution within strict, evolving, and unpredictable local and global regulations to help them remain on top of compliance changes.
Staying competitive in today’s rapidly changing, increasingly crowded medical device manufacturing industry, companies need an edge. Having an ERP solution can be that edge. ERPs provide a centralized system that encompasses cross-departmental process automation and real-time reporting. The benefits of using an ERP solution extend beyond these three top benefits, and when implemented with careful and strategic planning, these benefits and others can translate directly into that competitive differentiator.
For more information on other advantages of using an ERP, how your company can benefit from this software, to how to choose an ERP system that is right for your business needs, and more, please contact ArcherPoint today for a free phone evaluation.