Acumatica’s ERP solution fits the needs of the fast-paced, complex medical startup environment. It was designed to empower users to meet those needs with low maintenance requirements. With Acumatica ERP you get robust integration capabilities for organizations where compliance, regulations, and vendor relationships must be considered for software selection.
No matter what stage your startup is at, Acumatica offers a wide variety of options that easily scale to fit your business needs. An experienced partner can help by auditing your processes and recommending the right configuration for you. In the medical startup field, you’ll likely need a combination of financials, distribution, manufacturing, and customer relationship management. Here are a few of the features our medical startup companies rave about in their Acumatica system.
Managing vendor relationships, supplier bids, contracts, vendor quality issues, returns, and accounts payable processes are crucial and can make or break your startup without the right business software. Make sure your system gives you advanced visibility into every stage of your purchasing process, or you risk running behind on your operations – meaning that the hospitals, patients, and clinics that rely on your product may run behind, as well.
Acumatica’s procure-to-pay automation process help to streamline everything, minimizing delays, improving cashflow, and increasing the value of your business. The procure-to-pay process in Acumatica encompasses four phases and twelve unique steps, from item definition and supplier management to financial reporting and business analysis.
Phase I: Preparation
- Item Definition
- Supplier Management
- Replenishment Set Up
Phase 2: Procurement
- Purchase Requisitions
- Purchase Orders
- Receipt of Goods and Put-Away
Phase 3: Payment
- AP Invoices Automation
- AP Bill Creation
- AP Payment Processing
Phase 4: Process Improvement
- General Ledger
- Reporting and Analysis
- Related Processes
Learn more about Acumatica’s agile procure-to-pay process.
Material Requirements Planning
Another feature that medical manufacturers rely heavily on is Acumatica’s MRP capabilities. Acumatica has a built-in Material Requirement Planning (MRP) engine to give you greater transparency into your contract manufacturing activity. This system will suggest purchase, production, and transfer orders to meet forecasted demand, improve customer service, avoid shortages, and reduce inventory. Put artificial intelligence and machine learning to work where you need it most.
Key benefits include:
- Improved Profits: Time-phased material planning ensures materials are purchased just in time for manufacturing. Critical material reports and exception messages help planners to respond to real-world changes impacting demand and production schedules.
- Maximize Utilization: Accurate material plans ensure that material is available for production. This improves resource scheduling to maximize machine, work center, and labor resources.
- Manage by Exception: Monitor material plans, material shortage reports, and production from a real-time dashboard. Drill-down to manage material plans using exception messaging to keep production running at peak performance.
Learn more about Acumatica MRP, download the datasheet:
Galeforce Consulting Partners
Accountability. Access. Answers. Give us a call at 1-833-432-7278 and find out more about Acumatica for your startup business. The GFC team brings with it more than 200 years of real-world professional experience, allowing our consultants to draw on real world experience to understand your unique situation. From implementations of well-known ERP solutions to custom product-agnostic applications used by billion-dollar wealth management and financial services firms, our needs-first process empowers us to recommend the tool that works for you.
GFC provides solutions ranging from complete Application Implementations to Custom Development and Business Intelligence solutions to Business Consulting Services. GFC utilizes industry standard tools including Acumatica Cloud ERP, Microsoft Dynamics SL, GP and CRM, Sage MAS500, Microsoft SharePoint, Microsoft SQL Server, Visual Basic, Microsoft SSRS, and several other tools and technologies that are appropriate for the engagement at hand.
Medical device manufacturers are truly innovators, playing an important role in the future of healthcare. Whether you are a small medical startup or a growing manufacturer, your technology is cutting edge, so make sure your software can keep up.
Here are 5 key things to look for when deciding on an ERP system for your business.
1. Device record-keeping
Manufacturers developing new devices need strong recordkeeping via a device history record (DHR). DHR assists with compliance a long with demonstrating a sound technical concept, benefits to the patient, attention to cost of materials and production, and long-term results. A successful DHR needs software to track everything. A modern-day ERP solution, such as Acumatica, that incorporates document management, engineering bill of materials (BOM), planned process routing, cost estimating, and failure modes and effects analysis (FMEA).
2. Compliance, consistency and efficiency
In order to stay compliant, shorten development time, track applications, field test, and streamline payment approval processes a solid ERP system is critical. Any mistakes or miscommunications due to disparate software can cause costly delays in time-to-market. So it is more important than ever to ensure that business processes are efficient and built on a central system, a comprehensive ERP system.
3. Manage approval timeframes
Approval times can make or break a startup. According to the US Department of Commerce, more than 80% of medical device companies have reported approval timeframes that can run for 10 years or longer. With many startups having fewer than 50 employees and tight funding sources, getting to market relies heavily on current technology. Older or disparate systems can make this process longer. There’s no room for error so you need a capable ERP system with integrated engineering, purchasing, accounting and project management capabilities. With Acumatica you have real-time visibility into overall financials, R&D costs, project milestones, and status of agency filings to manage the “burn rate” of funding and assure investors that risk is being minimized.
4. No tolerance for errors
Proper planning of your ERP system can reduce the risk of errors and omissions. This is crucial for your medical device business because even a minor problem can put the brakes on FDA approval or spark a major recall. Many systems require the manual transfer of information from one software system to another, which hinders quality control. Current ERP software, such as Acumatica easily manages critical production process numbers, inventory and quality data; manufacturers gain real-time insights that minimize the risk of product errors. Using software tools to manage production quality can have strong financial benefits. For example, one medical device components maker reported that keeping tabs with these tools led to a 50% reduction in scrap material and $36,000 annual savings in overtime costs.
5. Track and trace for fast reporting
Surprise audits, product safety investigations, and recall actions quickly consume a medical device business. By having an ERP solution optimized for medical device manufacturing needs, such as “track and trace” reporting, you no longer will be devastated by possible FDA investigations. Make sure your ERP solution allows fast, accurate extraction of material certifications and process traceability records to support any inquiry from a customer or regulatory agency—while limiting the scope of the investigation to only those products in question.
Make sure your medical device startup business chooses a modern ERP solution so you are well positioned to balance the demands of medical device costs, availability, patients’ short- and long-term treatment experiences, quality assurance, and strict regulatory compliance.
Benefits of Acumatica ERP for Medical Device Manufacturing
- Fully integrate your processes, applications and data
- Manage complex manufacturing and distribution models
- Meet deadlines and customer expectations
- Gain full traceability for regulatory compliance
- Control, track and analyze your true costs in real time
- Forecast budgets and demand with ease
- Easily add functionality as you grow and evolve
- Optimize and manage inventory and production
- Save money with UNLIMITED users
Download the Acumatica Manufacturing Edition Datasheet and learn more how Acumatica can help you boost manufacturing efficiency, connect disparate business systems and processes, elevate the customer experience, and manage your entire business on a single, robust, future-proof platform.