Managing Unplanned Disruptions in the Medical Supply Chain With NetSuite
The COVID-19 pandemic has wreaked havoc on global supply chains in nearly every industry. And considering the globalized world we live in, this sudden halt in supply chains has disrupted every major industry.
In particular, the healthcare industry has had to adapt quickly to meet ever-changing needs during the ongoing crisis. The global consulting firm, PWC, recommended that medical businesses seek alternative sourcing strategies and evaluate existing inventory more frequently.
However, despite measures to optimize the usage of medical supplies, hospitals are in dire need of critical medical devices and personal protective equipment. Most healthcare institutions are ill-equipped to deal with disruptions and severe fluctuations in the supply chain. In fact, many medical supply manufacturers and distributors lack the tools needed to view inventory as a whole.
A recent supply chain survey conducted by GEODIS revealed that only 6 percent of companies had succeeded in achieving a comprehensive view of their supply chain. The remaining 94 percent were still struggling to understand the supply and demand for their products—which inevitably affected their bottom line.
ERP systems offer hope to medical manufacturers and distributors who are looking to successfully navigate the COVID-19 crisis. ERP systems, such as NetSuite, offer real-time inventory control and tracking options along with a user-friendly interface.
Here’s how they work:
Visibility Equals Value
NetSuite ERP offers a complete, real-time view of business process and reporting mechanisms. Users can keep better track of inventory, allowing them to better balance inventory costs with the benefits of having stock on hand.
Users can pinpoint exactly which items are fast-moving and need to be replenished quicker to prevent stock-outs. Additionally, critical stock levels of all products can be viewed and maintained automatically, leaving no room for manual errors.
NetSuite gives users access to vital business metrics at any location and at any time. As the most popular cloud computing software out there, NetSuite is compatible with every major mobile device and works seamlessly across various platforms.
User-defined fields and performance metrics allow companies to develop actionable insights that are backed by reliable data rather than intuition.
As organizations grow, they risk getting bogged down by repetitive processes. Technology allows these companies to stay on track and remain flexible and swift.
NetSuite’s cloud computing software allows medical companies to focus on innovation and process improvement rather than waste time on repetitive, manual tasks.
Choosing the right NetSuite consulting partner is just as important as the software. At Ravenstone Solutions, we excel at building long-term partnerships with our clients and helping them successfully navigate the various stages of Netsuite Implementation partners.
Our team of NetSuite experts can help you integrate online inventory management software in your business with ease.
Get in touch with us at 1-800-459-7128 for more information.