Top 3 Demand Management Best Practices to Help You Track the Performance of Your Medical Devices
With the rising need to delicately balance medical devices’ security and patient safety, the medical equipment industry is facing several challenges like reducing costs, better demand management, improving efficiency, and allocating resources effectively. The need for following demand management best practices is increasing for medical devices manufacturers due to the surge in the demand for better healthcare products.
Poor demand management can result in operational inefficiency and issues pertaining to fulfilling orders, which emerges concurrently with an increase in the demand. Additionally, it can also lead to a loss of space, time, and can increase the operations cost. Therefore, it is important for medical devices manufacturers to follow some of the demand management best practices that can help them in tracking the medical devices better and stay ahead of their competitors.
At Infiniti Research, we understand the impact that following demand management best practices can have on your business. And to help companies manufacturing medical devices, our team of experts has highlighted three demand management best practices that companies must follow to improve the efficiency of their supply chain, reduce forecast errors, and become market leaders.
Demand Management Best Practices for Medical Devices’ Performance Tracking
Best Practice #1: Tag all medical devices with unique identification numbers in your inventory
Categorizing medical devices by type, years in service, documenting value, information of manufacturer, parts vendors, and other information about each medical device makes it easier for companies to monitor their demand management process. The existing operational status of all medical devices should be noted, as well as any prior maintenance records in existence. Categorizing medical devices by type is important during the initial audit of inventory, as medical devices of different types will require unique schedules of maintenance. Audit of complete inventory and tagging of all existing medical devices is the foundation of sound management practices for medical devices and manufacturers and suppliers must follow this.
Best Practice #2. Use inventory management solution to optimize medical equipment
Usually, hospitals end up over-investing in medical devices to compensate for the difficulty associated with quickly locating essential assets. By implementing a proper demand management process, organizations can eliminate redundant and unnecessary equipment purchases by optimizing equipment utilization. A proper inventory management solution also makes it easier to manage the complex process of inspection, testing, and maintenance required for healthcare companies to maintain regulatory compliance; thereby, facilitating efficient demand management.
Best Practice #3. Develop a medical device lifecycle management system
Medical devices tracking, when combined with asset management software solutions, can be used to manage the lifecycle of various types of medical devices. This is one of the demand management best practices that helps suppliers and demand planners to monitor the condition of devices, manage maintenance schedules, and track the lifetime costs associated with the unique medical device.
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