Identifying Demand Management Best Practices to Track the Performance of Medical Devices – A Report by Infiniti Research

A well-known market intelligence company, Infiniti Research, has announced the completion of their latest article on the demand management best practices for medical devices’ performance tracking.

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Demand management best practices to track the performance of medical devices. (Graphic: Business Wire)

Due to the recent resource shortage, it has become even more pressing to tackle waste, focus resources on what works, better demand management, improve efficiency, and allocate resources effectively in the medical equipment industry. Most medical device demand management processes are rudimentary at best, leaving the real challenges to the medical devices manufacturers. While few providers have control over some supply chain costs, some providers are unaware of how much their preference items actually cost. This makes it vital for companies in the medical device industry to adopt demand management best practices to address the rising demand for better healthcare products.

An inefficient demand management process hampers the operational efficiency of the organization and results in issues pertaining to fulfilling orders, accompanied by an increase in the demand later on. This leads to loss of space and time and increases the operations cost for the organization. Therefore, companies need to implement demand planning methods to enhance the efficiency of their supply chain and reduce forecast errors apart from implementing demand management best practices.

Manufacturers in the medical equipment industry often face roadblocks when it comes to making their demand management process efficient. Get in touch with our experts and know how understanding the costs behind utilization, internal distribution, special deliveries, and inventory holding will not only yield savings but will improve the overall demand management process.

Demand management best practices to track the performance of medical devices:

Tag all medical devices with unique identification numbers in your inventory

Giving a unique identification number to medical devices on the basis of type, years in service, documenting value, information of manufacturer, parts vendors, and other information is a crucial step in monitoring their demand. This can further be used by manufacturers and suppliers to maintain the existing record of medical devices and an initial audit of inventory as tagging of all existing medical devices is the foundation of demand management best practices.

Use inventory management solutions to optimize medical equipment inventory

Many hospitals over-invest in medical devices to avoid locating essential assets at the end moment. This can be eliminated by optimizing equipment utilization and implementing an effective demand management process. Moreover, inventory management solutions can be leveraged to manage the complex process of inspection, testing, and maintenance regulatory compliance.

Forecasting errors in the medical devices supply chain can hinder the growth of your business and result in increased expenditures. To know how you can reduce costs while improving efficiency, Request a free proposal

About Infiniti Research

Established in 2003, Infiniti Research is a leading market intelligence company providing smart solutions to address your business challenges. Infiniti Research studies markets in more than 100 countries to help analyze competitive activity, see beyond market disruptions, and develop intelligent business strategies. To know more, visit: https://www.infinitiresearch.com/about-us

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