By Mareo McCracken
Accurate Consignment Management Removes The Pain of Excess Inventory & Manual Processes
In the medical device industry, you need a platform that is robust enough to manage your entire field operations. Some of which includes case management, billing, usage capture, kitting, planning, and of course par and consignment management.
Consignment inventory should be visible at all locations.
Being able to view rep consignment, hospital/ASC consignment, and loaner inventory all in one location is important.
Effective consignment management, requires inventory visibility, timeliness, and accuracy which are huge obstacles for most medical device manufacturers. If you can remove those barriers and make it easier to manage all of your consignment inventory in one place, you will be able to drive exceptional visibility.
From unlabeled product and various barcode formats to RFID tags and cabinets, your field inventory tool needs to integrate everything into one place to provide flexibility and full visibility.
Once you have visibility, then you need to be able to manage the inventory.
By being able to manage all your consignment, from formal to informal, hard to soft consignment, long-term to short-term, and everything in between in one place, you will prevent future errors and increase asset utilization.
Sales reps need flexible and easy to use consignment functionality. Marketing needs the data.
Marketing and sales departments should use event-based consignment for product demos, samples, case-by-case uses or even multiple surgeries on one loan.
With this innovative functionality, you can allocate and ship from long-term to short-term, while maintaining the inventory’s identifiers and properties—keeping original relationships in-tact. Accurate replenishment, easy usage capture, and billing are all triggered automatically, saving time and speeding up the order-to-cash process.
Visibility and control create true inventory flexibility which results in increased asset utilization.
Additionally, when you can designate multiple consignments to one location with flexible time periods which are all driven by your ERP system and organizational needs—you get the control you want with the visibility you require.
It’s clear, with a comprehensive platform you can reduce overall inventory, build relationships, create transparency —all the while driving true asset utilization.
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A good field inventory solution and/or a wms are worth their weight in gold, a fully integrated medical device specific operations and sales force effectiveness platform is priceless.
A complete tool should be able to or have:
- CRM / Case Management
- Directed Picking & Put-away (Bin Mapped)
- Surgery Scheduling (+ Calendar)
- Active Order Visibility
- Shipping Coordination (FedEx, UPS Integration)
- Customer/Account Management
- Opportunity/Lead Management
- Surgeon Preferences / Preference Cards
- Inventory Control & Visibility (All Locations, All Buckets)
- Auto Product Replenishment
- Commission Calculations
- Expiration Notifications
- Direct Orders
- Send & Receive Tools (Rep to Rep etc.)
- Contract & List Pricing (Real-time)
- Audit/Cycle Counts
- Reporting & Billing
- Image & File Sharing
- Secure HIPAA Compliant Communication
- Mobile Usage Capture
- UDI Compliance
- Barcode Scanning
- RFID Integration & RFID Reconciling (HF/UHF)
- ERP/CRM/EMR Integrations
- Demand Planning Tools
- Consignment/Loaner Management
- Pluggable Workflows (Programmatic Integrations, Integrated Prediction Models)
- Sourcing Matrix Tool
- HIPAA Compliant Communication Platform (Messages, Calendar, Usage, Notes, Files)
- Sourcing Optimization
- Future Stock (Virtual Inventory Assigned to Future Events)
- Atomic Inventory (UDI Ready, Piece Level Tracking, Serialized or Not)
- Hybrid Kitting (Skinny Kits, Kit Management, Kit Versioning, Tracking)
- Cross Boundary Workflows
- Lost & Found (Automatic Cycle Counting )
- Merger/Acquisition Integration
- Par Management
- Multi-Catalog Management
- Loan Optimization (1 Loan Per Day)
- Separate or Combined Sales & Operations Alignment
- Cost-to-Serve Metrics
- Turn Ratio Dashboards
- Sales Metrics / Data (Reps, Leaders, Corporate)
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