By Mareo McCracken
The HOW Behind the WHAT for Medical Device Executive Performance
For medical device executives, they know that the only way to have any lasting impact is to do one of these three things:
- Expand Market Share
- Increase Revenue
- Reduce Costs
Doing all three is like hitting a grand slam in the Super Bowl at the World Cup. Yes, impossible in sports, but we dream about it nonetheless. And yet, some people are getting close…We can see the promising potential of our clients who are embracing better technologies combined with better processes.
Knowing what to do and how to do it though are two totally different realities.
Especially in the medical device space, where the complexities are unique and the room for error is zero. Some key learnings that can be applied across a majority of situations include:
Expand Market Share
The surgeon relationship is the most important driver behind increasing market share. Trust drives strong relationships. If you can always deliver superior products at the right time, your relationships will continue to stay strong. To grow those relationships and develop new ones you need to be fully integrated with the surgeon and the rest of the care team. This includes system integrations (schedules), HIPAA compliant open communication, and file sharing. When systems are in place to prevent failure and increase communication, trust is built.
The best way for sales reps to increase sales, is to spend more time selling. If they are concentrating on paperwork, data entry, phone calls, emails, or other operationally focused tasks they are NOT focused on the customer. Sales people gotta sell! The surgeon and provider team need to be where the majority of a sales rep’s time is spent. Tools and systems that allow for sales reps to spend more time in direct contact with the surgeon is the only way to measurably increase sales efforts. Reducing busy work will increase time available for selling.
Eliminating unnecessary movements, extra shipping, additional manual effort and product writeoffs is all about eliminating waste. The more waste you PREVENT, the lower your costs become. If everything is manual, there will be waste. If inventory locations are not optimized, there will be waste. If inventory placement is not predicted using advanced A.I., then there will be waste. Waste is never good. In order to truly reduce costs, human and machine cognitive computing through flexible sales and operational platforms must be adopted.
A Better Way
The best way to know HOW to do what you want to get done is to talk to people who have done it before.
Movemedical has been able to help clients across the globe reduce field inventory by at least 25% and increase top line growth by over 10% all while creating stronger and more trusted surgeon/rep relationships. This is because software that makes the reps’ life easier and controls the entire process is more likely to be used, get better data, and be able to provide actionable insights.
We love solving the biggest operational and sales challenges. Let’s partner together to create a better future. One with less waste, more sales, and better relationships.
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