Digital Commerce for Medical Manufacturers
The push is on to digitize operations, integrate systems and build process improvements in the medical manufacturing industry. Digital commerce offers medical instrument and supply manufacturers capabilities beyond online ordering. Read on to learn how digital is more than just ecommerce.
More than online ordering: digital commerce for medical instrument and supply manufacturers.
Similar to many industries, the medical manufacturing industry is under increasing pressure to modernize. Medical instruments and supplies are in high demand around the globe. Companies are seeing great success in the few digital strategies that have been implemented, but there is definitely room for more digitization within the sector.
“Digital capabilities such as ecommerce platforms can significantly improve traditional customer-supplier experiences. Additional advances in automation, big data and analytics, and the Internet of Things create additional opportunities for substantial gains along the entire industry value chain.” - McKinsey & Co, Digital in industry: From buzzword to value creation
More than ecommerce. Integrated architecture.
Digital commerce for the medical manufacturing industry is more than a direct-to-consumer ecommerce website. In fact, D2C doesn’t even have to be a part of digitization if it doesn’t fit the business’s model.
Building the right technical architecture to integrate systems and improve processes is the real goal of digital transformation. Process improvements through automation, improving data flow, increasing productivity across departments and improving customer-supplier relationships are very worthy goals without ever processing an order online.
Digital commerce’s other capabilities.
Having a multi-functional website is becoming the must-have tool that medical manufacturers need to stay competitive. Here is a list of tools and strategies that MedTech makers could implement and use to their advantage in a digital commerce environment.
- Expiry date information: Show the correct expiry, production date, DIN or other important tracking data your need for each product you make directly on your site.
- Real-time inventory data: When you integrate your ERP and commerce platforms, it becomes possible for sales teams to place orders online and only sell what’s available in the ERP, thanks to real-time inventory management.
- Omnichannel experience: Update product data and upload it only once to all of your sales channels, from web portals to phone and EDI.
- Elimination of errors: By removing data silos and automating manual processes, there are fewer errors in production and almost no missing orders, thanks to your ERP and commerce platforms working as one.
- No delayed delivery: Real-time ERP integration speeds up the ordering process and ensures you deliver the right pharma and medical supplies at the promised time, improving the customer-supplier experience.
- Accurate information: Even when your customer places an on-demand, custom product order, the platform displays the correct delivery time and pricing based on ERP data and logic.
- Ecommerce: By moving ordering to online channels, sales teams do not get bogged down in the ordering process and are free to hunt new customers. For medical manufacturers that do want to open up a direct-to-consumer sales portal, increased revenue is also possible.
Digital’s disruptive power.
Digital is not only a means to optimize a company’s existing operations. It also presents itself with the power to disrupt value chains, enter new sectors, and create innovative business models. Medical manufacturing companies face threats from new competitors like Amazon Business, which offers millions of products, from lab products, personal protective gear and even medical equipment.
To combat threats like this, companies can use digital solutions to transform and extend their business models, effecting change before it is imposed on them by competitive pressure. They will also be seen as innovators within the industry and become the competitive pressure they used to feel breathing down their necks. The key is understanding the value that digital transformation offers, and capitalizing on it.
Suppose your organization is contemplating a move to digital, needs advice on the next steps or simply wants a second set of experienced eyes on your strategy. In that case, the team of digital commerce consultants at Acro Media is always here to help. Reach out today for a no-obligation, platform-agnostic chat.