The world wouldn't be the same without the medical devices manufacturing industry.
From diagnostic technologies to orthopedic implants, cardiovascular devices, and surgical equipment, medical device manufacturers help provide the resources the medical community needs to improve health and save lives. However, while device makers are busy taking care of others, who is taking care of them?
NetSuite provides Enterprise Resource Planning (ERP) solutions to medical device manufacturing companies to help streamline business processes and leverage operational data for insightful business intelligence.
Once you’ve decided to optimize your manufacturing business with the integration of a comprehensive NetSuite ERP solution, the only thing left to do is to figure out which licensing options are right for you.
Empowering Medical Device Manufacturers
As a comprehensive ERP solution, NetSuite provides companies with all the business tools influential leaders have come to expect from their ERP partners. Combine NetSuite’s core resources with the specific needs of the medical devices industry and you get:
- Enhanced Inventory Management
- Supply Chain Optimization
- Seamless Cloud Platforming
- Fixed Asset Management
- Project Management and Resource Allocation Services
- And more…
Start by Identifying Your Needs
NetSuite offers medical device manufacturing companies options to meet the individual demands of their business, so companies must take the time to identify their specific needs. Partnering with NetSuite ERP solution consultants guides manufacturers through the process and thoroughly investigates critical organizational information to be leveraged through a Business Requirement Document (BRD) that blueprints the NetSuite implementation.
Pro-tip: Changing an order after NetSuite implementation can generate unnecessary additional costs for an organization. Don’t risk missing any of the essential needs for your manufacturing business – make sure your BRD is complete and accurate by securing the necessary consultation services.
The Rundown: NetSuite Options
NetSuite ERP packages start with three basic editions:
NetSuite Limited Edition: NetSuite Limited Edition is the perfect option for smaller companies operating under a single entity with less than 50 employees.
NetSuite Mid-Market Edition: NetSuite Mid-Market Edition is the right fit for larger companies with multiple entities that will need more than 10 named users. Organizations gain access to consolidated financial reporting services, multi-currency support, and enhanced human resource management applications.
NetSuite Enterprise Edition: Companies operating at enterprise scale can rely on NetSuite’s Enterprise Edition, fully supporting multiple business entities that require more than 1,000 named users.
As part of the consultation process, medical device manufacturers should identify how many “named users” their company will need.Named users are fully licensed individuals who will routinely need complete access to company ERP systems. These named users will fill essential company roles like Sales Manager, Director of Operations, Customer Service Representative, etc. In addition, device makers can secure limited function user licenses for team members with restricted access authorization.
While the basic NetSuite ERP editions primarily rely on a named user licensing model, companies can also purchase licenses for additional advanced modules. These modules are often bundled into industry-specific packages that include the most commonly used modules in a field, such as “Healthcare” and “Manufacturing.”
Each NetSuite module includes various applications related to the module’s purpose. Some of these modules include:
- Financial Management Modules
- Inventory and Manufacturing Modules
- Warehouse Management System (WMS)
- Quality Management
- NetSuite Services Resource Planning Modules
- Human Capital Management Modules
- Ecommerce and Point of Sale Modules
NetSuite for Medical Device Manufacturers: Before You Buy
Investing in an ERP solution for your MedTech business is a big decision. Before committing to a licensing agreement with NetSuite, make sure you take full advantage of a live product demonstration executed by an expert in the Medical Devices Manufacturing industry. As a long-term solution for your company, you’ll want the opportunity to ask questions, examine functionality, and make an informed decision.