Effective planning, customer satisfaction and value are three key mantras for success in any business but to an even greater degree in the medical device manufacturing industry. And business intelligence is the best way to find a competitive advantage and helps the companies get quick and effective results to make it happen.
The key to growing your sales is through leveraging the data your medical device company collects into visually appealing and insightful dashboards and reports.
If you are in the process of identifying how to set up these reports, let us help you leverage the best BI solutions for your specific needs.
According to Gartner, 80% of CEOs claim their data is an asset. At the same time, only 10% say their company treats data this way.
Tracking sales data can reveal opportunities to grow revenue and prevent challenges to your bottom line. Sales team can easily track customer’s purchasing intent and thus they can do better planning for upcoming opportunities. Detailed sales analytics can align their future campaigns to specific customers without wasting lot of time.
Business Intelligence Tools provide quick insights like:
What are the most and least popular devices?
Customer’s buying intentions and habits
Forecasting and aligning future sales approach
As an executive at a medical device company, it is important to have quick access to your company’s key financials like your P&Ls, balance sheets, growth charts, and revenue dashboards.
You need to see the big picture for your entire organization. With data captured from various sources, often stakeholders struggle to access these reports. The right BI integration and migration capabilities help you leverage data from your legacy systems with more current data sources into unified dashboards.
With smart BI solutions, it is possible to cut down report publishing time to half of the previous time taken.
Executives get quickly access to:
Power BI reports and dashboards are meant for catering to analytics which are custom build as per the specific requirement for each title in that industry. E.g., a Vice President of sales would need to see the global sales dashboard with different filters like geography, accounts, products, and sales representatives while a sales manager may need to see a drill down into the sales reports for his zone or sales team.
Power BI also has self-service reporting capabilities which can be created often without a technical team.
You get benefits like:
Efficient sales and marketing cannot survive without effective cross-selling and upselling strategies. Cross-selling demands your sales team to have a clear understanding of products that can work well together. You can leverage these BI solutions to analyze the sales performance of these products.
Upselling is the art of getting clients to buy a higher version of any product than they currently use.
You get quick information like:
Speedy and effective claims handling is the basis for great customer management. BI can help to improve the claims management process in any medical device industry. The analysis helps identify trends in claims, loss patterns, and helps reduce the risk of fraud and ineffectiveness.
The claims handlers’ team can optimize the claims and billing process, minimizing losses, and increasing customer satisfaction by speeding up the entire process. Other than this, claim cancellation and delay in collection are two major issues that need to be addressed immediately to keep the customers satisfied and to bring the required efficiency in the process.
BI reports help to gain better insights like:
BI help identify stock turns, inventory-to-purchase ratio, slow-moving stock, and gross margin return on investment (GMROI) by manufacturer, device, or location.
Through these granular reports created on BI platforms, the Inventory head can easily identify how much stock is available for a product. They can do the required sorting of the stock with the manufacturing and expiry dates, prices, and batch numbers.
BI’s inventory management dashboards provide:
Delivery in full on time (DIFOT) is one of the key matrices which gives you the measures on how often the customer gets what they want on the time. Meeting purchase requirements is the key to customer retention and tracking. DIFOT helps you excel at order fulfillment and the new orders inflow. By doing this right, you can increase customer satisfaction.
Our BI solutions show you when DIFOT occurs and when it doesn’t. You can drill down and discover which products prevent you from the DIFOT, and then take appropriate measures to fix the problem.
DIFOT information includes:
“The Global healthcare analytics market is projected to reach USD $50.5 billion by 2024..
How smart are your organizations’ decisions? Do you have the right information..
We helped a leading insurance company to leverage power of Predictive Analytics to help them reduce policy cancellation rates.
We helped a leading healthcare and family center NPO with custom BI dashboards and reports to help them with data visualization and timely reports by integrating with their existing EHR system.
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