#1 Omnichannel Management

Traditionally, medical device manufacturers have focused on either one or a handful of primary sales channels. Moving forward, customers will increasingly come to expect a personalized experience between multiple ecommerce platforms. Making disparate systems reflect accurate stock levels, prices, and discounts may seem challenging to some manufacturers. In such cases, the right solutions and business processes in place, manufacturers can deliver the convenient, omnichannel experience that customers are looking for.

#2 Advanced Cash Flow Management

2020 was an eye-opening year for potential damage that supply chain disruptions can cause. For medical device manufacturers, risk assessment includes not only preparing your own production for contingencies, but being aware of potential disruptions with your suppliers. Such problems could potentially delay your time to market. For receivables, integrated payment solutions can help avoid delays in payments from customers and minimize human error.

#3 Digital-First

As employees adjusted to remote work wherever feasible, customers adjusted their behaviors as well. In turn, many businesses experienced that their physical locations were no longer the main driver of engagement. This forced many to pivot to digital solutions to maintain business continuity. In 2021, medical device manufacturers will likely continue to optimize their web presences and ensure a convenient purchasing, ordering, and tracking experience online.

#4 AI for Manufacturers

With the tough calls that manufacturers had to make, many looked towards automating repetitive business functions to streamline their operations. As an added benefit, offloading tedious tasks to automated programs may help increase employee satisfaction. Manufacturers can benefit from freeing up resources and allowing their human capital to focus on more complex problem solving throughout their organization. Consequently, we expect to see more investments in training and continued education to increase data literacy among staff.

#5 Manufacturing Flexibility

As the pandemic affected global supply chains, it also stress tested the resilience of medical device manufacturers. To meet the sudden spikes in demand for personal protective equipment, or new medical devices such as virus test kits, many manufacturers succeeded in quickly ramping up production, or shifting their production to a different product all-together. With these experience in mind, we expect manufacturers to plan for these types of contingencies in the future by increasing the flexibility of their budgets and operations.